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)

  • Report Code : TIPRE00019444
  • Category : Electronics and Semiconductor
  • No. of Pages : 150
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Commercial Security System Market Growth & Report Analysis by 2030

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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.
REGIONAL FRAMEWORK

Commercial Security System Market Report Analysis

Commercial Security System Market

  • CAGR (2023 - 2031)
    12.34%
  • Market Size 2023
    US$ 145.90 Billion
  • Market Size 2031
    US$ 370.10 Billion

Report Coverage

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Key future trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Industry landscape and competition analysis & recent developments
  • Detailed company profiles
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

  • Johnson Controls
  • Hikvision
  • Carrier
  • Honeywell International
  • Dahua Technology
  • dormakaba Holding AG
  • BOSCH SECURITY SYSTEMS
  • ASSA ABLOY
  • Secom Co., Ltd

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

By Component
  • Hardware
  • Software
  • Services
By Vertical
  • Commercial
  • Government
  • Transportation
  • Retail Banking and Finance
  • Education
  • Industrial
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
MARKET PLAYERS

Commercial Security System Market Report Scope

Report Attribute Details
Market size in 2023 US$ 145.90 Billion
Market Size by 2031 US$ 370.10 Billion
Global CAGR (2023 - 2031) 12.34%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Component
  • Hardware
  • Software
  • Services
By Vertical
  • Commercial
  • Government
  • Transportation
  • Retail Banking and Finance
  • Education
  • Industrial
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Johnson Controls
  • Hikvision
  • Carrier
  • Honeywell International
  • Dahua Technology
  • dormakaba Holding AG
  • BOSCH SECURITY SYSTEMS
  • ASSA ABLOY
  • Secom Co., Ltd
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

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

    Segment Covered
    Segment Covered

    This text is related
    to segments covered.

    Regional Scope
    Regional Scope

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

    Country Scope
    Country Scope

    This text is related
    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

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