Research Nester has released a report titled “Perimeter Security Market – Global Demand Analysis Opportunity Outlook 2035″ which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The US Department of Justice, in one of its statistics, stated that in the year 2018, the crime rate for property registered to 2,199.5 per 100,000 inhabitants. Out of these, Larceny accounted for over 72.5%, burglary at 17.1, and motor vehicle thefts registered at 10.4% of the United States’ total property crimes.
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The investments for security and surveillance, which form one of the key focused areas in the smart city development project, has increased significantly around the globe on the back of the growing concern for crimes and terrorism. As a result, there is a growing need for the deployment of perimeter security solutions to enhance the security and surveillance of the area, and in turn the growth of the market. For instance, the smart city mission launched by the Government of India to modernize the existing tier 1 and tier 2 cities for the better utilization of the resources, has also increased its focus on acquiring surveillance and security systems to cope with the growing threat of crimes and terrorism. Such factors are anticipated to drive the growth of the global perimeter security market.
The global perimeter security market is anticipated to gain a CAGR of 11% throughout the forecast period, i.e. 2023-2035 owing to the increasing technological advancements in wireless technology, convergence of physical and electronic spaces, increasing adoption of perimeter security systems such as video surveillance and access control systems across various industries such as commercial, residential, and various others, and the increasing technological advancements such as the transition from analog to the built-in IP network system. The market was valued at USD 75 Billion in 2022 and is expected to grow up to USD 145 Billion by 2035.
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The global perimeter security market is segmented by components into systems and services. The systems segment is further segmented into video surveillance system, access control system and perimeter intrusion detection system. The video surveillance system is expected to hold the largest market share throughout the forecast period. Factors such as the growing concerns regarding public safety and rise in the number of thefts along with the growing adoption of IP cameras are anticipated to drive the growth of the segment.
Based on region, the global perimeter security market is segmented into five major regions including North America, Latin America, Europe, Asia Pacific, Turkey Middle East and Africa. The North America perimeter security market registered the largest market share of 39.7% in the year 2019 owing to the growing adoption of advanced perimeter security systems. The market is anticipated to reach USD 145 billion by 2035 from USD 75 billion in 2022 by growing at a CAGR of 11% over the forecast period.
However, concerns for the threat on data privacy as perimeter security solutions incorporate IoT technology, which also raises the risk for the exposure of user data, is anticipated to hinder the growth of the global perimeter security market.
This report also studies existing competitive scenario of some of the key players of the global perimeter security market, which includes profiling of Bosch Limited (NSE: BOSCHLTD), Johnson Controls (NYSE: JCI), Honeywell International plc (NYSE: HON), Axis Communications AB, RBtec Perimeter Security Systems, Southwest Microwave, Inc., Fiber SenSys, Inc., Senstar Corporation and Dahua Technology Co., Ltd. (SHE: 002236).
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The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Perimeter Security Market – Global Demand Analysis Opportunity Outlook 2035”, analyses the overall perimeter security industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global perimeter security market in the near future.