Security surveillance, the act of monitoring a certain activity, place, or person for safety reasons, is a growing market. Technology plays a major role in enhancing security and surveillance capabilities by offering many increasingly technical solutions, such as alarms, access control devices, and video surveillance. In 2015, the security technology and services market generated about 75.6 billion U.S. dollars in revenue worldwide. This figure is expected to grow to 82 billion U.S. dollars by 2016.
Besides the more “traditional” fields of use, such as video, alarm and access control, security technology is evolving in conjunction with the new technology trends such as the Internet of Things (IoT). The Internet of Things, a tech phenomenon that has been gaining momentum, is expected to have an impact on the security surveillance market. Connected home (IoT) security device shipments are forecast to grow from 41 million units shipped in 2014 to 709 million units in 2019. Also, the market for IT security products and software continues to grow as concerns about IT security related matters such as data security and online privacy arise. The expenditure on IT security products worldwide is forecast to reach to 43 billion U.S. dollars by 2018.
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