Pune, India, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The application of artificial intelligence (Al) and machine learning presents a substantial possibility for the commercial security system sector. Algorithms and machine learning algorithms can evaluate video material in real-time, allowing for automated video analytics in commercial security systems. This technology is capable of detecting and identifying suspicious activities, objects, and behaviors such as unauthorized access, loitering, and strange movements. Security staff can focus their attention on crucial occurrences and respond more efficiently by automating video analysis.
Commercial Security System Market in terms of revenue was estimated to be worth $129.87 billion in 2022 and is poised to reach $465.01 billion by 2030, growing at a CAGR of 12.34% from 2022 to 2030 according to a new report published by The Insight Partners.
The increased demand for security and surveillance solutions propels the commercial security system market growth.
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Global Commercial Security System Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 129.87 Billion in 2022 |
| Market Size Value by | USD 465.01 Billion by 2030 |
| Growth rate | CAGR of 12.34% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Component, Vertical and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Many retail stores in North America use video surveillance systems to monitor property and investigate issues using video footage. For example, the world's largest retailer, Walmart, uses image recognition cameras at registration to detect theft. Using the most recent technology for video surveillance systems, the leading suppliers of commercial security systems are producing cameras with extensive functions. For instance, in July of 2021, the Canadian business March Networks, which specializes in video security, unveiled its new VA Series IP Cameras, a complete line of 2MP and 4MP cameras with cutting-edge encoding and built-in video analytics. Using the most recent technology for video surveillance systems, the leading suppliers of commercial security systems are producing cameras with extensive functions. For instance, in July 2021, the Canadian business March Networks, which specializes in video security, unveiled its new VA Series IP Cameras, a complete line of 2MP and 4MP cameras with cutting-edge encoding and built-in video analytics.
Additionally, users of video surveillance systems are updating their equipment in accordance with national policies. As an illustration, Callander, a municipality in central Ontario, changed its camera surveillance procedures in July 2017 to maintain compliance with both the Municipal Freedom of Information and Protection of Privacy Act (MFIPPA) and the Freedom of Information and Protection of Privacy Act (FIPPA) of Ontario. In the forecast period, demand for modern video surveillance systems is anticipated to increase as a result of such measures to ensure safety and security while protecting individual privacy.
AI and ML Provide Intelligent Insights for Preventive Security Measures Creates Opportunities for Commercial Security System Market:
Face recognition technology backed by artificial intelligence can improve access control and identification verification in company security systems. Individuals can be consistently identified by facial recognition algorithms, allowing for speedy and secure access to restricted areas. This technology increases security and surveillance procedures by making it easier to identify people of interest.
Face recognition technology is increasingly being used in China's video surveillance systems. Several Chinese startup companies offering facial recognition and video analysis security solutions are investing heavily and drawing investors. SenseTime Group raised USD 767 million in its initial public offering (IPO) in December of 2021. Furthermore, suppliers in the security market are focusing on extending their product portfolio with technology-enabled advanced security solutions in order to access the worldwide market through mergers and acquisitions. For example, in September 2021, Eagle Eye Networks, a global cloud video surveillance provider, purchased Uncanny Vision, an India-based surveillance artificial intelligence company. The acquisition comprised the company's research and development capabilities as well as a new regional headquarters in Bangalore, India. Thus, such instances propel the growth of the commercial security system market.
Furthermore, the presence of leading video surveillance product providers, such as Hikvision and Dahua Technology, is developing AI-enabled surveillance systems, increasing the adoption of AI-configured security systems. Dahua Technology, for example, debuted its Cooper-I Series XVR in July 2021, which has AI functionalities such as SMD (Smart Motion Detection) Plus and AI Coding. These advanced features are enabled by default and minimize the need for additional settings, making the installation procedure much quicker and faster.
Commercial Security System Market: Segmental Overview
Based on component, the commercial security system market is segmented into hardware, software, and services. The software segment held the largest share of the commercial security system market in 2020, whereas the hardware segment is anticipated to register the highest CAGR in the commercial security system market during the forecast period. Based on vertical, the commercial security system market is segmented into commercial, government, transportation, retail banking and finance, education, industrial, and others. The commercial segment held the largest share of the commercial security system market in 2020, whereas the retail banking and finance segment is anticipated to register the highest CAGR in the commercial security system market during the forecast period.
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Commercial Security System Market Analysis: Competitive Landscape and Key Developments
Johnson Controls., Hikvision, Carrier, Honeywell International, Danua Technology, dormakaöa Holding AG, BOSCH SECURITY SYSTEMS, ASSA ABLOY, Secom Co., Ltd, and Axis Communications AB are a few of the key companies operating in the commercial security system market. The commercial security system market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access overcoming business opportunities.
Recent Developments:
- In 2022, The startup Dedrone, which specializes in smart airspace security, cooperated with Johnson Controls. The partnership attempted to deal with the security issues created by unauthorized drone activities. Following this partnership, Dedrone's cutting-edge counter-drone technology has been integrated into Johnson Controls' product line via an open Application Programming Interface (API), providing clients with cloud-based airspace security as a service anywhere in the world.
- In 2022, ADT and Ford signed an agreement, and the companies formed Canopy. This joint venture combines Ford's AI-driven video camera technology and ADT's professional security monitoring to assist customers in strengthening the security of existing and new vehicles across brands. Canopy intends to provide the industry's first multi-sensor security solutions. Customers will be able to swiftly and easily install the initial items, which will be manufactured and sold in the United States and the United Kingdom for the market's most popular commercial and retail pickups and vans, including the Ford F-150, F-150 Lightning, Transit vans, and E-Transit.
Go through further research published by The Insight Partners:
Security Inspection Market - Global Analysis and Forecast to 2027.
Commercial Video Surveillance Market - Global Analysis and Forecast to 2030.
Video Surveillance Market - Global Analysis and Forecast to 2025.
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