Commercial Security Powering Industry Out Of COVID-19
The “Global Commercial Security System Market (Fire Protection, Video Surveillance, Access Control – Forecast to 2026” report has found the global commercial security market is projected to grow from $US223.9 billion in 2021 to $342.6 billion by 2026 at a CAGR of 8.9 per cent and will continue to power the electronic security industry out of COVID-19.
Key factors contributing to the growth of the commercial security system market include the rising number of terrorist attacks and organized crimes across the world, growing construction industry, expanding adoption of IP cameras, accelerating implementation of stringent fire protection-related regulations, and rising adoption of IoT-based security systems powered by cloud computing platforms.
Growing government and stakeholder funding for developing smart cities and employing city surveillance solutions, rising adoption of ACaaS and VSaaS, and increasing periodic revision of fire protection-related regulatory compliances provide new opportunities for the growth of the commercial security system market.
The increased adoption of IP cameras made video surveillance cost effective as installation expenses are minimized. Moreover, high-definition IP cameras bring significantly improved capabilities. Thus, better functionalities ranging from basic to advanced analytics, improved performance, and increased features – all available at a reduced cost – have led to a growth in the video surveillance market.
Video surveillance software will be the fastest-growing commercial security software market globally. The primary reason driving the growth of this market is the adoption of artificial intelligence (AI) technology in video surveillance systems. The ability of AI to analyze images and audio from the live streams of video surveillance and recordings, coupled with its ability to use image recognition algorithms to recognize faces, objects, and events, among others, is driving the video surveillance software market globally.
Security systems are expected to witness increasing adoption in APAC as the countries in the region are emerging economies with a growing number of manufacturing bases; there is also a constant risk of terror threats in the region. The market in APAC has a high growth potential owing to increased security concerns, especially in India and China; the governments in the 2 countries have started investing heavily in security.
Furthermore, emerging economies are working toward improving their infrastructure, which is expected to contribute to the growth of the access control system and solution market. The rising adoption of access control systems in small- and medium-sized enterprises, hospitality businesses, airports, ATMs, banks, and religious places is expected to drive the access control market.