The Commercial Security Systems Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Commercial Security Systems Global Market Report 2024, The commercial security systems market size has grown rapidly in recent years. It will grow from $243.75 billion in 2023 to $268.19 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to increased computing power, rise of cloud computing, improved natural language processing (nlp), integration of iot devices, ndustry-specific applications.
The commercial security systems market size is expected to see strong growth in the next few years. It will grow to $385.44 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to growing ai talent pool, global expansion of 5g networks, enhanced ai explainability, exponential growth in data generation, quantum computing impact. Major trends in the forecast period include explainable ai as a standard, ai-powered autonomous systems, human-ai collaboration, ai-driven healthcare solutions, technological advancements
The increasing occurrences of fraud losses are anticipated to drive the expansion of the commercial security systems market in the future. Fraud losses refer to financial losses incurred by individuals, businesses, or institutions due to fraudulent activities. Commercial security systems allow business owners or security personnel to monitor and control the system remotely through mobile apps or web interfaces. For instance, in February 2023, according to the Federal Trade Commission, a US-based intergovernmental organization, consumers reported losing nearly $8.8 billion to fraud in 2022, an increase of more than 30% over the previous year. Therefore, the rising incidents of theft are driving the growth of the commercial security systems market.
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The commercial security systems market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By Application: Indoor Or Outdoor Surveillance, Flood Detection Or Protection, Theft Deterrence, Occupancy And People Counting, Other Applications
3) By End-User: Retail, Healthcare, Offices Complex, Banking, Financial Services, And Insurance (BFSI), Government And Education, Other End Users
Major companies operating in the commercial security systems market are developing innovative technologies such as cloud-based storage and remote monitoring technology to enhance security for commercial clients. Cloud-based storage allows for remote data storage, making accessing data from various devices and locations easier. This technology has transformed the security industry landscape, making it easier to approach security for commercial locations, domestic sites, and educational sites. For instance, in August 2023, Casepoint Pvt. Ltd., an India-based software company, launched Casepoint FileStore, its cloud-based data storage and staging solution. Casepoint FileStore enables organizations to store their data in a secure environment, protecting it from unauthorized access and breaches.
The commercial security systems market report table of contents includes:
1. Executive Summary
2. Commercial Security Systems Market Characteristics
3. Commercial Security Systems Market Trends And Strategies
4. Commercial Security Systems Market – Macro Economic Scenario
5. Global Commercial Security Systems Market Size and Growth
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26. South America Commercial Security Systems Market
27. Brazil Commercial Security Systems Market
28. Middle East Commercial Security Systems Market
29. Africa Commercial Security Systems Market
30. Commercial Security Systems Market Competitive Landscape And Company Profiles
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