Global smart security market will grow by USD 20.59 billion during 2020-2024.
Amid the COVID-19 pandemic, the global smart security market registered a YOY growth of 13.11% in 2020 and the market is estimated to expand at a CAGR of over 16% during the forecast period. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. - Get Free Sample Report Delivered Instantly to Know More
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Technavio has announced its latest market research report titled Global Smart Security Market 2020-2024 (Graphic: Business Wire)
Smart Security Market: Increasing number of smart cities worldwide to drive growth
Governments across the world are undertaking various initiatives to develop smart cities and curb terrorist and criminal activities, such as intrusion, murder, robbery, and theft. Developed countries such as the US and the UK are making significant investments to deploy smart city solutions. Some governments across the world have even imposed stringent regulations that make the installation of smart security solutions mandatory in public places, such as hypermarkets, hospitals, airports, and other places to prevent criminal activities. Therefore, the increasing deployment of smart city solutions is expected to fuel the growth of the smart security market during the forecast period.
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As per Technavio, the increasing applications of smart security in residential and commercial sectors will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Smart Security Market: Increasing Applications of Smart Security in Residential and Commercial Sectors
The deployment of smart security solutions in commercial and residential establishments allows operators to manage their security using a single, centralized, and flexible system cost-effectively. Besides, it helps establishment owners reduce false liability claims and enable efficient assembly-line production. For instance, in the banking sector, the deployment of security systems in ATMs enable banks to strengthen physical security and surveillance and to increase the efficiency of incident response. Thus, the growing applications of security systems across various industries is expected to positively influence the growth of the market during the forecast period.
"Increasing demand from the retail sector and the implementation of smart parking management solutions will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Smart Security Market: Major Vendors
The report covers details on the market’s competitive landscape and offers information on the products offered by various companies, including:
Anixter International Inc.
Axis Communications AB
Cisco Systems Inc.
FLIR Systems Inc.
Smart Security Market: Segmentation Analysis
This market research report segments the smart security market by product (surveillance systems, intruder alarms, and access control systems), end-user (commercial, residential, utility infrastructure, and others), and geography (North America, Europe, APAC, South America, and MEA).
The North America region led the smart security market in 2020, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to factors such as the rising investments in smart city projects, the growth of the retail sector, increasing penetration of smart homes, growing disposable incomes of households, and increasing property and motor vehicle thefts.
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Global Data Security Market – Global data security market is segmented by deployment (on-premises and cloud-based) and geography (North America, Europe, APAC, South America, and MEA). Click Here to Get an Exclusive Free Sample Report
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Some of the key topics covered in the report include:
Market Share by Competitors
Market positioning of vendors
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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