The global commercial security system market 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. Key factors contributing to the growth of the commercial security system market include the 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. Growing government and stakeholder funding for developing smart cities and employing city surveillance solutions, rising adoption of ACaaS and VSaaS, and increasing periodic revision of fire protection-related regulatory compliances provide new opportunities for the growth of the commercial security system market.
Video surveillance to lead the commercial security system market during the forecast period “ The increased adoption of IP cameras made video surveillance cost effective as installation expenses are minimized.Moreover, high-definition IP cameras bring significantly improved capabilities.
Thus, better functionalities ranging from basic to advanced analytics, improved performance, and increased features—all available at a reduced cost—have led to a growth in the video surveillance market.
Video surveillance software offering is expected to be the fastest-growing market for commercial security software market during the forecast period Video surveillance software will be the fastest-growing commercial security software market globally.The primary reason driving the growth of this market is the adoption of artificial intelligence (AI) technology in video surveillance systems.
The ability of AI to analyze images and audio from the live streams of video surveillance and recordings, coupled with its ability to use image recognition algorithms to recognize faces, objects, and events, among others, is driving the video surveillance software market globally.
APAC to be the fastest growing commercial security system market during the forecast period Security systems are expected to witness increasing adoption in APAC as the countries in the region are emerging economies with a growing number of manufacturing bases; there is also a constant risk of terror threats in the region.The market in APAC has a high growth potential owing to increased security concerns, especially in India and China; the governments in the 2 countries have started investing heavily in security.
Furthermore, emerging economies are working toward improving their infrastructure, which is expected to contribute to the growth of the access control system and solution market. The rising adoption of access control systems in small- and medium-sized enterprises, hospitality businesses, airports, ATMs, banks, and religious places is expected to drive the access control market.
Break-up of primary participants’ profiles: • By Company Type – Tier 1 – 57%, Tier 2 – 29%, and Tier 3 – 14% • By Designation – C-level Executives – 34%, Directors – 48%, and Others – 18% • By Region – North America – 52%, Europe – 21%, APAC – 19%, and RoW – 8%
The key players in the market include Johnson Controls (Ireland), Hikvision (China), Carrier (US), Honeywell International (US), and Dahua Technology (China).
The commercial security system market is segmented into hardware offering, software offering, service offering, vertical, and regions.Based on hardware offering, the market has been segmented into fire protection system, video surveillance, access control system, and entrance control system.
Based on software offering, the market has been classified into fire analysis, videos surveillance software, and access control software.Based on service offerings, the market has been segmented into security system integration service, remote monitoring, fire protection service, video surveillance service, and access control service.
The report covers eleven types of verticals: commercial, government, transportation, retail, banking and finance, education, industrial, energy and utility, sports and leisure, healthcare, and military and defense. The report covers four major geographic regions: North America, Europe, APAC, and RoW.
Reasons to buy the report: • Illustrative segmentation, analysis, and forecast for the market based on authentication type and technology, type, offerings, vertical, and geography have been conducted to give an overall view of the commercial security system market. • COVID-19 impact analysis has been performed to provide an in-depth insight into the commercial security system market. • Major drivers, restraints, opportunities, and challenges for the commercial security system market have been detailed in this report. • The report includes a detailed competitive landscape, along with key players, in-depth analysis, and revenues of key players.
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