Commercial Security System Market with COVID-19 Impact Analysis by Hardware (Fire Protection, Video Surveillance, Access Control), Service (System Integration, Remote Monitoring), Software, Vertical, and Geography – Global Forecast to 2026
The global commercial security system market size is projected to grow USD 223.9 billion in 2021 to USD 342.6 billion by 2026; it is estimated to grow at a CAGR of 8.9% during the forecast period. 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 are the major factor propelling the growth of the market.
APAC to be the fastest growing commercial security system market during the forecast period
Source: Marketsandmarkets Research
“Commerical Security System Market” By Product (Smart Locks, Security Cameras, Security Alarms, And Sensors). By Solution (Surveillance System, Access Control Management, AND Intruder Alarms), By End-users (Retails, Banking, Healthcare, And others), and by Geography
According to the Verified Market Research, the Global Commercial Security System Market was valued at USD 195.32 Billion in 2020 and is projected to reach USD 376.34 Billion by 2028
Growing at a CAGR of 8.54% from 2021 to 2028.
Source: Verified Market Research
Access control market predicted to hit $13.1 by 2026
The global access control market with Covid impact is expected to grow from USD 8.6 billion in 2021 to USD 13.1 billion by 2026, at a CAGR of 8.7%, according to the latest research from Marketsandmarkets.
The analysts suggest that continued adoption of Access Control as a Service (ACaaS); implementation of mobile-based access control; global proliferation of smart cities initiatives; and increasing urbanisation in emerging countries are expected to provide huge growth opportunities to the access control market players. The growth of the access control market is driven by high adoption of access control solutions owing to increasing crime rates globally; technological advancements and deployment of wireless technology in security systems; and adoption of IoT-based security systems with cloud computing platforms.
Biometric readers to witness the highest growth
Biometric technologies are used to measure different physiological parameters for identification and authentication purposes in access control systems. Within the report, the market for biometric reader-based access control systems has been further categorised into fingerprint recognition, palm recognition, iris recognition, face recognition, and voice recognition. Biometrics is one of the fastest-growing technologies used to secure perimeters. This technology enables identifying a person’s physical characteristics to provide controlled physical access to infrastructure. This technology is being increasingly used in government facilities, manufacturing units, power stations, defence establishments, and enterprises.
Commercial sector leading vertical growth
The commercial vertical is the largest end user of access control systems. In this vertical, commercial facilities such as enterprises and data centres; BFSI; retail stores and malls; and entertainment areas are considered. Manned security for all physical locations is difficult and expensive. The demand for access control systems is increasing since they reduce the need for manned security to a greater extent, thereby reducing security expenditure. These factors were found to be encouraging commercial facilities to adopt access control systems to protect people and properties by the researchers.
Source: Marketsandmarkets Research