Technavio analyzes that the Smart Security Market is expected to grow at a CAGR of 19.77% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 49206.9 million.There are various factors that contribute to the growth of the market. The global smart security market is experiencing significant growth due to the increasing number of smart cities worldwide. Smart security systems, which include surveillance cameras, access control, and biometric identification, are integral components of modern urban infrastructure. These advanced security solutions enhance public safety, improve efficiency, and contribute to the overall development of smart cities. The market is expected to continue expanding as more cities embrace technology to enhance their security and infrastructure.
In the smart security market, AI-powered technology is revolutionizing the surveillance systems sector. Bunnings, Google Assistants, and other key players offer advanced security solutions for residential, commercial, and industrial applications. The product portfolio encompasses IP cameras, CCTV cameras, wireless cameras, video analytics, hard drives, network-attached storage devices, biometric systems, smart card readers, and keypads. These solutions employ Z-Wave compatibility for seamless integration into smart home systems, such as smart home alarms. The Pradhan Mantri Surveillance Scheme in India, for instance, leverages these technologies to enhance public safety and security.
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Smart Security Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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In the growing Smart Security Market, advanced technologies such as Biometric access, Wireless alarms, and AI-powered security systems are transforming the landscape. Urbanization Plans for Smart Cities integrate Internet of Things (IoT) devices, including Surveillance Managers and Cloud-based security solutions, to reduce crime rates. Commercial buildings, finance facilities, data centers, enterprises, hospitality centers, warehouses, and even homes are automating security with AI and machine learning. Companies like TerraMaster offer advanced solutions for industrial segments. Smart Home devices like Google Assistants, Thermostats, and CO listeners enhance safety and convenience. Bunnings and other retailers provide DIY security systems for individual needs.
The Smart Security Market encompasses solutions and services related to biometric access, wireless alarms, smart surveillance, artificial intelligence, machine learning, and the Internet of Things (IoT), primarily used in smart homes, commercial buildings, and smart city initiatives. The market's expansion is fueled by significant government investments in advanced IT infrastructure to address rising global crime rates and the need for smart automation. These investments create opportunities for IT consulting and other services providers, contributing to the growth of the global IT consulting and other services market, which includes companies engaged in IT consulting, system integration, application services, electronic data processing, business process outsourcing, infrastructure services, and internet services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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