Perimeter security market set to reach $100 billion by 2027
A new research report by Marketsandmarkets, the global perimeter security market is projected to grow from USD 70.8 billion in 2022 to USD 100.2 billion by 2027 at a compound annual growth rate (CAGR) of 7.2% during the forecast period. Factors attributed to 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.
In terms of components, it is the systems segment that the analysts expect to grow with the highest CAGR during the forecast period, because of their versatility and wide use by businesses for various applications including video surveillance, perimeter intrusion, access control, alarm and notification, and others, to enhance 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.
Video surveillance leads the application type
The research divides the perimeter security market into the categories of perimeter intrusion detection, video surveillance systems, access control systems, alarm, and notification systems, barrier systems, and other systems based on the system applications. Video surveillance is expanding more rapidly than the other categories because of technological advancement and the growing need to secure airports, malls, retail stores, and other important infrastructures. As a result, the video surveillance system section is predicted to hold a larger market share during the forecast period.
Asia Pacific to grow at the highest CAGR
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. 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.
Key market players
Honeywell, Dahua Technology, Bosch Security System, Hikvision, Axis Communications, Senstar, Pelco, Raytheon Technologies, Teledyne Flir, Thales, Johnson Controls, Fiber Sensys, Ameristar Perimeter Security, Optex, Panasonic, Southwest Microwave, Avigilon, Advanced Perimeter Systems, Cias, Gallagher, Ingersoll Rand, Infinova, Rbtec Perimeter Security Systems, Sorhea, Puretech Systems, Sightlogix, Scylla, Veesion, Pivotchain, Prisma Photonics, Openpath, Density, Barrier 1 Systems, Alcatraz, and Kisi are some of the key players in this market and mentioned within the new research report.