The Global smart security market is anticipated to grow with a 15.79% CAGR during the forecast period of 2018-2026. The base year considered for the study is 2017 and the estimated period is between 2018 and 2026. Some of the factors that are driving the market growth are:

• Rising Demand for Public Safety
• Growing Urbanization & Infrastructure projects
• Increased Crime Rates
• Smart City Projects in Developing Countries

However, the smart security market is largely driven by the rising urbanization and smart city projects. The increasing urban population demands for better and more efficient public safety system. Additionally, the increasing crime rates in cities and the high incidence of cybercrime are also contributing significantly to the development of the smart security market.

The smart security solutions market is primarily dominated by the cybersecurity segment, which accounted for the market share of XX% in the year 2017. Smart city solutions for protection against cyber-attacks are more efficient than the traditional systems as they offer early detection and prevention of cyber-attacks. The cybersecurity market can be segmented on the basis of solutions into network security, security operations, data security, identity, and access controls, end-point security, and application security. In the smart security services, Cloud Services held the dominant position. Cloud services offer an array of safety and protection solutions like identity management services, physical security, data protection and privacy. The clouds are also laced with advanced encryption algorithms which have been applied to the cloud computing to increase the protection of privacy.

The high costs associated with the implementation of smart security solutions and services is the key factor, which is slowing down its rate of adoption. Moreover, lack of interoperability, the threat of cyber-attacks, privacy concerns, and a lack of awareness and complexities in data gathering and data management are some of the challenges presently faced by the market.

The smart security market is primarily segmented into smart security solutions and smart security services. The smart security solutions consist of physical devices and equipment whereas the services segment comprises of services and software that support and boost the solutions segment.

By Solutions;

• Surveillance Systems
• Critical Infrastructure
• Energy Utilities
• Ports, Airports & Railways
• Biometric & Authentication system
• Cyber Security

By Services;

• Support & Maintenance Services
• Cloud Services
• Consulting Services

On the basis of geography, the global smart security market has been segmented into four major regions;

• North America Smart Security Market : United States & Canada.
• Europe Smart Security Market : United Kingdom, France, Germany, Spain, Italy, & Rest of Europe.
• Asia Pacific Smart Security Market : China, India, Japan, Australia, & Rest of Asia Pacific.
• Rest of world: Latin America, Middle East & Africa.

North America holds the largest market share of the global smart security market. In the year 2017, it accounted for around XX% of the market share. The growth of the smart security market in North America can be largely attributed to the wide government initiatives and the awareness of the population towards protection and safety of themselves as well as their property. The huge investments by the US and Canadian government to improve the security measures in the countries are also largely influencing growth in this market. The large-scale implementation of smart grids in the region also calls for smart security measures. On the other hand, the Asia Pacific region is the fastest growing region. The major driver of the smart security market in the Asia Pacific is the numerous smart city projects undertaken by the various governments across the region. Moreover, the Asia Pacific region is also witnessing a tremendous rise in the urban population. The rapid urbanization in the region is increasing the demand for smart security solutions. Governments across Asia are investing hugely in developing targeted policies for making cities more comfortable, safer and secure place to live.

The Global smart security market is segmented into smart security solutions and smart security services. Smart Security Solutions segment consists of surveillance systems, critical infrastructure, cybersecurity, biometric & authentication systems. Critical Infrastructure is sub-segmented in energy, utilities and ports, airports & railways. The Smart security services segment consists of cloud services, consulting services, support & maintenance services.

The key companies operating in the global smart security market are:

• Axis Communications AB
• Bosch Security Systems
• Honeywell Security
• NICE Systems Ltd.
• Tyco International, PLC.
• others

Company profiles of the notable market players are discussed in detail. Most of the companies look for strategies such as merger & acquisition, partnership, contracts, agreements, and new product launch in order to gain a competitive edge over each other. In June 2017, Honeywell acquired industrial cyber security software leader Nextnine. The acquisition is likely to boost the Company’s existing range of innovative cybersecurity technologies.  In March 2017, Bosch Security Systems and Sony Corporation entered into a partnership agreement in the field of video security solutions.

Key findings of the global smart security market:

• North America accounts for the largest market share of the overall smart security market. Government initiatives and the awareness of the public safety is the key reason behind North America market advancement.
• The increasing crime rate and various government initiatives to improve public safety are largely influencing the growth of the market.
• The biometric and authentication systems market is the fastest growing smart security solution. It is expected to grow at a CAGR of XX % during the forecast period.
• The smart security market is expected to evolve dynamically in the Asia Pacific region. The presence of many developing countries, smart city projects, and urbanization are the crucial drivers for the growth of the fast-paced Asia Pacific market.
• Cloud service is the fastest evolving smart security service. It is estimated that the cloud services segment will grow at a CAGR of XX% of during the forecast period.