Commercial Security Market Analysis

Global Commercial Security Market Overview:

The Commercial Security Market Size was valued at USD 194.2 billion in 2022. The commercial security market industry is projected to grow from USD 211.48 Billion in 2023 to USD 352.731 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.90% during the forecast period (2023 - 2032). The rise in organized crime and terrorist attacks globally, the expanding construction sector, the expanding use of IP cameras, the speeding up of the implementation of strict fire protection-related regulations, and the rising use of IoT-based security systems powered by cloud computing platforms which are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Commercial Security Market Trends

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  Increasing Need for Private Security is a Significant Factor to boost the market growth

  
  

Protecting persons, intellectual property, and confidential corporate information depend on Private Security. Private security personnel is responsible for guarding many of the nation's institutions and vital infrastructure systems, including those in the industrial, transportation, utilities, and health and educational sectors. Moreover, businesses spend a lot of money on private Security, hiring security firms to handle tasks including information technology (IT) Security, retail Security, private investigations, and pre-employment screening. These services are used in both business and residential settings, among many others.

For instance, Allegion US (Allegion plc) and Gallagher (Gallagher Security) announced in September last year that the US Government had authorized their new electronic access system. The first electronic lock included on the General Services Administration (GSA) Approved Product List (APL), Schlage AD-302 FIPS 201-2, is linked with Gallagher's Command Center security software platform and broadens access to important federal clients.

However, the internet of things (IoT) and cloud computing are expanding technological advancements. The simplification of operational data has greatly benefited from the Internet of Things (IoT). Also, it has made sending and receiving data over the internet much simpler, enabling the usage of video surveillance systems, another factor driving the growth of the commercial security market revenue.

Commercial Security Market Segment Insights:

Commercial Security Product Insights

The Commercial Security Market segmentation based on products includes smart locks, security cameras, and sensors. Based on product segmentation, the security cameras segment was the largest in 2022, accounting for more than 36% of the Commercial Security Market revenue. This is due to the growing demand for video surveillance systems in commercial settings such as offices, retail stores, and warehouses. The security cameras segment includes analog and digital cameras for monitoring and recording activities in various commercial spaces.

The smart locks segments are also growing but are relatively smaller than the security cameras segment. Smart locks are increasingly being adopted in commercial buildings for their convenience, Security, and ability to integrate with other smart building systems.

December 2022: American technology company Alarm.com announced Smart Arming. This new version intelligently arms and disarms Alarm. Com-powered home security systems based on the user's activities. Fast systemic technology improvements have made real-time surveillance at remote and crucial sites possible with improved precision, such as using security systems connected to the internet.

Commercial Security Types Insights

Based on types, the Commercial Security Market segmentation includes intruder alarms, software, access control, and surveillance systems. The surveillance systems segment was the largest and dominated the market, accounting for most of the market share. This is because of the increasing demand for video surveillance systems in commercial spaces such as offices, retail stores, warehouses, and manufacturing facilities. Surveillance systems include various devices such as security cameras, video management software, and network video recorders for monitoring and recording activities in various commercial settings.

The access control segment was the second-largest segment in the commercial security market, which includes a range of devices such as card readers, biometric systems, and smart locks used to control access to commercial spaces. The access control segment is expected to grow significantly due to the increasing adoption of advanced access control systems in commercial buildings. It will likely drive the demand for growing the light market growth.

For instance, the end-to-end, user-friendly home surveillance solution Xsafe was announced for release by the Indian multinational telecoms services provider Airtel India in September 2022. A range of Wi-Fi-based cameras is part of the system, which enables customers to connect to their homes even while they are away.

Commercial Security Application Insights

The Commercial Security Market data has been bifurcated by application into retail, healthcare, and banking. The retail segment was the largest and dominated the market, accounting for most of the market share. The retail sector is a significant user of commercial security systems, including surveillance, access control, and intrusion detection systems. This is due to the need for retailers to protect their merchandise from theft and to ensure the safety of their customers and employees.

The healthcare segment was the second-largest segment in the commercial security market. The healthcare sector has unique security requirements, including the need to protect sensitive patient information, regulate access to restricted areas, and ensure the safety of patients and staff.

Figure 2: Commercial Security Market, by Application, 2022 & 2030 (USD billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Commercial Security Regional Insights

By Region, the study provides Commercial Security market insights into North America, Europe, Asia-Pacific and Rest of the World. With a revenue share of over 45.80% in 2021, North America dominated the market because, in the past ten years, the growing necessity of monitoring systems in different applications, such as remote access and optimum power use, is driving the market. The rising frequency of security breaches, real-time reactions to risks and threats, and the rise of big data are all projected to drive market expansion in North America. For instance, IDEMIA Identity & Security North America announced a cooperation with the Mississippi Department of Public Safety in November 2021 to introduce Mobile ID to its residents as part of its drive to improve citizen services.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Commercial Security Market SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The Asia-Pacific Commercial Security Market is expected to grow at the fastest CAGR from 2022 to 2030 due to the government's increasing emphasis on infrastructure development. Security systems are likely to promote regional market growth. Some growing economies, like China and India, are making significant expenditures to improve safety-related items and develop novel products using cutting-edge technology. Moreover, China commercial security market held the largest market share, and India's commercial security market was the fastest-growing market in the Asia-Pacific region

Europe commercial security market accounts for the second-largest market share, driven by factors such as the increasing threat of security risks, the adoption of digital technologies, and changing regulatory requirements. The growth of the Internet of Things (IoT) and other connected devices has increased the need for strong security measures to guard against cyber attacks and data breaches. Moreover, UK commercial security market held the largest market share, and Germany commercial security market was the fastest-growing market in the region

Major market players are spending a lot of money on R&D to increase their product lines, which will help the commercial security market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the commercial security industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopts in the global commercial security industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the commercial security industry has provided medicine with some of the most significant benefits. In the commercial security market major players such as Honeywell International Inc. (U.S.), Tyco International Ltd (U.S.), Bosch Security Systems (Germany), ASSA ABLOY AB (Sweden), Allegion (U.S.), and others are working on expanding the market demand by investing in research and development activities.

Honeywell International Inc. is a multinational conglomerate that operates in various industries, including commercial Security. The company offers a range of commercial security solutions designed to help organizations protect their assets, employees, and customers. Honeywell's commercial security solutions include access control, intrusion detection, video surveillance, and fire and life safety systems. For instance, In January 2022, Honeywell (Nasdaq: HON) and Acalvio Technologies announced today the release of a new solution designed to identify known and unknown (zero-day) assaults in commercial building operational technology (OT) systems.

Also, Bosch Security Systems is a global provider of commercial security solutions, offering various products and services designed to help organizations protect their assets, employees, and customers. Bosch's commercial security solutions include access control, video surveillance, intrusion detection, fire alarm systems, and audio solutions. For Instance, in March 2022, Bosch will demonstrate new products, services, and software for developing bespoke solutions that increase Security, safety, and data delivery for business insights. Deep neural network-based video analytics, a new Video Surveillance as a Service (VSaaS) service, will be shown to booth visitors.

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  Honeywell International Inc. (U.S.)

  
  


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  Tyco International Ltd (U.S.)

  
  


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  Bosch Security Systems (Germany)

  
  


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  ASSA ABLOY AB (Sweden)

  
  


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  Allegion (U.S.)

  
  


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  Control4 (U.S.)

  
  


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  UTC Fire & Security (U.S.)

  
  


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  Godrej & Boyce Manufacturing Company (India)

  
  


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  Nortek Security and Control (U.S.)

  
  


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  ADT Security Services (U.S.)

  
  


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  United Technologies Corporation (U.S.)

  
  

Hangzhou Hikvision Digital Technology Co., Ltd, in May 2023, launched a 4G solar-powered camera kit, a wireless bridge and mobile solar security tower solutions; remote locations and momentary standalone applications often lack internet access and energy as well. In an easy, reliable, yet affordable approach to enable the users of these places to keep them safe, Hikvision has embarked on a series of solar solutions.

Carrier launched i-Vu Pro v8.5 software in May 2023. It is an i-Vu building automation system (BAS). The digital lifecycle solution provides a phased download procedure for more efficient controller upgrades, operator information reports for improved security and interaction with Message Queueing Telemetry Transport (MQTT). Johnson Controls launched a new IQ Pro Hybrid Security Panel in March 2023, refining the commercial security sector with IQ Pro that enables future hardware and software modifications and connections through its modular architecture.

Securitas Technology was established back in March 2023 as a firm specializing in integrated security systems.The company aims at redefining commercial security landscape.

Johnson Controls has recently unveiled a new hybrid security panel called the IQ Pro in March 2023. The goal of the IQ Pro hybrid security panel is to enhance intrusion detection capabilities in commercial facilities and other large public spaces.

In February 2023, Hangzhou Hikvision Digital Technology Co., Ltd partnered with Evercam Construction Cameras to provide a collaboration solution that can help construction companies maximize their results while minimizing risks on their major projects.

zeroRISC claims that in October of 2023, it raised USD 5 million in seed capital from Cambridge Angels, which will be used towards the development of OpenTitan's cloud-based commercial security offering.

In October of 2022, Marioff, a subsidiary company of Carrier extends its service agreement with BluEdge Elite to maintain Marioff HI-FOG systems. Currently, HI-FOGs are installed onboard 46 cruise ships operated by the Royal Caribbean Group.

ADT Commercial has acquired Edwards Electronic Systems, Inc., based out of Clayton and Concord, North Carolina, USA; premier fire, life safety and security systems provider for January 2022. This acquisition further deepens the ADT Commercial organization's integration capabilities and fire and life safety expertise to serve the Carolinas region's mid-market, national, and large-scale commercial customers.

American Alarm & Communications announced the acquisition of Phoenix Security Systems Inc., Wilmington, Mass, which serves over 800 businesses and homes with security services, including surveillance cameras and fire alarms, among others, from January 2022.

In September of 2021, Allegion US (Allegion plc) and Gallagher (Gallagher Security) announced that they had been granted permission by the US Government to use their new electronic access solution. Schlage AD-302 FIPS 201-2 integrates with Gallagher’s Command Center security software and becomes the very first electronics lock on General Services Administration (GSA) Approved Product List (APL); this opens a door for more government clients.

Commercial Security Market Segmentation:

Commercial Security Technology Outlook

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  Smart Locks

  
  


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  Security Cameras

  
  


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  Sensors

  
  

Commercial Security Installation Outlook

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  Intruder Alarms

  
  


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  Software

  
  


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  Access control

  
  


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  Surveillance systems

  
  

Commercial Security Application Outlook

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  Retail

  
  


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  Healthcare

  
  


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  Banking

  
  

Commercial Security Regional Outlook

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  North America

  
  

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  US

  
  


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  Canada

  
  

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  Europe

  
  

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  Germany

  
  


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  France

  
  


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  UK

  
  


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  Italy

  
  


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  Spain

  
  


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  Rest of Europe

  
  

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  Asia-Pacific

  
  

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  China

  
  


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  Japan

  
  


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  India

  
  


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  Australia

  
  


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  South Korea

  
  


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  Australia

  
  


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  Rest of Asia-Pacific

  
  

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  Rest of the World

  
  

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  Middle East

  
  


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  Africa

  
  


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  Latin America