Dublin, July 24, 2023 (GLOBE NEWSWIRE) -- The "Commercial Security System Market - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global Commercial Security System Market is projected to witness significant growth, reaching USD 343.7 billion by 2028 from USD 236.3 billion in 2023, at a CAGR of 7.8% during the forecast period from 2023 to 2028.
The fire protection system market is expected to see the highest growth rate during the forecast period, with fire sprinkler systems playing a crucial role in fire protection. A fire sprinkler system consists of a network of pipes, sprinkler heads, valves, and a water supply source, designed to detect and control fires by discharging water into the affected area. These systems are essential in buildings and facilities to suppress or extinguish flames and protect lives and property.
In the software segment, video surveillance services are anticipated to experience the highest compound annual growth rate (CAGR) during the forecast period. Video Surveillance as a Service (VSaaS) offers enhanced flexibility and cost-effectiveness to end-users, as surveillance footage is stored off-site, safeguarding it from accidents, theft, and tampering. Additionally, VSaaS allows operators to access footage or cameras from anywhere, at any time, through various devices like desktops, laptops, or mobiles, driving rapid growth in the market.
The commercial security system market analysis reveals that the Asia-Pacific region holds the highest potential for growth, accounting for 25% of the market share, followed closely by North America at 35%. Europe holds 30% of the market, and the Rest of the World (RoW) accounts for the remaining 10%. The report breaks down the market dynamics, competitive landscape, and key players' profiles to help stakeholders plan effective go-to-market strategies.
Market Dynamics:
The report identifies several factors driving the growth of the commercial security system market. The global rate of terrorism and organized crime is fostering the demand for robust security systems in commercial establishments. On the other hand, major privacy and security concerns act as a restraint, impacting market growth. However, the rise in government and stakeholder funding for smart city development and city surveillance solutions presents significant opportunities for market expansion. Nonetheless, the increasing cyber threats to commercial security systems pose significant risks that need to be addressed.
Premium Insights:
The report provides premium insights into market trends, competitive landscape, and key market drivers. It presents a comprehensive review of the market dynamics, value chain analysis, and technological advancements shaping the industry. Additionally, the report includes a case study analysis and an in-depth patent and trade analysis, providing a holistic view of the commercial security system market.
Companies Mentioned:
The major players in the commercial security system market include 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), and Vivint Inc (US).
Research Coverage:
The report segments the commercial security system market based on hardware, software, services, vertical, and region. It provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing market growth. The report also covers qualitative aspects in addition to quantitative aspects, offering stakeholders a comprehensive understanding of the market dynamics.
Reasons to Buy the Report:
This report equips market leaders and new entrants with information on approximate revenues for the overall commercial security system market and related segments. Stakeholders can gain insights into the competitive landscape to strengthen their market position and plan effective go-to-market strategies. Additionally, the report helps stakeholders understand the key market drivers, restraints, opportunities, and challenges, shaping the commercial security system market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 284 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $236.3 Billion |
| Forecasted Market Value (USD) by 2028 | $343.7 Billion |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/zfud3q
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