Anna Forrester
Technavio projects that the global smart security market will climb in value at a compound annual growth rate of 18 percent through 2019 due to the increasing number of terrorist attacks around the world.
“Terrorism has increased significantly in areas like the Philippines in the last few years, resulting in an increased number of deaths from 2012 [to] 2013,” Technavio Vice President Faisal Ghaus said in a statement released Wednesday.
“This has led to higher demand for smart security solutions.”
Smart security technology includes cloud-based video surveillance systems, perimeter intrusion prevention systems, access control systems and intruder alarms, Technavio said.
According to the company’s latest report, the key vendors in the global smart security market are:
- Axis Communications
- Bosch Security Systems
- Cisco
- Honeywell Security Group
- NICE Systems
- Tyco International
The report also points to uncertain economic conditions as a market challenge.
