The Smart Security Market is being driven by Growing number of smart cities worldwide
The Smart Security Market is expected to grow at a CAGR of 22% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 66311.5 million. The global smart security market is experiencing a significant shift towards Internet of Things (IoT) integration in video surveillance systems. IoT technology is revolutionizing the security industry by providing more efficient and dependable solutions compared to conventional systems. IoT-enabled security cameras transmit real-time video footage over the Internet to a central monitoring station, enabling swift threat detection and response. These cameras can be synced with other IoT devices, including motion sensors, access control systems, and alarms, to construct a comprehensive security infrastructure. The surging demand for advanced security solutions, capable of swiftly identifying and addressing threats, is fueling the adoption of IoT-based video surveillance systems.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
238 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 22% |
Market growth 2025-2029 |
USD 66311.5 million |
Market structure |
fragmentation |
YoY growth 2024-2025(%) |
17.7 |
Key countries |
US, Germany, Canada, UK, China, France, Mexico, Japan, Italy, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Smart Security Market encompasses advanced technologies such as connected devices, smart sensors, and edge computing, which work in tandem with cloud-based security solutions. Data encryption, two-factor and multi-factor authentication, security hardening, intrusion prevention, network security, and wireless security are essential components. Security monitoring services, managed services, consulting, integration, deployment, and maintenance are crucial for effective implementation. Remote management, predictive analytics, proactive security, behavioral analysis, anomaly detection, security incident management, security governance, risk management, and cybersecurity insurance complete the comprehensive security solution.
The Smart Security Market encompasses businesses specializing in home security solutions, access control systems, video surveillance, intrusion detection, and alarm systems. The IT Services sector, a super segment of the global market, comprises companies offering IT consulting and system integration, application services, electronic data processing, business process outsourcing, infrastructure services, and Internet services. According to Technavio, the Global IT Consulting and Other Services Market size is determined by the consolidated revenue of enterprises delivering all types of IT consulting and information management services. This figure incorporates annual revenues derived from IT service contracts. Key growth drivers for this market include substantial government investments in modernizing IT infrastructure to address skill gaps in their workforce.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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