According to the latest market research study released by Technavio, the global smart security market is expected to grow at a CAGR of more than 22% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global smart security market based on products:
Global smart security market share by products
|
Intelligent video surveillance, intelligent video analytics, and smart cameras |
62.02% |
|
Smart intruder alarms |
30.35% |
|
Access control contactless smart cards |
7.63% |
Source: Technavio
The top three revenue contributing product segments are discussed below:
Global smart security market for surveillance systems
In 2015, surveillance systems that includes intelligent video surveillance, intelligent video analytics, and smart cameras accounted for around 62% of the global smart security market. Technavio expects this segment to grow tremendously owing to the increased adoption of video surveillance in various end-user sectors such as commercial, government, utility infrastructure, education, residential, healthcare, and transportation. The rise in occurrences of criminal activities in these sectors have resulted in data loss and damage to business organizations. This has compelled government organizations and enterprises to adopt video surveillance systems for monitoring and security purposes, leading to the increase in the number of installations of video surveillance cameras across the globe.
“A major driving factor for this market is the shift from analog to digital surveillance. Owing to the increase in adoption of advanced video surveillance cameras such as wireless cameras, edge-based cameras, and IP cameras for the safety of critical infrastructures, the growth rate of the surveillance systems is expected to increase during the forecast period. Multiple large infrastructural investments and smart city projects are also anticipated to boost growth in the market during the forecast period,” says Ishmeet Kaur, a lead analyst at Technavio for research on IT Security.
Global smart security market for intruder alarms
The intruder alarms segment accounted for around 30% of the global smart security market in 2015 and is expected to grow moderately during the forecast period. Intruder alarms are extensively used for commercial, residential, military, and industrial applications as safety against intrusion and burglary. They are mainly used for residential security to detect, assess, prevent, and respond to intrusion threats and are popular among these users as its installation is hassle free and does not require any décor, fittings, and internal fixtures. The adoption of home automation systems and the expansion of smart homes in North America and Europe are resulting in an increased demand for intruder alarms. The various vendors of intruder alarms also provide diverse intruder alarm systems that depends on the level of security and willingness of end-users to pay for it.
Global smart security market for access control systems
In 2015, the access control systems segment accounted for around 8% of the global smart security market. For every location including residential and commercial, the primary concern is the security break. Access control system has been developed as a highly reliable security solution and is applied to screen the activities and behavior of people in educational institutions, commercial buildings, utility infrastructures, and organizations that are at a higher risk of illegal access or damage. The driving factors for the growth of the market are government, financial services, and growing awareness about the benefits of smart cards for access and identity security in the banking, healthcare sectors, and insurance (BFSI). Smart cards enable processing of information and secure storage, and are very effective and more appropriate than magnetic tapes. In smart cards, the personal data is secured against loss or misuse, as they are tamper-resistant. The growing impact of security threats and criminal activities in various industries, has made smart cards popular for data storage, authentication, application processing, and identification. To alleviate such threats, the users are becoming more aware of smart cards leading to the rise in demand for smart cards. In terms of cost of system maintenance and card reader life, smart cards have proven to be more reliable than other machine-readable cards. Government organizations, airports, and shopping malls are implementing the use of biometric access control to ensure security. In such a type of access control, the electronic access control system is combined with biometric technologies such as iris recognition and voice recognition. These access controls are used to monitor people and control their access to safe locations of an enterprise and stop unsolicited invasions that may risk the privacy and security of data.
The top leading vendors operating in the global smart security market are:
- Axis Communications
- Bosch Security Systems
- Honeywell Security
- NICE Systems (Qognify)
- Tyco International
Other prominent vendors in the market include Anixter, ASSA ABLOY, AxxonSoft, FLIR System, Genetec, Hanwha Techwin, March Networks, Schneider Electric, S2 Security, and Swann.
A more detailed analysis is available in the Technavio report titled, ‘Global Smart Security Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Electronic Security Market 2016-2020
- Global Residential Security Systems Market 2016-2020
- Global Smart Grid Cyber Security Market 2016-2020
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