Smart Security Market Size To Reach $150.53 Billion By 2030

Smart Security Market Growth & Trends

The global smart security market size is expected to reach USD 150.53 billion by 2030, registering a CAGR of 13.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. This growth is attributed to increasing concerns about security and safety, driving a rising demand for smart home devices. The adoption of Internet of Things (IoT) technologies, with advancements in artificial intelligence (AI) and machine learning, further fuels market expansion. Thus, the growing adoption of smart security systems with other home automation systems and the growing use of cloud-based security services contribute to the market's expansion.

Businesses are increasingly investing in intelligent video surveillance systems equipped with AI for future-proof security solutions. AI-driven video analytics automate tasks like object detection, tracking, facial recognition, anomaly detection, and incident analysis. AI enhances scalability, efficiently processing large volumes of video data, making intelligent video surveillance deployment feasible in expansive and intricate environments such as airports and stadiums. Furthermore, the adaptability of AI makes it possible for intelligent video surveillance systems to be readily updated to incorporate new technologies, allowing businesses to stay ahead in implementing safety measures and meeting security regulations.

The Asia Pacific region is anticipated to hold the largest revenue share in 2022. The region's growth is attributed to heightened government emphasis on both infrastructure development and the implementation of smart security systems. Significant investments in safety-related products in emerging economies, particularly China and India, contribute to the region's growth. The region is witnessing a growing demand for innovative security solutions featuring advanced technologies such as wireless connectivity and more efficient cameras. Furthermore, the rise of diverse threats, including insider attacks, frauds, and Advanced Persistent Threats (APT), further underscores the urgency and necessity for robust smart security measures in the Asia Pacific.

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Smart Security Market Report Highlights

• Based on type, the intelligent video surveillance segment led the market with a revenue share of 45% in 2022. The growth is attributed to the widespread adoption of IP cameras and cloud-based video surveillance systems

• Based on protocols, the hybrid segment led the market with a revenue share of 40% in 2022. This growth is attributed to the increasing complexity of security threats, the need for greater flexibility and scalability, and the growing adoption of cloud computing

• Based on application, the commercial segment will likely account for a sizable share of the global market as organizations across various industries invest in security measures to protect their assets, data, and personnel

• Asia Pacific dominated the market in 2022 owing to the increase in government initiatives towards smart security solutions. Moreover, the expanding number of smart security businesses globally is projected to support market expansion

Smart Security Market Segmentation

Grand View Research has segmented the global smart security market based on type, protocols, application, and region:

Smart Security Type Outlook (Revenue, USD Billion, 2017 - 2030)

• Smart Intruder Alarms

• Intelligent Video Surveillance

• Access Control Systems

• Others

Smart Security Protocols Outlook (Revenue, USD Billion, 2017 - 2030)

• Wireless Protocols

  • ZigBee

  • Wi-Fi

  • Bluetooth

  • Z Wave

  • Others

• Wired Protocols

• Hybrid

Smart Security Application Outlook (Revenue, USD Billion, 2017 - 2030)

• Commercial

• Residential

• Industrial

Smart Security Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

• Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa

  • Kingdom of Saudi Arabia

  • United Arab Emirates

  • South Africa

List of Key Players in the Smart Security Market

• Alarm.com

• Netgear

• ADT

• Hangzhou Hikvision Digital Technology Co., Ltd.

• Honeywell International Inc.

• Johnson Controls.

• samsung electronics co., ltd

• Amazon.com, Inc.

• Robert Bosch GmbH

• Legrand