Commercial Security System Market is Expected to Valuation of US$ 538.4 Billion by 2031, Globally | Transparency Market Research

Wilmington, Delaware, United States, July 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global commercial security system market was valued at US$ 134.4 Bn in 2022 and is projected to expand at a CAGR of 16.8% from 2023 to 2031.

Rise in adoption of next-gen security management systems to combat various security threats is fueling the commercial security system market. Furthermore, increase in crime rates in several regions is necessitating the deployment of security systems, thereby fueling market development.

Commercial security systems comprise products and services that are designed to protect business enterprises from various security threats. Surveillance cameras, intrusion detection systems, access control systems, and security monitoring systems are some of the commercial security systems. These products are used in combination to meet the specific needs and requirements of business enterprises.

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Market Snapshot:

Key Findings of Study

Rise in Adoption of Next-gen Security Management Systems Fueling Market Value – Adoption of IoT-based security systems is increasing, as it can leverage cloud-based storage and analytics solutions to store and process large volume of security-related data. Using these systems, businesses can access and examine data from multiple devices and locations, identify loopholes, and formulate processes for better security management.

According to Nasscom, the IoT market in India was valued at US$ 9 Bn in 2020. IoT-based commercial security systems can be integrated with other IoT equipment such as HVAC systems, lighting control, and alarm systems. Hence, rise in adoption of IoT-enabled security management systems is boosting the commercial security system market size.

IoT-based security management systems can be remotely controlled and managed through web-based interfaces or mobile applications. Business owners and security personnel can receive alerts, access live video feeds, and control security settings from any location, thereby improving flexibility and convenience.

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Growth in Deployment of Surveillance Cameras in Smart Cities -

Surveillance cameras are critically important in commercial security systems. They can be integrated with smart cities, thus boosting the overall security and public safety. Surveillance cameras enable real-time monitoring of commercial spaces, streets, and public places within a smart city. They capture video footage round-the-clock, detect intrusion, and promptly raise security alert. This is leading to an increase in adoption of surveillance cameras in smart cities, thereby augmenting market growth.

Surveillance cameras are deployed for traffic management in smart cities. These cameras are used to monitor traffic flow, identify congested areas, and detect violations, and thus assist in optimizing traffic management and improving public safety on roads

Launch of advanced surveillance cameras is opening up new revenue streams for key manufacturers. In March 2023, Axis Communications and Irisity AB collaborated to launch an advanced surveillance camera featuring AI-Powered Video Analytics.

The advanced product provides customers with an intelligent and comprehensive video security solution. Therefore, initiatives for the launch of advanced security solutions are contributing to the growth of the commercial security system market.

Extensive Deployment of Commercial Security Systems in Theft Deterrence Fueling Market Statistics – Based on application, the theft deterrence segment accounted for 31.1% market share in 2022.

Commercial security systems are primarily deployed to reduce crime in commercial spaces. These systems are equipped to deter theft and protect businesses from losses. Surveillance cameras, alarm systems, and access control are some components of commercial security systems that deter theft.

Rise in Deployment in Government Sector – Based on end-use, the government sector held significant share of 28.1% of the market in 2022. Commercial security systems are critically important in the government sector to ensure the security and safety of government operations, facilities, and personnel. Additionally, government departments deploy commercial security systems to boost public safety and support law enforcement initiatives.

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Growth Drivers

• Rise in adoption of next-gen security management systems is fueling the commercial security system market
• Increase in deployment of surveillance cameras in smart cities is augmenting market growth

Regional Landscape

Asia Pacific is anticipated to account for the leading market share during the forecast period. Rapid urbanization and economic development are key factors fueling market dynamics of the region. Rise in number of smart cities and surge in adoption of robust security systems in the commercial sector are propelling market expansion in Asia Pacific.

Competitive Analysis

Competition in the global industry is intense, with the presence of several large-scale players. Most vendors are investing significantly in R&D activities to launch new products.

Prominent players in the commercial security system market include Assa Abloy AB, Carrier Global Corporation, Honeywell International Inc., and Tyco International Ltd.

The commercial security system market has been segmented as follows:

Global Commercial Security System Market, by Offering

• Hardware
  • Burglar Alarm Systems
  • Fire & Light Safety Devices
  • Security Cameras
  • Others (Keycard Access Systems, Intercom/Entrance Systems, etc.)
• Software
• Services
  

Global Commercial Security System Market, by Application

• Indoor/Outdoor Surveillance
• Flood Detection/Protection
• Theft Deterrence
• Occupancy & People Counting
• Others (Queue Monitoring, Crowd Gathering, etc.)
  

Global Commercial Security System Market, by End-use

• Government
• Military and Defense
• Transportation
• Retail
• BFSI
• Sports and Leisure
• Others (Education, Hotels, etc.)
  

Global Commercial Security System Market, by Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
  

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