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Smart Home Security Market to Reach $112.6 Billion, by 2032 at 16.2% CAGR: Allied Market Research

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The increase in awareness and concern about home security, the surge in advancements in IoT and connected technologies, and the rise in the integration of home automation systems are the major factors that drive the growth of the global smart home security market.
PORTLAND, Ore., July 11, 2023 /PRNewswire/ –Allied Market Research published a report, titled, “Smart Home Security Market by Component (Hardware, Software, and Service), Device Type (Smart Alarms, Smart Locks, Smart Sensors and Detectors, Smart Camera and Monitoring System, and Other) and Application (Independent Homes and Condominiums/Apartments): Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the smart home security industry generated $25.8 billion in 2022, and is anticipated to generate $112.6 billion by 2032, witnessing a CAGR of 16.2% from 2023 to 2032.
Prime determinants of growth
The increase in awareness and concern about home security, the surge in advancements in IoT and connected technologies, and the rise in the integration of home automation systems are the major factors that drive the growth of the global smart home security market. However, high installation and maintenance costs and data security and privacy concerns are the major factors that impede the growth of the global market. Furthermore, the integration of AI and deep learning solutions and the growing usage of mobile applications are anticipated to provide lucrative growth opportunities for the market in the upcoming years.
Download Sample Report: https://www.alliedmarketresearch.com/request-sample/9254
Report coverage & details:
Report Coverage
Details
Forecast Period
2023–2032
Base Year
2022
Market Size in 2022
$25.8 Billion
Market Size in 2032
$112.6 Billion
CAGR
16.2 %
No. of Pages in Report
216
Segments covered
Component, Device Type, Application, and Region.
Drivers
Increase in awareness and concerns about home security
The surge in advancements in IoT and connected technologies
Rise in integration of home automation system
Opportunities
Integration of AI and deep learning solutions
Growing usage of mobile application 
Restraints
High installation and maintenance costs 
Data security and privacy concerns 
Covid-19 Scenario
The COVID-19 pandemic had significantly impacted the smart home security industry. While some sectors experienced challenges, others witnessed opportunities for growth and innovation. One of the positive impacts of the pandemic on the smart home security market was the increased demand for remote monitoring and automation solutions.In addition, the pandemic accelerated digital transformation initiatives across industries, further fueling the adoption of smart security solutions. As businesses looked to adapt to the changing landscape, they increasingly turned to IoT-enabled security applications and services to optimize security operations, improve monitoring, and enhance customer experiences. This surge in IoT implementation created opportunities for smart home security providers, solution developers, and service providers.Buy Complete Report (216 Pages PDF with Insights, Charts, Tables, and Figures) at:
https://www.alliedmarketresearch.com/smart-home-security-market/purchase-options
The hardware segment to maintain its leadership status throughout the forecast period
Based on component, the hardware segment held the highest market share in 2022, accounting for around two-thirds of the smart home security market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to numerous advantages offered by smart home security hardware such as automatic control over devices. However, the software segment is projected to manifest the highest CAGR of 21.6% from 2023 to 2032. The growth in demand for connected devices and internet technology is one of the primary reasons enterprises are increasing their investments in the smart home security software.
The smart cameras and monitoring system segment to maintain its lead position during the forecast period
Based on device type, the smart cameras and monitoring system segment accounted for the largest share in 2022, contributing to nearly two-fifths of the smart home security market revenue, as advances in technologies enable smart cameras to provide a visual representation of the home and allow remote monitoring from any place. However, the smart sensors and detectors segment is expected to portray the largest CAGR of 21.1% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. This is because smart sensors and detectors devices are utilized in a wide range of scenarios such as smart grids, combat reconnaissance, exploration, and many scientific applications as monitoring and control mechanisms.
The condominiums/apartments segment to maintain its leadership status throughout the forecast period
Based on application, the condominiums/apartments segment held the highest market share in 2022, accounting for nearly three-fourths of the smart home security market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to the rise in the adoption of smart home security tools. However, the independent homes segment is projected to manifest the highest CAGR of 20.1% from 2023 to 2032. This is attributed to the growth in the penetration of IoT devices in independent homes.
North America region to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the smart home security market revenue. The increase in the usage of smart home security solutions in businesses is anticipated to propel the growth of the market in this region. However, the Asia-Pacific is expected to witness the fastest CAGR of 20.5% from 2023 to 2032, and is likely to enhance the market growth during the forecast period, owing to an increase in penetration of digitalization and higher adoption of control solutions across the region.
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Leading Market Players: –
Abode Systems Inc.ADT Inc.Assa AbloyFrontpoint Security Solutions LLCHangzhou Hikvision Digital Technology Co. LtdHoneywell International Inc.Ingersoll RandJohnson Controls International PLCRobert BoschVivint Smart Home Inc.The report provides a detailed analysis of these key players in the smart home security market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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QKS Group Names QuestionPro as SPARK Matrix Leader in Both Voice of Customer & Customer Journey Mapping Platforms

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QuestionPro is the only company to lead both categories, a testament to its belief that journey mapping and VoC should be a single holistic process.
AUSTIN, Texas, Sept. 20, 2024 /PRNewswire/ — QuestionPro today announced it has been named a Q3 2024 SPARK Leader in the SPARK MatrixTM analysis of both the global Voice of Customer (VoC) and the Customer Journey Mapping platforms The QKS Group formerly known as Quadrant Knowledge Solutions SPARK Matrix™ provides competitive analysis & ranking of the leading vendors in these markets. 

The QKS Group formerly known as Quadrant Knowledge Solutions SPARK Matrix: Voice of Customer (VoC) and Customer Journey Mapping platforms, Q3, 2024, include a detailed analysis of global market dynamics, vendor landscape, and competitive positioning. The study provides competitive analysis and ranking of the leading platform vendors in the form of its SPARK MatrixTM, providing strategic information for users to evaluate different vendor capabilities, competitive differentiation, and market position.
According to Abhishek Dubey, Analyst, QKS Group, “QuestionPro’s Voice of Customer Platform stands out with its diverse feedback capture methods, such as email, SMS, and intercept surveys, which allow organizations to gather insights from multiple touchpoints for a comprehensive view of customer experiences. The platform’s advanced survey design tools, coupled with Pathos AI for analyzing text and speech data, help transform raw feedback into actionable insights, enabling organizations to understand and respond to customer needs more effectively.
“Its intuitive dashboards facilitate data visualization and trend analysis, while the enhanced case management and journey mapping features streamline customer interactions and feedback loops. These capabilities, combined with a strong focus on innovation and customer-centric improvements, distinguish QuestionPro as a leader in the market, empowering organizations to achieve superior customer satisfaction and loyalty.”
According to Palika S, Analyst at QKS Group, “QuestionPro’s Customer Journey Platform stands out as a sophisticated solution for organizations seeking to gain deep insights into their customers’ experiences. By combining advanced analytics and intuitive visualizations, the platform provides a comprehensive view of the customer journey, from initial touchpoints to post-purchase interactions. The platform’s robust case management features streamline the process of tracking customer interactions and identifying areas for improvement, while its integration with other enterprise systems ensures a seamless and efficient workflow.
“With intuitive dashboards and deep integration with existing CRM systems, QuestionPro’s platform enables organizations to streamline journey orchestration, enhance customer engagement, and drive meaningful outcomes. By providing a comprehensive view of the customer journey, QuestionPro empowers organizations to make data-driven decisions that enhance customer satisfaction, loyalty, and overall business performance.”
“Being named a SPARK Leader for both Voice of Customer (VoC) and Customer Journey Mapping platforms is a testament not only to our dedication to innovation and customer success, but a reflection that our approach is working,” said Ken Peterson, President of CX, QuestionPro. “Yet, to be the leader in both categories reflects our belief that that journey mapping and VOC should be a single holistic process, and we continue to architect our platform to make it easy for customers to integrate VoC and Journey Mapping.”
Both reports are available for complimentary downloads:
SPARK matrix: Customer Journey Mapping (CJM) platform, Q3, 2024: https://questionpro.com/spark-matrix-customer-journey-mapping-2024/SPARK matrix: Voice of Customer (VoC) platform, Q3, 2024: https://questionpro.com/spark-matrix-voice-of-the-customer-2024/About QuestionPro:
Founded in 2006, QuestionPro is a global provider of online survey and research services that help companies make better decisions through data. Our fully integrated online platform includes surveys, research & insights, customer experience (CX) and workforce/employee experience software. We additionally offer polling, journey mapping, employee 360s, and data visualization. Our clientele ranges from small businesses to Fortune 100 companies, who rely on us for insights about customers, employees, and the marketplace. With offices in the US, Canada, Mexico, U.K., Germany, Japan, Australia, the United Arab Emirates and India, we offer customers 24-7 access to highly trained support specialists and engineers. More information is available at www.questionpro.com.
Media ContactJohn Williams, Scoville PR for QuestionPro206.660.5503, [email protected] 
About QKS Group:
QKS Group formerly known as Quadrant Knowledge Solutions is a global advisory and consulting firm focused on helping clients achieve business transformation goals with Strategic Business and Growth advisory services. At QKS Group, our vision is to become an integral part of our client’s business as a strategic knowledge partner. Our research and consulting deliverables are designed to provide comprehensive information and strategic insights for helping clients formulate growth strategies to survive and thrive in ever-changing business environments.
For more available research, please visit https://qksgroup.com/ 
Contact:Shraddha RoyPR & Media RelationsQKS GroupRegus Business Center35 Village Road, Suite 100,Middleton Massachusetts 01949United StatesEmail: [email protected] Source: https://qksgroup.com/resources/newsroom/quadrant-knowledge-solutions-names-questionpro-as-spark-matrix-leader-in-both-voice-of-customer-customer-journey-mapping-platforms?id=773
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Huawei Cloud Stack Interprets Its National Government Cloud Reference Architecture, Helping Global Governments Thrive on the Cloud

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SHANGHAI, Sept. 20, 2024 /PRNewswire/ — At HUAWEI CONNECT 2024, the Huawei Cloud Stack Roundtable for Global Government CIOs, with the theme, “Dive into Cloud and Thrive with Intelligence”, was held. Digital economy leaders from 20 countries in Asia Pacific, Africa, Middle East, Central Asia, and Latin America convened to share their digital visions and successful experiences running government services on the cloud. Shang Haifeng, the CEO of Huawei Mainframe Modernization BU and President of Huawei Hybrid Cloud, and Wind Li, Vice President of Huawei and CEO of Global Public BU.

Digital technologies are propelling global development. More than 170 countries have launched digital development strategies, and over 50 countries have initiated AI strategies. Top authorities of many countries have realized the importance of digital transformation. Shang Haifeng, CEO of Huawei Mainframe Modernization BU and President of Huawei Hybrid Cloud, emphasized, “Huawei Cloud is at the forefront of global digitalization. We have delivered more than 800 government cloud projects across more than 120 countries and regions. Huawei Cloud Stack is dedicated to supporting the digital future of nations and driving intelligent transformation of government and enterprise customers with innovative technologies and solutions like AI and the national government cloud solution.”
At the forum, Wind Li, Vice President of Huawei and CEO of Global Public BU, stated that Huawei’s innovative technologies and solutions are continuously driving more efficient public services and transforming government service models, contributing to the high-quality development of the digital economy. He emphasized: “Diving into cloud is not just technological advancement; it is also a key force in innovating government service models and propelling the development of the digital economy. With these emerging technologies, the experience of public services, the efficiency of government collaboration, and the precision of government governance will be comprehensively enhanced, providing strong support for the sustainable development of the economy and society.”
As many countries are pushing forwards cloud native adoption, building secure, compliant, and efficient government clouds to accelerate innovation remains a significant challenge. Drawing on extensive experience, Huawei Cloud Stack provides a national government cloud reference architecture for three types of clouds: security clouds, government clouds, and public clouds. Hu Hang, General Manager for International Business of Huawei Hybrid Cloud, interpreted the reference architecture, saying, “Huawei Cloud Stack, with its trusted cloud infrastructure, data-AI convergency platform, and AI-Native cloud, forges a core cloud foundation for the Huawei National Cloud 2.0 solution. Deployed on-premises, we provide over 120 essential cloud services and more than 40 scenario-specific solutions to help governments achieve their national digital visions faster.”
Hu Hang also announced the official launch of Huawei Cloud Stack’s Government Leap Program where three major leaps are involved:
Scenario leap: Huawei will work with customers and partners to create over 10 scenario-specific benchmarks centered around data governance, disaster recovery, cloud security, and AI and drive the modernization of government applications.
Migration leap: Huawei will offer free virtualization migration tools, covering 500+ mainstream operating systems. They will provide exclusive business incentives for the first 50 customers migrating to Huawei Cloud Stack.
Industry leap: Huawei will help customers create more than 100 industry benchmarks to improve their industry influence. They will also collaborate with customers on the publication of white papers to showcase industry-leading practices and promote industry development.
Wongkot Vijacksungsithi, Senior Executive Vice President of National Telecom (NT) in Thailand, detailed the Thailand government’s journey with the “Cloud First” national initiative, highlighting strategic collaboration with Huawei Cloud Stack. Together, they established a national cloud data center that serves as a unified platform for 205 government departments, significantly enhancing service delivery and resource management efficiency. Leveraging Huawei Cloud Stack, the Government Data Center and Cloud (GDCC) system operated by NT now manages cloud resources flexibly and efficiently, propelling the Thailand’s digital government transformation. This saves them THB800 million in annual operational costs for digital infrastructure.
At the roundtable, Kelvin Kibiwott Kiprop, CIO of KoTDA, outlined the digital strategy for Konza Smart City, emphasizing that cloud and AI are pivotal to smart city evolution. In a strategic alliance with Huawei Cloud Stack, Konza has established Kenya’s first Tier-3 cloud data center, facilitating the cloud migration of over 70 core government and enterprise applications in Konza. Looking ahead, Konza is set to intensify its partnership with Huawei Cloud by developing more digital services like a smart customer service and intelligent government OA system. These initiatives aim to address user needs across diverse scenarios and drive forward Kenya’s digital economy.
Since 2024, Huawei has initiated the “Leap2Cloud” initiative, inviting global government and enterprise customers to dive into cloud and unlock its vast potential. Throughout this journey, many pioneering government customers have collaborated with Huawei to innovate on the cloud, improving public services, fostering economic growth, and refining governance. At this roundtable, Huawei Cloud honored these pioneers with the “Leap2Cloud Distinguished Government Innovation Pioneer Awards”, expressing the gratitude for their enduring support and trust. Huawei Cloud looks forward to scaling new heights of innovation together with the partners in the future.
With innovative technologies and numerous industry-specific solutions, Huawei Cloud Stack provides a preferred hybrid cloud for more than 5,500 government and enterprise customers around the world. Moving forward, Huawei Cloud remains committed to promoting global digital transformation and driving the digital economy’s quality growth with cutting-edge tech and superior services.
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ACL Digital Unveils Expansion Plans With Its New Office in Hyderabad

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SANTA CLARA, Calif., Sept. 20, 2024 /PRNewswire/ — ACL Digital, an ALTEN group company and leader in design-led digital experiences, innovation, enterprise IT modernization, and product engineering services, is thrilled to announce the grand opening of its new office in Hyderabad.

This strategic expansion perfectly aligns with ACL Digital’s growth strategy and the region’s increasing demand for cutting-edge semiconductor design services. The Hyderabad center will enable clients in Hyderabad and globally to access end-to-end semiconductor capabilities around ASIC and FPGA design, services, verification, validation, and physical design/DFT solutions.
Shri Duddilla Sridhar Babu, Hon’ble Minister for IT, Electronics & Communications; Industries & Commerce and Legislative Affairs, Government of Telangana, inaugurated this new office at The Headquarters, 6th floor, The Orbit by Auro Realty, Knowledge City, Raidurg, Hyderabad on Friday, September 20, 2024.
The new facility further strengthens ACL Digital’s commitment to advancing semiconductor innovation and helping clients maximize value in a rapidly evolving industry.
Ramandeep Singh, CEO of ACL Digital, expressed his enthusiasm about the expansion, stating, “Our new office in Hyderabad signifies a major milestone in our growth journey. This expansion of our capabilities and capacity not only deepens our expertise in the semiconductor industry but also reflects our strategic vision to be at the forefront of technological advancement. We are excited about the possibilities this expansion brings and are committed to delivering exceptional value to our clients in Hyderabad while contributing to the region’s technological advancement.”
ACL Digital looks forward to discussing its future expansion plans and welcomes potential collaboration and support from the government. The company is excited about contributing to the growth and prosperity of Telangana, strengthening the region’s position as a prominent hub for IT excellence and technological innovation.
About ACL Digital
ACL Digital, an ALTEN Group Company, is a leader in digital product innovation and engineering. We help our clients design and build innovative products (AI, Cloud, and Mobile ready), content and commerce-driven platforms, and connected, converged digital experiences for the modern world through a design-led Digital Transformation framework.
Headquartered in Silicon Valley, ACL Digital is a leader in design-led digital experience, innovation, enterprise modernization, and product engineering services converging to Technology, Media & Telecom. We are a talented workforce and part of the 57,000+ employee ALTEN Group, spread across more than 30 countries, offering a multicultural workplace and a collaborative knowledge environment.
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