Commercial Security System Market worth $343.7 billion by 2028 at a CAGR of 7.8%

(IT-NEWSWIRE.COM, June 20, 2023 ) The commercial security system market is expected to reach USD 343.7 billion by 2028 from USD 236.3 billion in 2023, at a CAGR of 7.8% during the 2023–2028 period.

Technological advancements have resulted in highly specialized surveillance cameras that can be programmed to zoom-in scan items such as harmful equipment. Technological advancements resulted in the availability of a variety of surveillance cameras, such as those with high resolution and better quality, cameras with more than 5 mega-pixels, body-worn, mobile, or spy cameras, ultra-low-light cameras, panoramic 360-degree cameras, robust outdoor cameras for harsh climates, cameras for sensitive environments, and those with integration capabilities for various applications such as people counting or retail management. These cameras fulfill the varying requirements of non-residential end users, thereby driving the commercial video surveillance hardware market.

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Surveillance cameras are broadly divided into analog and IP cameras. An internet protocol camera or IP camera is a type of a digital video camera commonly deployed for surveillance and which, unlike analog (CCTV) cameras, can send and receive data through a computer network.

Digital video recorders (DVRs) are used as storage devices for recording surveillance data. They convert the analog video file to digital and also allow users to stream a video over a network for remote viewing from different locations. DVRs use hard disk drives (HDDs) or solid-state drives (SSDs) to store the data from cameras. These devices generally do not offer scalability and flexibility in terms of storage space and provide limited connectivity to cameras. DVRs are considered to be cost-effective storage solutions, and they mostly work with analog cameras. With the rising use of IP cameras, new-generation DVRs provide recording over the IP, but they fail to match the operating performance of NVRs.

The demand for biometric technologies in the government sector has increased significantly in recent times, particularly in national IDs and law enforcement applications such as cross-border control and criminal and forensic investigation. Increased security threats and the growing inclination of governments toward the adoption of access control systems has helped generate significant demand for these systems for government applications. The global commercial security system market is expected to grow significantly in the coming years, driven by factors such as the rising number of terrorist attacks and organized crimes across the world, growing construction industry, expanding adoption of IP cameras, and accelerating implementation of stringent fire protection-related regulations. The leading vendors in the global commercial security system market include ADT Inc., Allegion plc, ASSA ABLOY AB, Axis Communications AB, Bosch Sicherheitssysteme GmbH, Carrier Global Corporation, and more. These vendors offer a range of security solutions, including access control systems, entrance control systems, fire protection systems, and video surveillance systems, which can be customized to meet the specific needs of government sectors.

Key Market Players:

Key players in the Commercial security system market are Johnson Controls (US), Hangzhou Hikvision Digital Technology Co., Ltd (China), Carrier (US), Honeywell International Inc. (US), Robert Bosch GmbH (Bosch Sicherheitssysteme GmbH) (Germany), Dahua Technology Inc. (China), dormakaba Group (Switzerland), ADT (US), Axis Communication AB. (Sweden), SECOM. CO. LTD, (Japan), ASSA ABLOY(Sweden), Siemens (Germany), Halma plc (US), Hochiki Corporation (Japan), Teledyne FLIR LLC(US), Allegion plc (Ireland), Nice S.p.A. (US), Alarm.com (Canada), Motorola Solutions, Inc. (Avigilon)(Canada), Dallmeier electronic (Germany), Securitas Technology (Canada), Gunnebo AB (Sweden), Control4 (US), Viking Group Inc. (US), Norden (UK), Vivint Inc (US).

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Commercial Security System Market worth $343.7 billion by 2028 at a CAGR of 7.8%