The global perimeter security market size is expected to reach USD 29.6 billion by 2025 with a CAGR of 7.7%, according to a new report published by Million Insights. Growing security concerns among peoples and organizations and an increasing number of illegal activities, such as theft, unauthorized access, human intrusion, infrastructure alterations and smuggling, have led to an increase in the adoption of perimeter security systems. Additionally, with the rising number of terror attacks and criminal activities across different regions have forced governments, correctional facilities, military & defense, transport, healthcare and commercial & residential industries, to deploy the advanced perimeter security solutions. This is expected to reduce the perimeter intrusions and secure the physical assets.
The perimeter security systems include CCTV cameras, video surveillance, access control systems and alarms & notification systems. The initial deployment cost is very high; as a result, it is very expensive for small and medium enterprises (SMEs) to deploy the standardized perimeter security systems. SMEs often deploy low-cost and cheap perimeter security systems, which are vulnerable to perimeter intrusions, criminal and theft activities. The high cost of installation is a key restrain in the market growth over the forthcoming years. However, with rising technological development, the traditional security systems are now being replaced with advanced security systems incorporated with the advanced authentications methods such as .fingerprint, facial and voice. Thus, projected to boost the market growth in the upcoming years.
The rising development in technology has increased the adoption of smart technologies such as IoT, AI and biometric-based access systems, which in turn expected to improve the security systems in commercial and residential buildings like smart homes. Additionally, the rising deployment of perimeter security systems at malls, stores, parking areas and airports are anticipated to boost the market growth in the forthcoming years. Furthermore, the integration of security systems with the internet and smartphone applications has enhanced video surveillance capabilities. Additionally, the next-generation perimeter security systems such as infrared sensors, integrated fiber-optic perimeter intrusion detection system, perimeter fence detection system and fence-mounted sensors, coupled with the CCTV, are projected to create huge opportunities for the perimeter security market over the forecast period, 2019 to 2025.
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Further key findings from the report suggest:
• The system integration & consulting service segment held the largest market share, in 2018 and is projected to reach USD 3.2 billion by the end of 2025. Growing number of large enterprises and increasing demand for the deployment of advance security systems are expected to drive the segment growth in the forthcoming years.
• The video surveillance segment is projected to see the fastest growth with a CAGR of 8.7% during the forecast period, 2019 to 2025. The segment growth is attributed to rising concerns for public safety, growing need for IP cameras and spy cameras.
• The military & defense segment has captured the largest market revenue share and projected to reach USD 7.9 billion by the end of 2025, owing to growing need for border security surveillance with the help of aerial drones.
• The Asia Pacific market is projected to reach USD 8.8 billion by the end of 2025. The regional growth is attributed to rising infrastructural development, technological advancements and an increasing number of large and small enterprises.
• Key players in the market are Axis Communications AB; FLIR Systems, Inc.; Honeywell International, Inc.; Anixter International Inc; Senstar Corporation; Tyco International Ltd. and Puretech Systems.
Million Insights has segmented the global perimeter security market report on the basis of system, service, end use, and region:
Perimeter Security System Outlook (Revenue, USD Million, 2014 - 2025)
• Access Control Systems
• Alarms & Notification Systems
• Intrusion Detection Systems
• Video Surveillance Systems
• Barrier Systems
Perimeter Security Service Outlook (Revenue, USD Million, 2014 - 2025)
• System Integration & Consulting
• Risk Assessment & Analysis
• Managed Security Services
• Maintenance & Support
Perimeter Security End-use Outlook (Revenue, USD Million, 2014 - 2025)
• Military & Defence
Perimeter Security Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa (MEA)