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The smart security market size is estimated to grow at a CAGR of 16.57% between 2022 and 2027. The market size is forecast to increase by USD 33,670.79 million. The growth of the market depends on several factors, including the growing number of smart cities worldwide, technological development like advanced video surveillance systems, access control systems, and other technologies that can help detect and respond to security threats in real-time.
This smart security market report extensively covers market segmentation by product (surveillance systems, intruder alarms, and access control systems), end-user (commercial, residential, utility infrastructure, government spending and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing number of smart cities worldwide is notably driving the market growth, although a lack of awareness about advanced technologies is negatively impacting the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing number of smart cities worldwide is notably driving the market growth. Smart security solutions require advanced infrastructure, such as bandwidth and video cameras. Video surveillance produces a large amount of video data that must be recorded and archived. Several industries are adopting advanced intelligent data security for analytics. Therefore, they need a large storage capacity. Storage solutions must also be reliable, as tracking data can become critical evidence in the event of an accident or crime and, therefore, may be needed in the future. In addition to quality and reliability, intelligent information security solutions must also be scalable according to the demand for intelligent information security and the amount of monitoring data.
Effective implementation of smart security solutions requires sufficient bandwidth, especially due to the introduction of dedicated cameras that produce 4K and ultra-high definition video content that must be transmitted and archived. Therefore, the transmission of large amounts of data requires a large bandwidth. Poor network connectivity in developing and underdeveloped countries weakens the availability of high bandwidth, which affects data transmission.
The increasing usage of IoT technology is a new trend shaping the smart security market. As technology advances, the security industry is adopting IoT-based monitoring systems that are more efficient and reliable than traditional security systems. IoT-compatible security cameras can record and send real-time video footage to a central surveillance system over the Internet. These cameras can be integrated with other IoT devices, such as motion sensors, access control systems, and alarms, to create a complete security solution.
The adoption of IoT-based video surveillance systems is driven by the need for advanced information security solutions that can detect and quickly respond to threats. These systems are also more cost-effective and easier to install than traditional security systems.
One of the major challenges impeding the global smart security market is the lack of awareness about advanced technologies such as wireless smart video surveillance and IP video surveillance. Awareness of the existence of such technologies can help individuals and organizations understand the security risks and threats they may be exposed to and help them implement effective security measures in a cost-effective manner. Security compromises can be damaging to organizations.
Currently, most organizations in developing regions are unaware of security breaches that can lead to the loss of confidential information. Therefore, vendors need awareness of upcoming technologies through trade shows, seminars and webinars, and other promotional events. Lack of awareness has a bad impact on the spread of smart information security solutions and hinders the growth of the market. Thus, a lack of awareness among end users about smart security solutions will restrain the growth of the focus market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Smart Security Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ACPL Systems Pvt. Ltd.- Under this segment, the company offers technology and services in the area of cyber security. The company offers smart security solutions for home applications.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the surveillance systems segment will be significant during the forecast period. The surveillance systems segment of the global smart security market includes a variety of products designed to provide advanced security solutions for residential, commercial and industrial applications.
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The surveillance systems segment was valued at USD 8,584.39 million in 2017 and continued to grow until 2021. Enterprises and government organizations are increasingly opting for video surveillance systems for security and monitoring purposes. This accounts for the rising number of installations of video surveillance cameras worldwide. Thus, all these factors are significantly contributing to the growth of this segment during the forecast period.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The North American smart security market refers to the market for advanced security systems that use smart technologies such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) to improve residential, commercial, and industrial properties. North America There are various products and solutions on the market, such as smart locks, smart cameras, video doorbells, security alarms, access systems, and remote surveillance and monitoring systems. These products are designed to provide users with greater security, convenience, and control while reducing the risk of theft, vandalism, and other security breaches.
The COVID-19 pandemic has severely affected most North American countries in 2020. An increase in the number of cases of COVID-19 in the region in the first half of 2020 forced governments to introduce emergency legislation, which included restrictions on the operational activities of several industries. This led to the closure of several production units, including factories producing physical security solutions. However, successful vaccination campaigns against COVID-19 by regional governments and the recovery of industrial activity stabilized market growth in the first half of 2021. In addition, the adoption of technologically advanced smart security solutions and widespread adoption of smart security across business segments is expected to boost the market growth in the region during the forecast period.
The smart security market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the Smart Security Market as a part of the Information technology market within the global software and services market. The parent global application software market covers companies that are engaged in developing and producing application and system software. It also includes companies offering database management software. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Smart Security Market Scope |
|
Report Coverage |
Details |
Page number |
180 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 16.57% |
Market growth 2023-2027 |
USD 33,670.79 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
15.02 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 41% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ACPL Systems Pvt. Ltd., ADT INC., Alarm.com Holdings Inc., Alphabet Inc., Anchor Technologies Inc., Comcast Corp., Hangzhou Hikvision Digital Technology Co. Ltd., Honeywell International Inc., Ingersoll Rand Inc., Integrity Communications Ltd., International Business Machines Corp., Johnson Controls International Plc, Legrand SA, Netgear Inc., NTT Corp., Ring LLC, Samsung Electronics Co. Ltd., Tata Communications Ltd., Tech Mahindra Ltd., and Smartfrog and Canary Holdings Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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