Northbrook, IL 60062 -- (SBWIRE) -- 10/06/2023 -- The Commercial security system market is expected to reach USD 343.7 billion by 2028 from USD 236.3 billion in 2023, at a CAGR of 7.8% during the 2023–2028 period according to a new report by MarketsandMarkets™. The rise in government and stakeholder funding for smart city development and city surveillance solutions is a major opportunity for the commercial security system market. Cyber threats to commercial security systems pose significant risks.
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The commercial security system market is in the growth phase at present and is highly competitive, with the presence of multiple established giant players. Currently, companies offer a wide range of commercial security systems, such as fire protection systems, video surveillance, access control systems, intruder alarms, and entrance control systems. North America is likely to contribute significantly to the growth of the commercial security system industry. Similarly, Asia Pacific is expected to be the fastest-growing market given the escalating security expenditure for the protection of critical infrastructure across the region, boosting the demand for advanced commercial security systems.
Video surveillance system segment is expected to grow at highest CAGR of the commercial security hardware market during the forecast period.
The affordability of video surveillance has been enhanced with the increased adoption of IP cameras, leading to minimized installation expenses. Furthermore, the utilization of high-definition IP cameras has brought about significant advancements, offering a wide range of improved functionalities, from basic to advanced analytics, enhanced performance, and increased features. As a result, the video surveillance market has experienced growth, providing better capabilities at a reduced cost. A video surveillance system is a security solution designed to monitor and record activity in a specific area. It consists of a network of cameras, monitors, and recorders that collaborate to capture and store video footage. These systems serve various purposes, including crime prevention, employee monitoring, and traffic surveillance. The cameras in a video surveillance system can be analog or digital, and they can be equipped with features like high-definition resolution, night vision, and motion detection.
Security system integration services are expected to account for the highest market share of the commercial security system market during the forecast period.
Security system integration services are designed to seamlessly conduct system integration services including security access control integration, CCTV, burglar and fire alarms, voice and data systems, and more. These services are provided by security systems integrators who design, install, and manage solutions to protect people, data, and property. Some of the best security system integration service providers include BSS, Securitas Technology, and IST Online. These companies offer reliable and competent security system integration services to protect businesses of all types and sizes. By using security system integration services, businesses can ensure the safety and security of their premises, employees, and customers.
Security system integration services include the proper installation of smart locks, controllers and readers, emergency security systems, and monitoring devices such as TVs and PDAs. Security system integration includes enabling all such devices to connect with each other and giving communicational signals, which indicate signs according to the situation. Various communication technologies used in security systems include NFC, ZigBee, Bluetooth Smart, and Wiegand 32 bit. Security system integration services include integrating such technologies with other security technologies such as access control systems and intruder alarm management systems.
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North America is holding the largest market share of the commercial security system market by 2028.
The demand for commercial security systems in North America has been driven by factors such as increasing concerns about safety and security, the need for advanced surveillance and monitoring solutions, and the rising focus on protecting assets, data, and infrastructure. Businesses in North America have recognized the importance of investing in robust security systems to safeguard their premises, employees, and valuable resources. Commercial security systems in the region encompass a wide range of solutions, including access control systems, video surveillance systems, intrusion detection systems, alarm systems, and integrated security management platforms.
Advancements in technology have led to the development of sophisticated commercial security systems that offer enhanced features such as facial recognition, remote monitoring capabilities, intelligent video analytics, and cloud-based solutions. These advanced systems provide businesses with greater control, situational awareness, and proactive security measures to prevent and respond to potential threats effectively.
Key Players
The report profiles key players in commercial security systems companies such as Johnson Controls (US), Hangzhou Hikvision Digital Technology Co., Ltd (China), Carrier (US), Honeywell International Inc. (US), Robert Bosch GmbH (Bosch Sicherheitssysteme GmbH) (Germany), Dahua Technology Inc. (China), dormakaba Group (Switzerland), ADT (US), Axis Communication AB. (Sweden), SECOM. CO. LTD, (Japan), ASSA ABLOY(Sweden), Siemens (Germany), Halma plc (US), Hochiki Corporation (Japan), Teledyne FLIR LLC(US), Allegion plc (Ireland), Nice S.p.A. (US), Alarm.com (Canada), Motorola Solutions, Inc. (Avigilon)(Canada), Dallmeier electronic (Germany), Securitas Technology (Canada), Gunnebo AB (Sweden), Control4 (US), Viking Group Inc. (US), Norden (UK), Vivint Inc (US).