According to a recent market research analysis by MarketsandMarketsTM, the Commercial Security System Market is anticipated to increase significantly during the forecast period. At a compound annual growth rate (CAGR) of 8.9%, it is anticipated that the market would rise in size from USD 223.9 billion in 2021 to USD 342.6 billion in 2026. The report identifies a number of factors that are fueling this growth, including the rise in terrorist attacks and organised crime on a global scale, the expansion of the construction sector, the widespread use of IP cameras, the implementation of stringent fire protection regulations, and the growing use of IoT-based security systems powered by cloud computing platforms.
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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"Video surveillance hardware is the largest hardware market for commercial security system market during the forecast period"
A market research analysis predicts that over the projected period, the Commercial Security System Market's hardware market for video surveillance would be the largest. Concerns about safety and security, growing crime rates, and an increase in terrorist acts are the main drivers of this expansion. Increased usage of surveillance cameras as a result of falling camera prices has also raised demand for storage options and displays. Specialized security cameras that can zoom in and scan objects like dangerous equipment have been made possible by technological breakthroughs. The overall conclusion of the report is that the demand for security and safety measures will result in significant growth for the video surveillance hardware industry.
"Video surveillance services market is expected to be the fastest-growing commercial security service segment during the forecast period"
The market for commercial security services' video surveillance services is predicted to develop at the quickest rate throughout the projected period, according to a market research analysis. Due to the growing usage of video surveillance-as-a-service, video surveillance services have the greatest compound annual growth rate (CAGR) (VSaaS). The increasing demand for VSaaS, which offers advantages like remote access and management, across many application sectors is what is fueling this market's expansion. Customers may access and manage video feeds using a desktop, laptop, or mobile device from any location with an internet connection because they are stored in the cloud.
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"North America to be the largest market for commercial security system during the forecast period"
North America is anticipated to be the largest market for commercial security systems over the forecast period, according to a market research analysis. This is because security technology like access control, video surveillance, and fire protection systems were adopted early in the region. In order to increase security and safety, North America is also leading the world in the implementation of access control systems. Access control system knowledge is growing in nations like the US, Canada, and Mexico in order to spur technological and service advancements and acquire a competitive edge. Also, the majority of building structures in North America are outfitted with fire prevention systems as a result of obligatory fire protection and safety requirements. Several fire protection systems are offered by a number of equipment and system manufacturers in the area. Due to its advanced acceptance of these technologies, the report generally forecasts that North America will continue to be a prominent market for commercial security systems.
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