LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global smart security market report. This research report also lists 10 other prominent vendors that are expected to impact the market during the forecast period.
The global smart security market will grow at a CAGR of nearly 23% increasing from USD 8.27 billion in 2016 to USD 22.89 billion by the end of 2020. The rising instances of criminal activities in government organizations, critical infrastructures, and enterprises is a major factor for the growing adoption of smart security solutions. Advances in technology and the availability of varied security solutions also prompt the end-users to invest in monitoring solutions to keep a check on people entering their premises and their behavior. The use of smart security solutions is increasing in the retail sector because of a rise in the number of pilfering cases, which leads to inventory shrinkage.
Vendors in the market are promoting packaged and integrated smart security solutions in a cost-effective way for residential and commercial users. For instance, Honeywell’s smart security solution, Pro-Watch, is a security management solution that includes access control, alarm monitor, digital video, CCTV surveillance, video badging, and visitor management features into one powerful system.
Competitive vendor landscape
The global smart security market is highly fragmented with the presence of many small and large vendors. Due to an increase in crime rates, the demand for smart security solutions has risen in smart cities and smart homes and across all critical infrastructure sectors, residences, and commercial places. Many new players are anticipated to enter the market as the market is expected to grow during the forecast period.
“To survive in this intensely competitive environment, it becomes imperative for vendors to distinguish their product and service offerings through clear and unique value propositions. Intense competition, rapid advances in technology, and frequent changes in end-user preferences constitute significant risks for market vendors,” says Ishmeet Kaur, a lead IT security analyst from Technavio.
The market is expected to intensify further with an increase in product/service extensions, technological innovations, and M&A. International players are expected to grow during the forecast period by acquiring regional or local players. Therefore, to remain competitive, vendors need to develop new technologies, besides keeping themselves abreast of the emerging technologies that could affect their product lines.
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Top five smart security market vendors
Axis Communications deals with products and solutions mainly for security surveillance, remote monitoring, and document management. The products offered by the company include network cameras, video management software, physical access control products, camera applications, and video encoders. The company offers its products and solutions to various end markets such as the retail, transportation, banking, city surveillance, education, healthcare, industrial, critical infrastructure, and government sectors.
Bosch Security Systems
Bosch Security Systems deals with security equipment for video surveillance, access control, intrusion, and fire detection applications. The main products of Bosch are analog cameras, IP cameras, and digital video recorders. It also deals with fire alarm and intrusion systems. The company offers conferencing systems and professional audio systems for voice, sound, and music transmission.
Honeywell Security is a diversified technology and manufacturing company catering to the aerospace industry. It is a global leader in security and automated solutions for residential and commercial purposes. The company has shifted its focus from fire and intrusion systems to IP video and access control solutions.
The company designs and markets security solutions worldwide. It offers products and solutions to diverse markets such as banking, telecommunications, insurance, retail, and travel. The company provides solutions in adherence to ISO-9001:2000; ISO 27001; and ISO 14001:2004 certifications. In September 2015, Nice Systems were renamed as Qognify for its security offerings.
Tyco International mainly deals with the designing and installation of security services, fire detection, and life-safety products. The company's electronic security system includes anti-theft systems; asset protection; detection devices and security management systems; access control solutions, such as integrated security management systems, access control solutions applications, alarm management panels, door controllers, readers, keypads, and cards; video system solutions, such as digital video management systems, matrix switchers and controllers, digital multiplexers, programmable cameras, monitors, and liquid crystal interactive displays; and burglar alarms and interactive security systems, such as alarm control panels, keypads, sensors, and central station receiving equipment for homes and businesses.
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Browse Related Reports:
- Global Electronic Security Market 2016-2020
- Global Residential Security Systems Market 2016-2020
- Global Smart Grid Cyber Security Market 2016-2020
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