Perimeter Security Market Growth & Trends
The global perimeter security market size is expected to reach USD 132.4 billion by 2030, registering a CAGR of 9.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing insecurities among civilians and the rising illegal activities, such as planned crimes, thefts, smuggling, and human trafficking, have led to a rise in the adoption of perimeter security systems. Technological proliferation has led to the growth of smart cities and smart infrastructure. Owing to this, the implementation of security systems at commercial complexes, entertainment hubs, and public sites is on the rise. The integration of security systems with the internet and the latest mobile devices has made surveillance easier. The latest technology has also led to the introduction of infrared, microwave, radar, and seismic sensors.
Access the Perimeter Security Market Size, Share & Trends Analysis Report By System (Access Control Systems, Intrusion Detection Systems, Video Surveillance Systems), By Service, By End-use, By Region, And Segment Forecasts, 2023 - 2030
The video surveillance systems segment is expected to register the fastest CAGR over the forecast period due to the large-scale investments in smart infrastructure projects by various nations. The global need to improve safety and security across many industries is considerably contributing to the market growth. In comparison to the preceding decade, the surveillance market has changed due to significant advances in cloud hosting and video surveillance software. The alarms & notification systems are expected to grow at a slow pace in the market over the forecast period. The maintenance & support systems are anticipated to witness the fastest growth over the next eight years. Perimeter security systems are expected to find major applications in the transportation end-use segment.
The growth in terrorist threat and cross-border intrusions has forced governments to enact strict regulations regarding national safety, leading to market expansion. The fast-paced development of smart cities and smart infrastructure in Europe and the U.S. is one of the key factors driving the market. The government increasingly favors installing various security systems in strategic sites. Technological development related to automation has accelerated the adoption of the latest methods, such as video analytics and aerial drones, to produce better results.
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Perimeter Security Market Report Highlights
· The system integration & consulting services segment dominated the market in 2022 and is estimated to generate high revenue by 2030.
· System integration & consulting services help businesses create opportunities to drive high performance and accelerate business innovation; thereby creating growth opportunities for the segment.
· The demand for perimeter security systems arises in the energy sector for securing power plants and protecting them against external threats and technology misuse, especially in nuclear power plants. In an attempt to enhance security, organizations install internet-based and automated security systems.
· Increasing concerns regarding public security & safety, growing demand for spy cameras, and rising adoption of IP cameras are driving the video surveillance systems segment.
· The Asia Pacific regional market is expected to witness the fastest CAGR during the forecast period due to the increasing infrastructure developments.
Key Companies & Market Share Insights
Key players are focusing on increasing their customer base to gain a competitive edge in the market and these players are adopting various strategic initiatives such as mergers and acquisitions, partnerships, integrating with other firms for particular technologies and new product development. In December 2021, Axis Communication AB released an open-source project for video authentication to ensure the integrity of surveillance videos. As its own version of open-source authentication software, the company has developed signed video that adds a cryptographic checksum to the video, which is then signed by the Axis device ID, proving that the video was created within a specific Axis camera. In November 2021, Bosch Building Technologies acquired Protec Fire and Security Group Ltd., a U.K.-based system integrator of security and fire alarm technology company. Through this acquisition, the company aimed to strengthen its business in Europe.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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