Commercial Security System Market 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. The rising number of terrorist attacks and organized crimes across the world, growing construction industry, expanding adoption of IP cameras, accelerating the 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.
Major players in the market are:Johnson Controls (Ireland), Hikvision (China), Carrier (US), Honeywell International (US), and Dahua Technology (China)
“Video surveillance hardware is the largest hardware market for commercial security system market during the forecast period”
The growth in safety and security concerns, the rise in crime rates, and the increase in the number of terror attacks are major factors driving the growth of the market for cameras used for video surveillance. The continuous decrease in the prices of cameras has resulted in the increased adoption of surveillance cameras across the world, which, in turn, has created significant demand for storage solutions and monitors. Technological advancements have resulted in highly specialized surveillance cameras that can be programmed to zoom-in scan items such as harmful equipment.
“Video surveillance services market is expected to be the fastest-growing commercial security service segment during the forecast period”
The highest CAGR of video surveillance services are due to a rise in the adoption of Video Surveillance-as-a-Service (VSaaS). The growth in this market is driven by the increasing importance of VSaaS in various application areas due to benefits such as remote access and management. As video feeds are stored in the cloud, customers can access and manage them using a desktop, laptop, or mobile device from any location with an internet connection.
“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.