International. The global smart security market size is expected to reach $150.53 billion by 2030, registering a CAGR of 13.1% between 2023 and 2030, according to a new report by Grand View Research, Inc.
This growth is attributed to growing concerns about safety and security, driving an increase in demand for smart home devices. The adoption of Internet of Things (IoT) technologies, with advancements in artificial intelligence (AI) and machine learning, further drives the market expansion. Thus, the increasing adoption of smart security systems with other home automation systems and the increasing use of cloud-based security services contribute to the expansion of the market.
The report explains that companies are increasingly investing in AI-equipped intelligent video surveillance systems for future-proof security solutions. AI-based video analytics automate tasks such as object detection, tracking, facial recognition, anomaly detection, and incident analysis.
Highlights
Based on type, the smart 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 increasing adoption of cloud computing.
According to the 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.
The Asia Pacific region is projected to have the largest revenue share in 2022. The region's growth is attributed to the government's increased emphasis on both infrastructure development and the implementation of smart security systems. Significant investments in security-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 that include advanced technologies such as wireless connectivity and more efficient cameras. In addition, the rise of various threats, including insider attacks, fraud, and advanced persistent threats (APTs), further underscores the urgency and need for smart and robust security measures in that region.
