The global commercial security market is anticipated to experience a CAGR of 10% from 2019 to 2023 (forecast period), as per the latest report by Market Research Future (MRFR).
Pune, India – January 8, 2019 —
Commercial Security Market- Scope
global commercial security market It can touch a size of USD 187 billion by 2023. Commercial security entails several measures to protect commercial premises. Firms specializing in these services can provide systems according to the size of the firm or physical layout.
Security concerns among large, mid, and small enterprises is the primary driver of the commercial security market. Increasing adoption of technology-driven solutions such as CCTV cameras and analytics are likely to bolster market demand over the forecast period. High risk of theft and need to ensure safety to employees are other factors which can play a major role in the market.
Access control systems are being installed in malls, shopping centers, and other buildings to ensure the safety of employees. Detection and response approaches integrated into company policies to tackle untoward incidents can offer an opportunity for the commercial security market to expand successfully. India and the Middle East are at the forefront of this trend with firms enlarging their enterprise security budgets.
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Commercial Security Market – Segmentation Analysis
The commercial security market is segmented by product, solution, and end-user.
By product, the market is segmented into smart locks, security cameras, security alarms, and sensors. The security cameras segment is projected to augur exceptionally in the market till 2023. Their use in ATMs to prevent theft or cases of violence in malls are expected to propel the segment revenue to new heights.
By solution, the market is segmented into surveillance system, access control management, and intruder alarms. The surveillance system segment is expected to exhibit a strong CAGR over the forecast period owing to high demand for closed-circuit television (CCTV) cameras. Adoption of advance surveillance methods owing to their easy installation and cost-effectiveness is expected to encourage segment growth.
End-users of commercial security include retail, banking, healthcare, and others. The banking segment is touted to be the biggest end-user owing to possessing sensitive documents and liquid assets. Malware threats and rise of cybercrimes can lead to adoption of tough security measures to curtail hacking attempts.
Commercial Security Market – Competitive Landscape
Notable players in the commercial security market include ADT Security Services, Bosch Security Systems, Allegion, Godrej & Boyce Manufacturing Company Limited, United Technologies Corporation, ASSA ABLOY AB, Nortek Security and Control, Honeywell International, Inc., UTC Fire & Security, Control4, Tyco International Ltd, and others.
Acquisitions and investments in R&D are primary strategies of these players to gain a larger market share. In October 2018, ADT decided to acquire Red Hawk Fire & Security to increase its product lineup. The acquisition will create additional profit margins for the company and strengthen its position in the commercial security market.
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Commercial Security Market – Regional Analysis
North America accounted for a large market share in 2017. It can continue its reign over the commercial security market owing to rapid adoption of latest technologies and low cost of equipment. Furthermore, introduction of IP cameras to track unusual activity and protect physical assets are likely to accrue high revenue for the market regionally. Rise in cybercrimes can act as a strong catalyst in the region.
The Asia Pacific (APAC) market is predicted to grow at a robust pace over the forecast period owing to new construction and renovation projects. Economic growth of developing nations coupled with China and India emerging as manufacturing hubs are expected to further the regional commercial security market.
Within Rest-of-the-World (RoW), the Middle East can generate a significant portion of revenue for the commercial security market till 2023. In 2018, Saudi Arabia invested close to USD 4.5 billion in commercial security to protect critical assets. Increased budget of governments to protect public infrastructure and imposition of strict policies emphasizing on safety are expected to bolster market demand.
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This news is published on Reuters.