Commercial Security System Market Growth & Report Analysis by 2030

Coverage: Commercial Security System Market covers analysis By Component (Hardware, Software, Services); Vertical (Commercial, Government, Transportation, Retail Banking and Finance, Education, Industrial, Others) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Mar 2024

  • Report Code : TIPRE00019444
  • Category : Electronics and Semiconductor
  • Status : Upcoming
  • No. of Pages : 150
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[Research Report] The commercial security system market is anticipated to grow from US$ 129.87 billion in 2022 to US$ 465.01 billion by 2030, estimated at a CAGR of 12.34% % from 2022 to 2030.

Analyst Perspective:

The commercial security system market has witnessed significant growth in recent years. The Internet of Things (IoT) has played a critical role in simplifying operational data. Additionally, it has made it much simpler to send and receive data via the Internet, enabling the usage of video surveillance systems. IoT and video surveillance system integration has improved the ability to provide relevant information for the operational and security requirements of any business or corporation. Using big data analytics in conjunction with video surveillance allows for the recording of pictures and subsequent correlation or relationship-building with sequential data. The Federal Information Security Management Act (FISMA) and the General Data Protection Regulation (GDPR) in Europe are two examples of new privacy protection laws that are being implemented around the globe. Such instances propel the growth of the commercial security system market size.

In addition, access control systems are being put in place in malls, shopping complexes, and other structures to protect staff members. The firm policies that incorporate detection and response to deal with unwanted situations may be a growth potential for the commercial security market. In addition, the pandemic's acceleration of digital transformation in many businesses offers enormous potential for security firms to broaden their horizons and take a significant role in the development of intelligent security.

To monitor property and investigate incidents using video footage, many retail establishments across North America use video surveillance systems. Walmart, the largest store in the United States, for instance, uses image recognition cameras at the registration to detect theft.

Using the most recent technology for video surveillance systems, the leading suppliers of commercial security systems are producing cameras with extensive functions. For instance, in July of last year, the Canadian business March Networks, which specializes in video security, unveiled its new VA Series IP Cameras, a complete line of 2MP and 4MP cameras with cutting-edge encoding and built-in video analytics. Thus, such instances propel the commercial security system market growth.

Market Overview:

Commercial security systems are a collection of security measures implemented in a commercial setting to protect people, property, and assets from harm. They use a variety of products, such as fire protection systems, video surveillance, access control systems, entrance control systems, remote monitoring services, and security system integration services. The demand for commercial security systems market has increased due to factors such as the need for protection against increasingly prevalent threats, such as burglary, theft, and vandalism, heightened consumer awareness and concerns regarding security, the willingness of businesses and organizations to invest in security measures to protect their employees, customers, and assets.

The security industry is anticipated to grow in the government and law enforcement end-use sectors as a result of the rising crime rates. In addition, governments around the world are making efforts to reduce crime. For instance, it is projected that the commercial security systems market will grow as surveillance systems replace the requirement for humans to carry out important jobs in risky locations. Increasing the installation of new technological solutions, raising security concerns, expanding the use of wireless technology in security systems, increasing the availability of low-cost devices, increasing the use of various cameras by the government, and using data-driven solutions like analytics are other significant factors driving the market's expansion.

The Internet of Things (IoT) and cloud computing are two technology trends that are spreading quickly. A leading global provider of business security solutions, Bosch Security Systems, provides a range of goods and services to support businesses in safeguarding their resources, personnel, and clients. Access control, video surveillance, intrusion detection, fire alarm systems, and audio solutions are among Bosch's commercial security options. For instance, Bosch will present new goods, services, and software for creating customized solutions that improve security, safety, and the supply of data for business insights in March 2022. Visitors to the exhibit will see deep neural network-based video analytics, a new Video Surveillance as a Service (VSaaS) service.

Various industries, notably commercial security, are served by Honeywell International Inc., a multinational business. To assist businesses in safeguarding their resources, personnel, and clients, the company provides a variety of commercial security solutions. Access control, intrusion detection, video surveillance, and fire and life safety systems are among the commercial security solutions offered by Honeywell. As an example, A new solution to detect known and unidentified (zero-day) attacks in commercial building operational technology (OT) systems will be made available in January 2022, according to a press release from Honeywell (Nasdaq HON) and Acalvio Technologies.

Strategic Insights

Market Driver:

The Increase in the Building and Construction Industry Has Led to Increased Demand for Commercial Security Systems, driving growth of the Commercial Security System Market.

The construction industry is growing rapidly, and with it comes the need for more robust commercial security solutions. According to the Global Construction Perspective, the global construction market is expected to reach $8 trillion by 2030, with the US, China, and India leading the way. This growth is being driven by high demand for housing and commercial space. Construction sites are often targeted for theft and vandalism, as they contain expensive tools, materials, and equipment. Commercial security solutions, such as alarms and surveillance cameras, can help to deter crime and protect valuable assets. These solutions can also serve as a deterrent and help to prevent theft, which can minimize financial losses for construction companies. In short, commercial security solutions are essential for protecting construction sites and their assets from crime.

The increased need for security systems in the commercial sector is mostly due to the high-security standards. The capacity of security goods to safeguard assets and people's lives is what is causing their rising use, including video surveillance systems, fire prevention systems, and access control systems. Regular maintenance services are required to guarantee the best performance of such systems, which further increases the demand for commercial security services worldwide.

Segmental Analysis:

The commercial security system market is segmented based on type into component and Vertical. The component segment held the largest share of the commercial security system market in 2020. In contrast, the Vertical segment is anticipated to register the highest CAGR in the commercial security system market during the forecast period.

Regional Analysis:

The Asia Pacific commercial security system market was valued at US$ XXX billion in 2022 and is projected to reach US$ XXX billion by 2028; it is expected to grow at a CAGR of XXX % during the forecast period. The commercial security system market for video surveillance is expanding quickly in the Asia Pacific as a result of significant infrastructure investments and smart city projects. In the foreseeable future, it is anticipated that the region will continue to experience rapid growth in video surveillance systems and services. Governments have been forced to implement IP surveillance systems for increased security in government buildings due to the growth in terrorist activities. In the retail industry, Asia Pacific has also embraced video surveillance technologies. The demand for access control systems that provide data confidentiality and authentication is anticipated to increase with the increasing adoption of cloud-based services and cloud management software. Asia-Pacific consumers are very open to biometric technology, especially for financial transactions where it adds an extra degree of security. This should do away with the need for conventional security measures like PINs, passwords, security questions, or different types of identification cards. In addition to the financial and healthcare sectors, other industries have become interested in biometrics.

The government's increased focus on infrastructure development is projected to lead to growth in the Asia-Pacific Commercial Security Market. Security measures are probably going to help the local economy. Some developing nations, including China and India, are spending a lot of money to advance safety-related products and create new ones utilizing cutting-edge technology. Additionally, the Asia-Pacific region's commercial security market in China had the biggest commercial security system market share, and India had the quickest rate of growth for the commercial security system market.

Key Player Analysis:

The commercial security system market analysis consists of the players such as Johnson Controls., Hikvision, Carrier, Honeywell International, Danua Technology, dormakaöa Holding AG, BOSCH SECURITY SYSTEMS, ASSA ABLOY, Secom Co., Ltd, and Axis Communications AB, among the players in commercial security system market. Johnson Controls and Honeywell International are the top two players owing to the diversified product portfolio offered.

Recent Developments: 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the commercial security system market. A few recent key commercial security system market developments are listed below:

  • In December 2022, Phoenix Security Systems Inc. of Wilmington, Massachusetts, which offers security, fire alarm, video surveillance systems, access control, and services for more than 800 businesses and homes, mostly in the metropolitan Boston and south shore areas of Massachusetts, was acquired by American Alarm and Communications, the company announced.
  • In December 2021, Supreme Security Systems, one of the top 50 alarm monitoring companies in the US, was purchased by Securitas. The acquisition broadens Securitas' client offerings and servicing capabilities in the northeastern US. It supports Securitas' goal of doubling the size of its electronic security and security solutions business by 2023.

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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

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to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

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to country scope.

The List of Companies

1. Johnson Controls
2. Hikvision
3. Carrier
4. Honeywell International
5. Dahua Technology
6. dormakaba Holding AG
7. BOSCH SECURITY SYSTEMS
8. ASSA ABLOY
9. Secom Co., Ltd
10. Axis Communications AB

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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