Many people fear commitment for a variety of reasons, depending on who they are and what they have gone through throughout their lives. One major reason that individuals fear commitment is because it requires them to open up and become vulnerable with another person. Many people feel that being vulnerable and allowing someone "in" opens them up to the possibility of rejection and hurt (via Thought Catalog). Instead of allowing someone else to possibly break their heart, they decide to never let things get too serious to avoid it entirely.
Other times, fear of commitment can stem from deeper trauma and past hurt. Many times when people fear commitment, it's because they have been burned in the past by a previous relationship, friendship, or even in their childhood by parents and family (via Meet Mindful). These wounds can be unresolved and still impact them on a regular basis, making it hard for them to put themselves out there and allow someone else to possibly do this to them, again.
Some, however, fear commitment for an entirely different reason. Being in a committed relationship requires several types of investments: emotional, financial, and time. Some people stay away from committing because their schedules are too busy or they feel financially insecure, as well.
Whether the reason for shying away from commitment is deeply personal or more surface based, it's up to you to face your fears and work through them.