Smart security systems are applications of the smart city model for local crime prevention. Smart security systems comprise technological and information devices that support decision-making procedures. The global smart security market is witnessing significant growth due to various factors such as increasing demand for public security due to rising crime rates. In addition, smart city projects in emerging economies further boost the growth of the market. Moreover, the increasing urban population demands for more effective and better public safety system. However, the high installation cost of components and concerns related to security may hinder the growth of the global smart security market.
The global smart security market is segmented on the basis of type and application. Based on the type, the global smart security market is further classified into biometric & authentication system, cybersecurity, surveillance system, and others. The surveillance system segment is projected to have significant market growth due to increasing adoption of the video surveillance coupled with rising instances of criminal activities. Based on application, the global smart security market is further segmented into residential and commercial. The smart security system for commercial application is estimated to have a significant market share in the global smart security market. This is due to the wide application of surveillance and biometric system in the commercial sector.
Moreover, the global smart security market is further analyzed into four geographical regions including North America, Europe, Asia-Pacific and Rest of the World. North America has a significant market share in the global smart security market due to government initiatives and large-scale implementation of the smart grid in the region. Moreover, Asia-Pacific has considerable market growth in the global smart security market due to advancement in smart security technology and increasing initiatives for smart cities that raises the demand for smart security solutions in the region.
Some of the players that contribute to the growth of the global smart security industry include Cisco Systems, Inc., Honeywell International Inc., Robert Bosch GmbH, Siemens AG, Thales Group, Nortek Security & Control LLC, Siemens AG, Axis Communications AB, Hitachi, Ltd., and others. These market players are contributing to the market by adopting various market approaches including product launch & approvals, merger & acquisition, partnerships collaborations, and others for gaining a strong position in the market. For instance, in 2017 Nortek Security & Control LLC launched high-accuracy AI/deep learning-based face recognition and detection technology for smart home and smart security. This enabled the company to gain a sustainable position in the global smart security market.
Research Methodology:
The market study of the global smart security market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.
Secondary Sources Include:
- Financial reports of companies involved in the market
- Whitepapers, research-papers, and news blogs
- Company websites and their product catalog
The report is intended for smart security system manufacturers, supplier government, and private organizations provide sector for overall market analysis and competitive analysis. The report provides an in-depth analysis of the market size and growth opportunities. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions.
Market Segmentation:
- Global Smart Security Market Research and Analysis by Type
- Global Smart Security Market Research and Analysis by Application
The Report Covers:
- Comprehensive research methodology of the global smart security market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the global smart security.
- Insights about market determinants which are stimulating the global smart security.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
