Alexandra Borgeaud
Research expert covering cybersecurity and tech in Latin America
Security & surveillance technology - statistics & facts
Technological innovations are bringing both huge opportunities and more complex challenges than ever faced before, and the security surveillance market is no exception. Technology plays a major role in enhancing security and surveillance capabilities by offering many technical solutions, such as alarms, access control devices, and video surveillance. In 2023, the information security products and services market reached almost 190 billion U.S. dollars, up from around 170 billion U.S. dollars in 2022. Other market sub-segments like video surveillance cameras or IP video surveillance and video surveillance as a service (VSaaS) were profitable and rapidly growing.
Smart homes devices enhance home security
The smart home security market is one of the most important smart home market segments and was expected to reach approximately 32.5 billion U.S. dollars in 2024, before nearly doubling in size by 2029. In 2023, smart home monitoring and security devices constituted the second largest segment of the smart home market in terms of shipments, estimated at around 252 million units. Connected cameras and doorbells are among the most common home security products, usually designed as part of a particular smart home ecosystem and able to generate ongoing revenues for the manufacturer in the form of a subscription fee to access saved recordings. In 2023, the market for smart doorbells worldwide was valued at around 16 billion U.S. dollars.The ever-growing importance of information security
Information security, or cybersecurity, refers to the practice of managing access to information. In 2024, global spending on information technology is forecast to exceed 200 billion U.S. dollars, with the largest segments being security services, infrastructure protection and network security equipment. Analysts have suggested that security trends are being shaped by new markets, such as big data or the Internet of Things (IoT). One impact of this has been the shift towards managed security services, resulting in an overall growth of the security appliances market revenue, with Palo Alto Networks and Fortinet being the leading market players in 2023. Looking ahead, artificial intelligence (AI), particularly generative AI, presents an immense potential for the security sector, notably to improve the accuracy of analytics, reduce processing in the cloud, and make the system more reliable overall.
