International. Marketsandmarkets' latest information on the trading security systems market, with Covid-19 impact analysis through 2026, predicts that the sector will grow from US$223.9 billion in 2021 to US$342.6 billion by 2026, representing an annual growth of 8.9%.
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An increase in the number of terrorist attacks and organized crime across the globe, the growing construction industry, the growing adoption of IP cameras, an accelerated implementation of strict regulations related to fire protection, and an increase in the adoption of IoT-based security systems powered by cloud computing platforms are cited by researchers as the major factors to drive the growth of the market. of commercial security systems.
Demand for cameras drives storage demand
Video surveillance hardware was found to be the largest subsector in the field of commercial security system hardware during the forecast period. Growing concerns about safety and security, rising crime rates, and increasing number of terrorist attacks are major factors affecting the growth of the market for cameras used for video surveillance.
The continued decline in camera prices has resulted in increased adoption of surveillance cameras worldwide, which, in turn, has created significant demand for storage solutions and monitors. Technological advances have resulted in highly specialized surveillance cameras that can be programmed to zoom in and scan items such as harmful equipment.
Rising VSaaS
In terms of services within the sector, the video surveillance services market is also expected to be the fastest growing segment during the projected period. Analysts suggest that an increase in the adoption of Video Surveillance-as-a-Service (VSaaS) could be the driving factor, as this application offers new benefits such as remote access and management. Because video streams are stored in the cloud, customers can access and manage them using a desktop, laptop, or mobile device from any location with an internet connection.
North America leads the way
North America is at the forefront of implementing access control systems to improve security measures and security, and accounts for the largest proportion of the sector geographically. Countries such as the U.S., Canada, and Mexico are increasing their expertise in access control systems to drive innovations in the technology and services of these systems to gain a competitive advantage and increase their share of the access control systems market in the region. Due to mandatory safety and fire protection regulations in North America, most building structures are fixed with fire protection systems. Several manufacturers of fire protection equipment and systems in this region offer different fire protection systems.
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