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The smart security market size is projected to increase by USD 49.21 billion with growth at a CAGR of 19.77% between between 2023 and 2028. The market is experiencing significant growth, fueled by the emergence of smart cities worldwide. Advanced technologies, including sophisticated video surveillance systems and access control solutions, are key drivers. These innovations enable real-time threat detection and response, bolstering overall security. Their effectiveness in addressing evolving protection challenges is underscored by increasing adoption. Continuous technological refinements ensure these systems remain at the cutting edge of protection protocols. This collective progress not only propels market expansion but also fosters safer, more secure environments for communities and businesses.
The market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about 10 market companies, including 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., Nippon Telegraph And Telephone Corp., NRG Energy Inc., Ring LLC, Samsung Electronics Co. Ltd., Smartfrog and Canary Holdings Inc., Tata Sons Pvt. Ltd., and Tech Mahindra Ltd.
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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 these solutions will restrain the growth of the focus market during the forecast period.
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 9.76 billion in 2018. 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.
The market encompasses various end-users, with the commercial sector being a major consumer. This sector includes businesses and organizations in industries such as retail, banking, healthcare, and hospitality. These solutions, including smart cameras, monitoring systems, smart locks, sensors, and detectors, are increasingly adopted for enhanced security and to mitigate rising security threats. These solutions utilize wireless technology and home networks, enabling remote monitoring via mobile phones. These systems offer benefits such as insurance incentives, customization, and privacy data management. Behavioral analytics, threat detection, and law enforcement are key features. Residential areas, including independent homes and condominiums, also utilize the devices, such as security cameras, burglar alarms, thermostats, outdoor lighting, and backdoor locks. Advanced security technologies include visual recognition, facial recognition, fingerprints, voice recognition, and semiconductor sensor fusion.
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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 provided extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout 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 forecasting report includes the adoption lifecycle of the market research and growth, 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 market growth and trends strategies.
Global 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.
Market analysis and report of qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
In the market, one essential aspect that continues to gain traction is Smart Security. Comprised of Cities, Homes, Appliances, and Systems, these encompass 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 the 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 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.
Industry Scope |
|
Report Coverage |
Details |
Page number |
184 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 19.77% |
Market growth 2024-2028 |
USD 49206.9 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
16.26 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 41% |
Key countries |
US, Germany, UK, China, and Canada |
Competitive landscape |
Leading Companies, Market Positioning of Companies, 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., Nippon Telegraph And Telephone Corp., NRG Energy Inc., Ring LLC, Samsung Electronics Co. Ltd., Smartfrog and Canary Holdings Inc., Tata Sons Pvt. Ltd., and Tech Mahindra Ltd. |
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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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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