Cloud-Based Security Systems to Drive Market Growth in Commercial Security Systems
The Commercial Security System Market is anticipated to increase from USD 223.9 billion in 2021 to USD 342.6 billion by 2026, at a compound yearly growth rate (CAGR) of 8.9% over the course of the forecast period, according to a recent market research study from MarketsandMarkets. According to the report, factors like the rise in organised crime and terrorist attacks, the expanding use of IP cameras, the speedy implementation of stringent fire protection-related regulations, and the growing use of Internet of Things (IoT)-based security systems that are powered by cloud computing platforms are all contributing to the market's growth. The rising construction sector's contribution to the market's expansion is also highlighted in the research.
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Video surveillance hardware is the largest hardware market for commercial security system market during the forecast period
Throughout the time of forecasting, the commercial security system market is anticipated to have the largest hardware market for video surveillance. Rising crime rates, growing security concerns, and a rise in terrorist attacks are the main drivers of this growth. There is a substantial need for storage solutions and monitors as a result of the rising usage of surveillance cameras as a result of the falling camera prices worldwide. Very specialised surveillance cameras that may be configured to zoom in and scan objects like dangerous equipment have also been made possible by technological breakthroughs. As a result, it is anticipated that there will be a continued strong demand for video surveillance hardware in the years to come.
Video surveillance services market is expected to be the fastest-growing commercial security service segment during the forecast period
Over the projection period, the commercial security system market's fastest-growing category is anticipated to be the video surveillance services market due to the growing popularity of video surveillance as a service (VSaaS). The expanding significance of VSaaS in several application domains, which provides advantages like remote access and management, is to blame for the high CAGR of video surveillance services. Customers can access and manage video feeds using a desktop, laptop, or mobile device from any location with an internet connection when they are stored in the cloud. In the upcoming years, it is anticipated that this trend will continue and drive significant expansion in the market for video surveillance services.
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North America to be the largest market for commercial security system during the forecast period
Over the projection period, North America is anticipated to have the largest market for commercial security systems. The area was among the first to use security technologies like access control, video surveillance, and fire alarms. North American nations like the US, Canada, and Mexico are setting the pace for innovation in the technology and services of these systems in order to acquire a competitive edge and expand their market share. Access control systems are being used to strengthen security and safety measures. Also, the majority of building structures in North America are fitted with fire protection systems due to obligatory fire protection and safety requirements, which has led to a number of equipment and system manufacturers in the area offering various fire protection systems. These factors are projected to fuel the growth of the commercial security system market in North America during the forecast period.
Major companies involved in the development and supply of commercial security system are Johnson Controls (Ireland), Hikvision (China), Carrier (US), Honeywell International (US), and Dahua Technology (China).
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