Research Nester has released a report titled “Perimeter Security Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global perimeter security market in terms of market segmentation by component, deployment type, communication technology, end user vertical and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global perimeter security market is segmented by components into systems and services, out of which, the systems segment registered the largest market share in the year 2019. The segment, which accounted for USD 11,829.1 Million in 2019, is further anticipated to grow up to USD 19,605.3 Million by 2028. The segment is also anticipated to grow at a CAGR of 7.18% during the forecast period, i.e. 2020-2028. The systems segment is further segmented into video surveillance system, access control system and perimeter intrusion detection system. The video surveillance system is expected to hold the largest market share throughout the forecast period on the back of the growing concerns regarding public safety and rise in the number of thefts along with the growing adoption of IP cameras.
The global perimeter security market is anticipated to gain a CAGR of 7.56% throughout the forecast period. Increasing adoption of perimeter security systems such as video surveillance and access control systems across various industries such as commercial, residential, and various others, coupled with the increasing technological advancements in wireless technology, convergence of physical and electronic spaces, and the increasing technological advancements such as the transition from analog to the built-in IP network system are further anticipated to boost the perimeter security market's growth. The market was valued at USD 16,010 Million in 2018 and is expected to grow up to USD 30,245.1 Million by 2028.
Regionally, the global perimeter security market is segmented into five major regions including North America, Latin America, Europe, Asia Pacific, Turkey & Middle East and Africa. The North America perimeter security market registered the largest market share of 39.7% in the year 2019 and is anticipated to reach USD 11,423.6 million by 2028 from USD 6,354.4 million in 2018 by growing at a CAGR of 7.02% over the forecast period. Growing adoption of advanced perimeter security systems is anticipated to drive the North America perimeter security market during the forecast period.
Increasing Focus On Smart Cities Projects
With the growing number of smart city projects around the globe, the investments for security and surveillance, which forms one of the key focused areas in the smart city development project, is increasing significantly. Growing concern for crimes and terrorism is therefore raising the need for the deployment of perimeter security solutions to enhance the security and surveillance of the area. For instance, the Government of India launched the smart city mission to modernize the existing tier 1 and tier 2 cities so that better utilization of the resources can be made. The increasing need for public safety and security, coupled with the rising number of property crimes and growing terrorist attacks across the globe are anticipated to drive the demand for perimeter security systems during the forecast period.
However, concerns regarding the threat on data privacy as perimeter security solutions incorporate IoT technology, which also raises the risk for the exposure of user data, is anticipated to limit the growth of the global perimeter security market.
This report also provides the existing competitive scenario of some of the key players of the global perimeter security market, which includes company profiling of Bosch Limited (NSE: BOSCHLTD), Johnson Controls (NYSE: JCI), Honeywell International plc (NYSE: HON), Axis Communications AB, RBtec Perimeter Security Systems, Southwest Microwave, Inc., Fiber SenSys, Inc., Senstar Corporation and Dahua Technology Co., Ltd. (SHE: 002236). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global perimeter security market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.