Market Size of Commercial Security Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Commercial Security Market Analysis
The commercial security market is expected to grow at a CAGR of 8.5% during the forecast period. Increasing government and stakeholder funding for developing smart cities and employing city surveillance solutions, as well as increasing periodic revision of fire protection-related regulatory compliances, are driving the commercial security system market growth.
- As video surveillance systems work in conjunction with security systems and are often internet-connected, people can monitor the feed from anywhere. Further, owing to such benefits, businesses are adopting such security systems to keep an eye on sensitive areas.
- The introduction of advanced technology with commercial security systems such as IP security cameras, which are connected to the internet, has a risk of cyber-attack, which acts as a restraint for the market's growth.
- Moreover, access control systems are being installed in malls, shopping centers, and other buildings to ensure employees' safety. The detection and response approach integrated into company policies to confront unwanted incidents may provide an opportunity for the commercial security market to grow. Further, the accelerated digital transformation in many enterprises due to the pandemic presents huge opportunities for security companies to expand their scope and play an important part in the future of intelligent security.
- The key players are introducing new products coupled with the latest technologies. For instance, in September last year, Allegion US (Allegion plc) and Gallagher (Gallagher Security) announced that the US Government had approved their new electronic access solution. Schlage AD-302 FIPS 201-2 is integrated with Gallagher's Command Center security software platform and is the first electronic lock listed on the General Services Administration (GSA) Approved Product List (APL), expanding access to key government clients.
- The Covid-19 pandemic has affected the demand for commercial security systems such as fire protection and video surveillance systems due to slowing down and postponing commercial infrastructure activities. Also, market players have witnessed supply chain disruptions for commercial security equipment across both the demand and supply sides.
