Recent analysis shows that the perimeter security market is projected to grow from USD 61.3 billion in 2020 to USD 96.5 billion by 2026, at a compound annual growth rate of 7.9% during the forecast period. The rise in perimeter intrusions, theft incidences, burglary, cross-border terrorism, illegal immigration, and other intrusions are thought to be driving the market growth.
These latest findings from Marketsandmarkets broadly categorises the systems segment of this sector into perimeter intrusion and detection systems, video surveillance system, access control, alarm and notification systems, and other systems. The sector involves the use of a wide variety of systems to enhance security measures. These systems investigate and prevent crime in public places, such as airports, shopping malls, and banks. The increasing concern for safety and the rising incidences of terrorism are expected to drive the demand for perimeter security systems, globally.
Commercial segment is the largest vertical
In the commercial segment, various commercial areas, such as IT and telecom, warehouses, retail, BFSI, media and entertainment, lodging, hospitality, and healthcare, are considered. The commercial vertical is expected to be the largest vertical in the perimeter security market. The rising demand for perimeter security systems in the retail and banking sectors is driving the growth of this market. Furthermore, the implementation of intelligent perimeter security solutions enhances the security in office buildings and healthcare industries.
North America holds largest market share
The perimeter security market in North America, covering the US and Canada, accounts for a high regional defence budget and expenditure and increasing needs for security against attacks are among the main factors responsible for its larger market size. In the US, the government has taken initiatives to implement advanced surveillance systems at government buildings and high-security areas. North America is considered the pioneer in adopting perimeter security systems for public safety. Also, there is constant progress in adopting new technologies, mainly the transition to IP-based video surveillance. The need for perimeter security systems has been observed in all the major industries, such as transportation, government and defence, critical infrastructures, nuclear plants, chemical industries, power, and oil & gas, across the region. Due to increasing perimeter intrusion threats, the requirement for multilayer perimeter protection has also increased, thus offering huge growth opportunities for the perimeter security market.
This research study outlines the market potential, market dynamics, and major vendors operating in the perimeter security market. Key and innovative vendors named in the perimeter security market report include many well known names such as Honeywell, Dahua, Axis, Hikvision, Bosch, Thales, Johnson Controls, Panasonic, UTC, Gallagher, Avigilon, Senstar, Ingersoll Rand, Infinova, Southwest Microwave APS, Cias, Sightlogix and Nortek.