The report “Commercial Security System Market with Impact Analysis by Hardware (Fire Protection, Video Surveillance, Access Control), Service (System Integration, Remote Monitoring), Software, Vertical, and Geography – Global Forecast to 2026″, size is projected to grow USD 223.9 billion in 2021 to USD 342.6 billion by 2026; it is estimated to grow at a CAGR of 8.9% during the forecast period. Rising number of terrorist attacks and organized crimes across the world, growing construction industry, expanding adoption of IP cameras, accelerating implementation of stringent fire protection-related regulations, and rising adoption of IoT-based security systems powered by cloud computing platforms are the major factor propelling the growth of the commercial security system market.
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Driver: Expanding adoption of IP cameras
An Internet Protocol (IP) camera is a networked digital video camera that sends signals to the main server or computer screen through the internet or a network link. An IP camera can be easily installed and, using a single coaxial cable for each camera, connected to the existing data network, with minimal effort. Due to their high resolution, IP cameras can provide high quality and extremely detailed images. They also support two-way communication and can send customized alerts if any suspicious activity occurs.
Opportunities: Growing government and stakeholder funding for developing smart cities and employing city surveillance solutions
Nowadays, cities need innovative solutions to overcome long-term challenges such as controlling traffic flows, managing waste, meeting energy efficiency targets, controlling security breaches, and managing city surveillance owing to rapid urbanization. Governments in developing economies, including China and India, are focusing on developing smart cities, through huge government and stakeholder funding, to curb the long-term challenges arising from growing urbanization.
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North America to be the largest market for commercial security system during the forecast period
North America is one of the early adopters of security technologies such as access control, video surveillance, and fire protection systems. The region is at the forefront of implementing access control systems to improve safety measures and security. Countries such as the US, Canada, and Mexico are increasing their expertise in access control systems to drive innovations in the technology and services of these systems to gain a competitive advantage and increase their shares in the access control system market in the region. Due to the mandatory fire protection and safety regulations in North America, most building structures are fixed with fire protection systems. Several fire protection systems and equipment manufacturers in this region offer different fire protection systems.
Major companies involved in the development and supply of commercial security system are Johnson Controls (Ireland), Hikvision (China), Carrier (US), Honeywell International (US), and Dahua Technology (China).
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