Smart security solutions enable authorized monitoring of activities and behaviour of individuals or groups etc. in organizations, educational institutes, commercial buildings, apart from public places, stadiums, malls etc. Smart security solutions include advanced security system such as biometric access control systems, wireless alarm systems, IP surveillance cameras, and various others. Smart security solutions aid in protecting against or monitoring criminal activities, terrorist activities, and can also be used to monitor data theft. Smart security solutions are finding increasing application in smart city and smart home projects, and for commercial buildings to ensure an additional level of security at such locations.
Primary factors driving growth of the global smart security market are increasing investment in smart city projects, smart homes, IoT (Internet of Things), and M2M communication systems. Rising adoption of a digital lifestyle among consumers globally is another factor driving demand for advanced security systems or solutions. This is attributed to increasing concerns regarding security and safety factors in cities, homes, organizations etc.
Lack of awareness regarding smart security solutions, standards, and interoperability are some of the factors restraining growth of the global smart security market to a considerable extent. In addition, as economic conditions improve in developing countries, it will open up potential revenue opportunities for smart security solutions providers. Furthermore, the ongoing trend in developed and some developing countries is rising adoption of cloud-based video surveillance.
North America market is expected to be the major revenue contributor to the global smart security market throughout the forecast period. This is primarily attributed to the US government increasing investments to strengthen its defence and security systems.
Global Smart Security Market Segmentation:
Global smart security market segmentation by product type:
Access control contactless smartcards
Smart intruder alarms
Intelligent video surveillance
Intelligent video analytics
Global smart security market segmentation by end-user:
Global smart security market segmentation by region:
Middle East & Africa
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Bosch Security Systems
NICE Systems (Qognify)