Global smart security market grows at CAGR of over 18%

Technavio has a new report on the global smart security market, which it says is expected to grow at a CAGR of over 18% from 2015 to 2019.

The company indicates that the rise in terrorist attacks has forced many countries to implement smart security solutions. The US government has taken initiatives to investigate and identify criminals by using security systems like video surveillance, access control systems, intruder alarms, perimeter intrusion prevention systems, and software in many countries, for example.

“Terrorism has increased significantly in the Philippines in the last few years, resulting in increased number of deaths from 2012 to 2013. This has led to an increasing demand for smart security solutions,” says Faisal Ghaus, Vice President of Technavio.

The report also emphasised that cloud-based video surveillance systems are more cost-effective. “End-users need not pay for the licensing cost of the video analytics software and only pay for what they use,” Ghaus explained.

Key vendors mentioned in the report include Axis Communications, Bosch Security Systems, Cisco Systems, Honeywell Security Group, NICE Systems, and Tyco International.

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