Market Trends of Commercial Security Industry
This section covers the major market trends shaping the Commercial Security Market according to our research experts:
Video Surveillance to Hold Major Share
- Many retail stores are using video surveillance systems to monitor property and investigate incidents using video footage in various countries of North America. For instance, the leading Us retailer Walmart uses image recognition cameras at the registration to identify theft.
- The key vendors of commercial security systems are introducing cameras with comprehensive features using the latest technology for video surveillance systems. For instance, in July last year, March Networks, a Canada-based video surveillance company, introduced its new VA Series IP Cameras, a comprehensive 2MP and 4MP cameras featuring advanced encoding technology and built-in video analytics.
- Furthermore, the users of video surveillance systems are updating their systems according to the country's policies. For instance, in July last year, Callander, a central Ontario township, updated camera surveillance policies to ensure continued compliance with Ontario's Freedom of Information and Protection of Privacy Act (FIPPA) and the Municipal Freedom of Information and Protection of Privacy Act (MFIPPA). Such steps to ensure safety and security while protecting the privacy of individuals are projected to create demand for updated video surveillance systems in the forecast period.
- The adoption of face recognition technology is rising in China's video surveillance systems. Several startup companies from China that provide facial recognition and video analysis security solutions are investing hugely and attracting investors. SenseTime Group launched an initial public offering (IPO) in December last year to raise USD 767 million.
- In July last year, The Ontario government announced that it was investing USD 2 million to expand the coverage of closed-circuit television (CCTV) systems across the province, an essential tool in detecting criminal activity and keeping communities safe. This funding will help police and their municipal partners purchase CCTV equipment in the last financial year in areas with high criminal activity rates, including gun and gang violence.
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Asia Pacific to Register Significant Growth Rate
- The Asia Pacific region has a high growth potential due to increased security concerns, particularly in India and China, where governments invest heavily in security. Furthermore, emerging economies like China and India are working to improve their infrastructure, which is expected to help the commercial security market to grow.
- A few rising economies, such as China and India, are making large ventures to support security-related items and create imaginative frameworks with trend-setting innovations like remote availability and high-proficiency cameras, among others.
- Moreover, the vendors in the security market are focusing on expanding their product portfolio with technology-enabled advanced security solutions to reach the global market through mergers and acquisitions. For instance, in September last year, Eagle Eye Networks, a global cloud video surveillance company, acquired India-based surveillance artificial intelligence company Uncanny Vision. The acquisition included the company's research and development capabilities and a new regional office in Bangalore, India.
- Furthermore, the presence of the largest providers of video surveillance products, such as Hikvision and Dahua Technology, is introducing AI-enabled surveillance systems, which have increased the adoption of AI-configured security systems. For instance, In July last year, Dahua Technology launched its Cooper-I Series XVR, which offers AI functions, including SMD (Smart Motion Detection) Plus and AI Coding. These advanced features are enabled by default and eliminate extra configuration, making the installation process significantly easier and faster.
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