(EMAILWIRE.COM, April 09, 2024 ) The global Perimeter Security Market is poised to grow from $70.8 billion in 2022 to $100.2 billion by 2027 at CAGR of 7.2% during the forecast period, according to new report by MarketsandMarkets.
Factors driving the market growth include increasing security breaches and perimeter intrusions worldwide, rising demand for perimeter security solutions such as video surveillance, access control systems, and others, and the proliferation of smart technologies such as IoT, AI, and ML.
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By component, the systems segment to grow with the highest CAGR during the forecast period
The perimeter security market is segmented into systems and services based on the component. The systems segment has the highest CAGR because many businesses use video surveillance systems, perimeter intrusion detection systems, access control systems, alarm and notification systems, and others to enhance their security operations. An increase in crime rates and the advancement in technology are also helping the services segment to grow. Furthermore, the growing need to secure external premises and stringent government regulations are leading to growth in this segment.
By system, video surveillance systems to hold a larger market size during the forecast period
The perimeter security market is segmented into Perimeter Intrusion Detection, Video Surveillance Systems, Access Control Systems, Alarm, and Notification Systems, Barrier Systems, and Other Systems based on the system. Video Surveillance holds the capability of providing robust security to users against the rising incidents of terrorism coupled with security and reliability concerns. With the advancement in technology, video surveillance systems are getting enhanced and hence becoming more popular. Further, the market for video surveillance systems is expanding rapidly due to the growing need to secure airports, malls, retail stores, and other important infrastructures. Thus, video surveillance systems hold a larger market share during the forecast period.
By region, Asia Pacific is to grow at the highest CAGR during the forecast period
A rise in criminal activity and growing public concerns are predicted to increase security costs in the Asia Pacific region. The nations with the fastest economic growth rates, include China, Japan, India, Singapore, Australia, and New Zealand. Due to the swift and sophisticated adoption of new technologies, the Asia Pacific region is a profitable market for perimeter security products and services. The region is frequently the target of perimeter security attacks even if the latest security measures are in place. Smart cities and infrastructure are being built in the region, which will increase the need for perimeter security solutions. Additionally, due to successful government programs for modernization and technology breakthroughs, perimeter security systems have the potential for rapid expansion. Consequently, the Asia Pacific area is anticipated to increase at the greatest CAGR throughout the expected period.
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Honeywell (US), Dahua Technology (China), Bosch Security Systems (Germany), Hikvision (China), Axis Communications (Sweden), Senstar (Canada), Pelco (US), Raytheon Technologies (US), Teledyne FLIR (US), Thales (France), Johnson Controls (Ireland), Fiber SenSys (US), Ameristar Perimeter Security (US), Optex (Japan), Panasonic (Japan), Southwest Microwave (US), Avigilon (Canada), Advanced Perimeter Systems (UK), Cias (Italy), Gallagher (New Zealand), Ingersoll Rand (US), Infinova (US), RBtec Perimeter Security Systems (US), SORHEA (France), PureTech Systems (US), SightLogix (US), SCYLLA (US), Veesion (France), Pivotchain (India), Prisma Photonics (Israel), Openpath (US), Density (US), Barrier1 Systems (US), Alcatraz (US), and Kisi (US) are the key players, SMEs, and startups in the perimeter security market.
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