According to a report by Grand View Research, Inc., global perimeter security market is estimated to value USD 29.63 billion by 2025. Increasing number of illegal and terrorist activities such as thefts, crimes, human trafficking, and smuggling are anticipated to propel demand for perimeter security. Perimeter security is expected to offer advanced security and safety solutions to prevent possible incidences or criminal activities.
Stringent regulations imposed by governments pertaining to safety of nations attributed to growing number of terrorist activities and cross border intrusions can fuel growth of the market. Development of infrastructure to create smart cities can also influence market growth in the forthcoming years. Favorable government initiatives to install security cameras at critical locations coupled with technological advancements in field of automation can augment market growth during the forecast period (2014 to 2025). High installation cost of perimeter security systems is likely to hinder growth of market. In addition, improving the reliability of these security systems can act as big challenge for manufacturers.
The perimeter security market can be segregated on the basis of system, service, end-use, and region. Based on system, the market can be classified into alarms & notification systems, access control systems, intrusion detection systems, video surveillance systems, barrier systems, and others. In 2016, the video surveillance system segment dominated the market and accounted for USD 5298.2 million in revenue. Rising focus on continuous capturing of images and safety is presumed to influence growth of the market. The segment can include CCTV cameras, video cameras, smart video devices, and video analytics. In addition, ease of installation in video surveillance systems and their wide range of applications can spur demand for these systems in in forthcoming years.
Browse Research Report on Perimeter Security Market:
Considering the rising demand, most manufacturing companies are focusing on research and development (R&D) activities to produce new and innovative security systems. For instance, FLIR Systems recently introduced its next generation outdoor security product line named Saros. The product is expected to offer accurate and actionable alerts even under extreme weather conditions. In addition, it can also reduce installation cost and false alarms in comparison to conventional perimeter security systems. On the contrary, access control systems and intrusion detection systems can also gain traction during the forecast period.
Based on service, the market can be segmented into risk assessment & analysis, managed services, system integration & consulting, maintenance & support. The system integration and consulting services segment is anticipated to grow well at a CAGR of 7.9% during the forecast period attributed to growing adoption of perimeter security systems. Integration of several security systems is likely to offer correct information and better decision-making power to users.
In addition, the risk assessment and analysis segment can also grow at a similar pace over the forecast period owing to rising concerns for safety of important data and other valuable assets. Such risk analysis tools are expected to deliver end-use companies with enhanced decision-making power regarding safety measures. In 2016, the segment did account for market revenue equivalent to USD 672.5 million.
Based on end-use, the market can be divided into transportation, commercial, military & defense, government, industrial, and others. Increasing number of entertainment hubs owing to rising trend for shopping among consumers can fuel demand for perimeter security in commercial buildings. In addition, transportation segment is also anticipated to grow well in the forthcoming years attributed to wide range of applications in freight cars, railways, and cargo vehicles to safeguard valuable assets on board.
Moreover, government offices and sites are also implementing perimeter security systems, which is likely to augment market growth during the forecast period. In 2016, government segment accounted for market share equivalent to USD 1926.4 million. Apart from these, the military & defense segment is expected expand by adopting these systems on a large scale in the forthcoming years.
Regional segmentation includes North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. In 2016, the North America region dominated the market and accounted for revenue equivalent to USD 4968.5 million. Mainly U.S. and Canada had adopted perimeter security systems by then. High prevalence of technology hubs are expected to fuel growth of the market in this region.
In Asia Pacific, the market is anticipated to witness fast growth during the forecast period owing to tough government regulations towards safety of nations and continuous development of infrastructure.
Some of the leading companies offering perimeter security solutions are Tyco International Ltd.; RBtec Perimeter Security Systems; Anixter International Inc.; Axis Communications AB; and Puretech Systems. Most companies are likely to adopt strategic initiatives such as partnerships and mergers & acquisitions to expand their product portfolio. In addition, companies can also integrate with other companies to develop new products using specific technologies.
View press release of this research report by Grand View Research:
www.grandviewresearch.com/press-release/global-perimeter-security-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and healthcare.
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