PUBLISHER: Grand View Research | PRODUCT CODE: 1405954
PUBLISHER: Grand View Research | PRODUCT CODE: 1405954
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.