The latest information from Marketsandmarkets on the Commercial Security System market with Covid-19 impact analysis to 2026 predicts that the sector will grow from USD 223.9 billion in 2021 to USD 342.6 billion by 2026, representing a CAGR of 8.9%.
A rise in the number of terrorist attacks and organised crime across the world, the growing construction industry, the expanding adoption of IP cameras, an accelerated implementation of stringent fire protection-related regulations, and a rise in the adoption of IoT-based security systems powered by cloud computing platforms are cited by the researchers as the major factors for propelling the growth of the commercial security system market
Video surveillance hardware was found to be the largest sub-sector in the hardware field of commercial security systems 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 affecting the growth of the market for cameras used for video surveillance. The continuing 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 specialised surveillance cameras that can be programmed to zoom-in to scan items such as harmful equipment.
In terms of services within the sector, the video surveillance service market is also expected to be the fastest-growing segment over the projected period. The analysts suggest that a rise in the adoption of Video Surveillance-as-a-Service (VSaaS) could be the driving factor, as this application offers new 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.
As one of the earlier adopters of security technologies such as access control, video surveillance, and fire protection systems, North America is at the forefront of implementing access control systems to improve safety measures and security and accounts for the largest proportion of the sector geographically. 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.
Major companies involved in the development and supply of commercial security systems and named in the report include Johnson Controls, Hikvision, Carrier, Honeywell International, and Dahua Technology.