According to MarketsandMarkets’
forecast, the overall perimeter security market is estimated to be 110.64
Billion in 2017 and expected to reach USD 196.60 Billion by 2022, at a Compound
Annual Growth Rate (CAGR) of 12.2% from 2017 to 2022. The growth of this market
is said to be propelled by the necessity to safeguard individuals as well as
assets from the rapidly evolving threats, the increasing consumer awareness and
security concerns, the willingness to pay for security systems, the growing
demand for the deployment of wireless technologies in security systems, and the
adoption of Internet of Things (IoT)-based security systems.
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Based on systems, the perimeter security
market is divided into perimeter intrusion detection systems, video
surveillance systems, access control systems, and alarms and notification
systems. The video surveillance systems segment of the perimeter security
market is projected to contribute the highest as well as grow at the highest
CAGR during the forecast period. This growth is characterized by the increasing
awareness about the safety and security in residential, commercial, and defense
premises. These needs have led to the increased demand for video surveillance
systems. Furthermore, the rising demand for Videos Surveillance-as-a-Service
(VSaaS), the increasing adoption of wireless Internet Protocol (IP)
surveillance systems, and the growing demand for spy cameras are some of the
opportunities which may boost the need for video surveillance systems.
The market for residential, educational,
and religious buildings vertical is expected to grow at the highest rate
between 2017 and 2022. As the rate of theft and burglary is increasing
globally, security is becoming a major concern for individuals and residential
complexes, such as private residential buildings. Such concerns are increasing
the demand for security solutions, such as biometrics-based electronic locks
and sensor-based intruder alarm systems. Thus, the increasing need for safety
and security of people, and the personal belongings in the residential sector
is driving the growth of this market.
The North American perimeter
security market is projected to be dominating during the forecast period. The
growth of this market can be attributed to the increasing need for security against
terrorist activities, strict government regulations for safety and security,
rising illegal immigration, technological developments in physical security
solutions, and the increasing criminal activities in North America.
The
report encompasses the competitive landscape, which presents the positioning of
the 25 key perimeter security systems and services vendors, based on their
product offerings and business strategies. Some of the major solution vendors
include Axis Communications AB (Sweden), Hangzhou Hikvision Digital Technology
Co., Ltd. (US), Dahua Technology Co., Ltd. (China), Bosch Security Systems
(Germany), United Technologies Corporation (US), Honeywell International
Inc. (US), Southwest Microwave, Inc. (US), Johnson Controls International plc
(Tyco Systems Inc.) (Republic of Ireland), RBtec Perimeter Security Systems
(US), Fiber SenSys, Inc. (US), CIAS Elettronica (Italy), Senstar Corporation
(Canada), and PureTech Systems, Inc. (US)
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