Smart Security Market Size & Global Industry Forecast Report, 2021-2028

Smart Security Market

The global Smart Security Market is projected to expand at a CAGR of 15.79% over the period of analysis, i.e., 2018-2026. The market is primarily driven by the rapidly accelerating urban population and the increasing smart city projects. Also, the growing crime rates and the incidences of cybercrime have encouraged Smart Security Market size.

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Smart Security Market Dynamics

The growth in the smart security market is majorly guided by the accelerating incidences of robbery and crime rates. Also, the rising recognition towards safety and security has promoted the acquisition of security and supervision-based systems, which will further strengthen the market growth. The surge in the residential and hospitality projects across the nation has elevated the market size. Several construction projects going on related to the hospitality and residential, such as InterContinental Hotel Projects, AI Faisaliah City, DoubleTree Hilton Hotel Projects, and Orchid Villas Projects, has directly steered the demand for smart security solutions in the GCC Region. The surging demand for smart security solutions in end-use industries such as aviation, petrochemical, oil and gas, refining, and petrochemical is responsible for the market growth. The increasing consciousness towards smart cities and privacy has bolstered market growth. However, the global Smart Security Market forecast projects that the inflated installation cost of smart security solutions might restrain the market growth. The increasing adoption of a digital lifestyle among consumers has encouraged market growth.

Application Segment Drivers

Based on the application, the residential sector is anticipated to seize the highest share in the smart security market over the forecast period. The increasing rural to urban migration and the aggravating smart city projects such as AI Faisaliah City and NEOM projects are the chief forces promoting the market growth. In addition to this, the Smart Security Market report asserts that the growing urbanization has raised the demand for an effective and enhanced public safety system, which has elevated the market growth.

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