Perimeter Security Market Size & Share, by Component {Systems (Video Surveillance System, Access Control System, Perimeter Intrusion Detection System), Services (Professional Services, Consulting, Training & Education, Maintenance & Support)}; End-user (Commercial, Industrial, Infrastructure, Defense, Residential) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

Growth Drivers

• Growing need for Automation of the workforce – On account of the increasing prevalence of perimeter security systems, automation of the workforce will help expand the market more in the upcoming years. Automated operations can help reduce manual checkpoints and boost the market growth. According to an estimate, more than 50 percent of the companies use business process automation in order to automate their day-to-day repeatable tasks. It is also noted that AI considers the complexity of a threat much better than human capacity. machine intelligence and AI can compute excess data volume and cease any potential threats beyond human capability.
• High prevalence of Cyberattacks, Terrorism and criminal activity – An increase in terrorism and crime rate has led perimeter security systems be deployed in high-risk areas such as military installations. Since, terrorism poses a negative impact on economy, governments around the world focus on establishing high perimeter security rules and protect the infrastructure. For instance, on February 11^th 2018, Defense Ministry of India sanctioned Rs 1487 crore to the Army to fortify the bases with highest perimeter security in the phase of hostility from neighboring countries. Moreover, there has been rise in the number of cyberattack cases around the globe, that needs cybersecurity, which in turn is anticipated to drive the growth of the market.
• Increasing developments in the Technology – Many of the organizations such as military, correctional facilities, workspaces, government, transportation, commercial are all demanding advanced perimeter security solutions to safeguard from very complex breaches. Traditional security systems are hence replaced by modern technology such as the AI, machine learning, computer vision, facial recognition. These technological advancements are another factor that boosts the Perimeter Security market.  For instance, Axis Communications released an Edge-based Axis Perimeter Defender Intrusion Detector that supports AI based human and vehicle classifications that will reduce the false alarms and enhance Perimeter Security.
• Growing product launches, R&D Partnerships – It is expected that new product launches and greater investments in R&D by businesses could drive the market growth. U.S Marine Corps in 2020, announced a $16.1 million contract with FLIR Systems Inc for electro-optical sensors that can provide beyond-the-fence surveillance. Kifaru Rising Project is yet another Partnership of $3 Million between FLIR systems and WWF. Using the deep thermal imaging, rhino poaching in the area could be kept under surveillance.
• Increasing Focus on Smart City Projects –Security and surveillance are one of the primary sectors of smart city projects which involve a significant amount of investment. Several smart cities projects are going on across the globe, which addresses the need to install 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. As a part of this project, India considered a plan to install smart technologies, where there would be a substantial deployment of security systems, such as perimeter intrusion detection systems and video surveillance systems. As per the Ministry of Housing and Urban Affairs, India's government has announced a smart city project in the country under which it targets to make 100 smart cities with the public and government investment of nearly US $27 billion. As a result, public safety and security would be paramount for city administrations, which in turn is anticipated to influence the global perimeter security market in the near future.

Challenges

• Lack of expertise and need of Security- general lack of understanding potential security risks could impede the growth of the global perimeter security market. As per the research reports, 66% of IT decision makers are insecure about the effectiveness of the Perimeter Security system owing to lack of technical expertise and training.
• False alarm triggers in the Perimeter Security Systems
• General concern for user Data Privacy