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The smart security market size is forecast to increase by USD 33.67 billion at a CAGR of 16.57% between 2022 and 2027. The market's expansion hinges on multiple factors, notably the proliferation of smart cities globally. This trend is bolstered by advancements such as sophisticated video surveillance systems and access control technologies. These innovations empower real-time threat detection and response capabilities, enhancing overall protection measures. The increasing adoption of these solutions underscores their effectiveness in addressing evolving protection challenges. Moreover, technological developments continue to refine these systems, ensuring they remain at the forefront of protection protocols. This collective progress not only drives market growth but also fosters a safer and more secure environment for communities and businesses alike, aligning with the ever-growing demand for comprehensive protection solutions in today's dynamic landscape.
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This 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.
In the rapidly evolving world of security, the Market is making significant strides in enhancing safety and security for various sectors. This market encompasses advanced technologies such as Biometric access, Wireless alarms, Smart surveillance, Artificial Intelligence (AI), and Machine Learning, all integral components of the Internet of Things (IoT). The Industrial segment, including Commercial buildings, finance facilities, Data centers, Enterprises, Hospitality centers, Warehouses, and TerraMaster, is embracing this transformation. The Smart City concept, a key component of Urbanization Plans, is integrating AI-powered security systems to ensure public safety. Companies like Bunnings and Google Assistants are also leveraging these technologies for Smart Homes and automation. CO listeners and Thermostats are additional devices contributing to the automation and efficiency of these systems. Cloud-based protection solutions are further enhancing the capabilities of these systems, making them more accessible and cost-effective. The future of protection is undeniably smart. 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. With the rise of newtype urbanization, the need for advanced security solutions is becoming increasingly important to ensure public safety and prevent crime. Smart protection systems include biometric access, wireless alarms, and AI-powered surveillance, which can be integrated with IoT devices and cloud-based technologies.
Moreover, these solutions are not limited to smart cities but are also being adopted in commercial buildings, retail, finance facilities, data centers, enterprises, hospitality centers, warehouses, and even smart homes. Technological components such as artificial intelligence and machine learning enable real-time monitoring and detection of strange behavior or unwanted attempts. Physical components like smart home alarms, Z-Wave compatible devices, and IP cameras are essential components of these systems. Hence, such factors are driving the market during the forecast period.
The increasing usage of IoT technology is a new trend shaping the market. In today's era of increasing global crime rate, there is a heightened demand for advanced security solutions. IoT-enabled devices, such as biometric access systems, wireless alarms, and IP cameras, are being used to create comprehensive protection systems for smart homes, commercial buildings, retail spaces, finance facilities, data centers, enterprises, hospitality centers, and warehouses.
Moreover, these systems can be integrated with other IoT devices, such as motion sensors and access control systems, for real-time monitoring and response to strange behavior or unwanted attempts. Smart city initiatives, such as Newtype Urbanization and Smart Cities, are also driving the adoption of AI-powered protection systems, including TerraMaster and Surveillance Manager, in the industrial segment. Hence, such factors are driving the market during the forecast period.
One of the major challenges impeding the global 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 protection measures in a cost-effective manner. Smart surveillance systems, including IP cameras and wireless alarms, are being integrated into various industries, such as commercial buildings, retail, finance facilities, data centers, enterprises, hospitality centers, and warehouses.
Moreover, these solutions utilize artificial intelligence and machine learning technologies for real-time monitoring and analysis of potential threats, such as strange behavior or unwanted attempts. Biometric access and AI-powered protection systems are becoming increasingly popular for their enhanced protection features.. 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.
Market Customer Landscape
Companies 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.- The company offers technology and services in the area of cyber security. They offer advanced security solutions for residential applications.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, 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. This market encompasses various components, including physical components such as biometric access, wireless alarms, and systems, and technological components like IP cameras, video analytics, storage devices, and cloud-based security.
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The surveillance systems segment was valued at USD 8.58 billion in 2017 and continued to grow until 2021. New technologies like artificial intelligence, machine learning, and the Internet of Things are driving the growth of smart surveillance systems in smart cities and urbanization initiatives. Key players in this market include TerraMaster, Surveillance Manager, and Pradhan Mantri. It consists of AI-powered security, smart home alarms, thermostats, CO listeners, and Z-Wave compatible devices. Real-time monitoring of physical spaces for strange behavior and unwanted attempts is a critical function of these systems. 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 market in North America encompasses advanced systems that integrate IoT, AI, and ML for enhanced residential, commercial, and industrial security. Key components include smart cameras, monitoring systems, sensors, and detectors, all powered by wireless technology and home networks. Users of independent homes and condominiums benefit from increased security and convenience through products like smart locks, video doorbells, and alarm systems. Factors fueling market growth include rising home security demands, IoT and AI adoption, and industry-specific security needs in sectors such as healthcare, banking, and retail. Additional incentives include home ecosystem integration, insurance discounts, and privacy data considerations. Advanced features include customization, behavioral analytics, threat detection, and law enforcement applications. Crime rates and home burglaries drive the need for real-time alerts and remote monitoring. Convenience, semiconductors, and sensor fusion further enhance the market's offerings, with security devices incorporating facial recognition, fingerprints, voice recognition, and more. Hence, such factors are driving the market in North America during the forecast period.
The market report forecasts market growth by revenue at global, regional & country levels and provides a market growth analysis of the latest trends and growth opportunities from 2017 to 2027.
In the market, one essential aspect that continues to gain traction is Smart Security. Comprised of Cities, Homes, Appliances, and Systems, Smart Security encompasses various components such as Cameras, Sensors, and Alarms. These technologies enable homeowners to monitor and secure their properties remotely, providing peace of mind and enhancing safety. The market for Smart Security is growing rapidly, driven by factors like increasing crime rates, technological advancements, and consumer demand for convenience and security. Companies like Google, Amazon, and Apple are investing heavily in this sector, offering solutions like Nest, Ring, and HomeKit.
Moreover, the integration of Artificial Intelligence and Machine Learning algorithms in Smart Security systems is revolutionizing the way we secure our homes. These technologies enable advanced features like facial recognition, object detection, and predictive analysis, making our homes safer and more secure than ever before. The future of Smart Security looks promising, with innovations like Biometric authentication, Automatic alerts, and Remote control gaining popularity. As technology continues to evolve, we can expect Smart Security to become an integral part of our daily lives, providing the US with the comfort and security we desire.
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 33.67 billion |
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 forecasting, 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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