Smart Security Market Size to Grow by $ 20.59 bn During 2020-2024

Technavio has been monitoring the smart security market and it is expected to grow by $ 20.59 bn, accelerating at a CAGR of almost 16% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking

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Smart Security Market: North America to lead market growth during the forecast period

• 42% of the market growth will originate from North America during the forecast period.
• Rising need to mitigate criminal activities and the risk of terrorist attacks will be a key trend that will influence market growth significantly.
• The Growing number of smart cities worldwide will be a significant factor in driving the growth of the smart security market.

Smart Security Market: Key Competitors

The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Anixter International Inc., Axis Communications AB, AxxonSoft Inc., Cisco Systems Inc., FLIR Systems Inc., Genetec Inc., Honeywell International Inc., Johnson Controls International Plc, NICE Ltd., and Robert Bosch GmbH are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

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Smart Security Market: Key Highlights of the Report for 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive smart security market growth during the next five years
• Precise estimation of the smart security market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the smart security market industry across North America, Europe, APAC, South America, and MEA
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of smart security market vendors

The report provides insights into the following FAQs:

1. What is the market CAGR?
   The market is accelerate at a CAGR of over 16%.
    
2. What is the incremental growth of the market?
   The market is expected to grow by $ 20.59 bn through 2020-2024.
    
3. What is a key factor driving this market?
   {{driver_1} will drive market growth over the forecast period.
    
4. What are the key regions covered in this market research report?
   North America, Europe, APAC, South America, and MEA are the key regions featured in this research report.
    
5. Which is the leading geographic region for this market:
   42% growth will originate from North America
    
6. Who are the leading market vendors?
   The leading vendors in this market are Anixter International Inc., Axis Communications AB, AxxonSoft Inc., Cisco Systems Inc., FLIR Systems Inc., Genetec Inc., Honeywell International Inc., Johnson Controls International Plc, NICE Ltd., and Robert Bosch GmbH
    
7. What are the market segments covered in this report?
   The market is segmented 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)