According to a new research report Perimeter Security Market, published by MarketsandMarkets, the market is expected to grow from $110.64 billion in 2017 to $196.60 billion by 2022, at a compound annual growth rate (CAGR) of 12.2 percent between 2017 and 2022.
The increasing technological developments in video surveillance is said to have fueled the demand for perimeter security systems and services. Furthermore, the increased usage of Internet of Things (IoT) is also expected to be contributing to the growth of the perimeter security market.
Based on systems, the Perimeter Security Market has been sub segmented into perimeter intrusion detection systems, video surveillance systems, access control systems, alarms and notification systems, and others (fencing, lighting, and detection devices for metals, explosives, drugs, and chemicals). The video surveillance systems segment is estimated to lead the perimeter security market between 2017 and 2022. The increasing use of video surveillance systems, especially in the commercial and services, industrial, and military and defense verticals for protecting the organization of assets is said to be enhancing the growth of the video surveillance systems segment in the perimeter security market.
The increasing incidence of crimes, such as theft of physical as well as data/information, has led to the need for security systems to protect not only the property owners, but the property as well. With this intention, corporate organizations are investing substantial amounts to protect sensitive data and their employees. The high demand for security systems in large and small retail businesses aims at reducing robbery and inventory loss. In the commercial sector, financial institutions and banks are highly in need of video surveillance systems to provide security to the buildings, maintain cash management, and monitor customers and staff activities. These factors enhance the security parameters and drive the need for video surveillance systems in the commercial sector, according to the report.
The North American perimeter security market is projected to be dominating during the forecast period. The growth of this market can be attributed to the increasing need for security against terrorist activities, strict government regulations for safety and security, rising illegal immigration, technological developments in physical security solutions and the increasing criminal activities in North America.
The report encompasses the competitive landscape, which presents the positioning of the 25 key perimeter security systems and services vendors, based on their product offerings and business strategies. Some of the major solution vendors include Axis Communications AB (Sweden), Hangzhou Hikvision Digital Technology Co. Ltd. (U.S.), Dahua Technology Co. Ltd. (China), Bosch Security Systems (Germany), United Technologies Corporation (U.S.), Honeywell International Inc. (U.S.), Southwest Microwave Inc. (U.S.), Johnson Controls International plc (Tyco Systems Inc.) (Republic of Ireland), RBtec Perimeter Security Systems (U.S.), Fiber SenSys, Inc. (U.S.), CIAS Elettronica (Italy), Senstar Corporation (Canada), and PureTech Systems Inc. (U.S.).