Smart Security Market:
Growth opportunities in the Smart Security Market look promising over the next six years. This is mainly due to the rapid digitalization, the rising offense and robbery, and the increasing consciousness towards security and safety.
Smart Security Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Some of the prominent drivers proliferating the global smart security market include the augmenting awareness about security and protection that has encouraged organizations to endorse scrutiny and monitoring products and services accompanied by the surging consciousness associated with smart cities and reclusion. The world is witnessing an increase in residential and hospitality projects including Orchid Villas, NEOM, DoubleTree Hilton Hotel, InterContinental Hotel Projects, and AI Faisaliah City, which has further strengthened the smart security market size. Moreover, the escalating demand for these solutions across several sectors, which include aviation, petrochemical, logistics, oil and gas, and refining, is bolstering the market demand. Moreover, the increasing inclination towards a digital lifestyle along with the mounting rates of crimes and robberies is further promoting individuals to choose these solutions. However, high installation costs will hinder the market growth.
Application Segment Drivers
Based on the application, the residential sector is expected to dominate the market over the forecast period. This is primarily attributed to the accelerating urban population and smart city projects, including NEOM projects, AI Faisaliah City. Moreover, intensifying urbanization is fuelling the demand for an improved and effective public safety system, which has supplemented the market growth.
Regional Drivers
Based on the regional coverage, North America is predicted to witness a higher CAGR during the forecast period. This is mainly because of the early endorsement of these solutions. Moreover, the prevalence of leading market players including Johnsons Control, Honeywell International Inc., and UCT, further contribute to the market growth. Additionally, the evolution of the IoT and the development of smart cities are driving market growth.
Smart Security Market’s leading Manufacturers:
- SAMSUNG
- NETGEAR
- Honeywell International Incorporated
- Canary Connect, Inc.
- Google LLC
- RING INCORPORATED
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Comcast
- com Incorporated
- ADT
Smart Security Market Segmentation:
Segmentation by Type
- Smart Intruder Alarms
- Intelligent Video Surveillance
- Intelligent Video Analytics
- Smart Cards
- Others
Segmentation by Solutions
- Surveillance Systems
- Critical Infrastructure
- Energy Utilities
- Ports, Airports, and Railways
- Bio-metric & Authentication System
- Cyber Security
Segmentation by Services
- Support & Maintenance Services
- Cloud Services
- Consulting Services
Segmentation by Application
- Residential
- Commercial
- Utility Infrastructure
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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