The adoption of Internet of Things (IoT) technologies, with advancements in artificial intelligence (AI) and machine learning, further fuels market expansion. Thus, the growing adoption of smart security systems with other home automation systems and the growing use of cloud-based security services contribute to the market's expansion.

Efficiencies of AI

Businesses are increasingly investing in intelligent video surveillance systems equipped with AI for future-proof security solutions. AI-driven video analytics automate tasks like object detection, tracking, facial recognition, anomaly detection, and incident analysis. AI enhances scalability, efficiently processing large volumes of video data, making intelligent video surveillance deployment feasible in expansive and intricate environments such as airports and stadiums. Furthermore, the adaptability of AI makes it possible for intelligent video surveillance systems to be readily updated to incorporate new technologies, allowing businesses to stay ahead in implementing safety measures and meeting security regulations.

Asia Pacific witnesses strong growth

The Asia Pacific region is anticipated to hold the largest revenue share in 2022. The region's growth is attributed to heightened government emphasis on both infrastructure development and the implementation of smart security systems. Significant investments in safety-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 featuring advanced technologies such as wireless connectivity and more efficient cameras. Furthermore, the rise of diverse threats, including insider attacks, frauds, and advanced persistent threats (APT), further underscores the urgency and necessity for robust smart security measures in the Asia Pacific.

Summary of key findings:

• Based on type, the intelligent 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 growing adoption of cloud computing.

• in terms of applications, 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.

• Asia Pacific dominated the market in 2022 owing to the increase in government initiatives towards smart security solutions. Moreover, the expanding number of smart security businesses globally is projected to support market expansion.