The Global smart security market is set to rise at an estimated CAGR of 15.79% for the forecast period of 2018-2026. The market growth is mainly influenced by the growing urbanization, rising crimes, increasing demand for public safety and the numerous smart-city projects in emerging economies.
The global market for smart security is segmented on the basis of solutions and services. The solution segment includes surveillance systems, cyber security, biometric & authentication system and the critical infrastructure which are further sub-divided into ports, airports & railways and energy utilities. The market by services is further segmented into cloud services, support & maintenance services, and consulting services.
The global smart security market commands over regions like North America, Europe, Asia-Pacific and the rest of world. The Asia-Pacific market is predicted to progress at the fastest rate over the forecast period. The market is primarily being driven by rising number of smart city projects across the region. On the other hand, it is the North America region which accounted for a major market share of nearly xx% in the year 2017. The market growth can be attributed to the heavy investments by the government to boost the nation’s security.
Some of the established players in the smart security global market include Axis Communications Ab, Amano Mcgann Inc,Bosch Security Systems, Ericsson Inc, Cisco Systems Inc, Gemalto N.V, Honeywell International Inc, Thales Group, Hitachi Ltd, International Business Machines (IBM) Corporation, Kapsch, Intellivision Corporation, Nedap N.V, Siemens Ag, Nice Systems Ltd, and Tyco International Plc.