Newark, March 06, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the perimeter security market will grow to USD 70.44 billion in 2022 and reach USD 156.35 billion by 2032. In just eight years, the sectors, such as military and defense, critical infrastructures, transportation, nuclear plants, chemical industries, oil, and gas, along with the existence of technology centers, are helping to stimulate market growth. Further, a growing number of cross-border infringements, coupled with the rising cases of perimeter intrusion, theft, and robbery, are also anticipated to drive market growth during the forecast period.
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Key Insight of the Perimeter Security Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the perimeter security market. Key factors favoring the growth of the perimeter security market in North America include the region's increasing infrastructure and strict governmental policies surrounding national security, helping stimulate market growth. Further, the presence of technology hubs in the U.S., the stringent government regulations for safety & security, along with the early adoption of security measures and demand from several end-user enterprises, are expected to drive market growth in this region.
The video surveillance systems segment is expected to augment the perimeter security market during the forecast period.
The video surveillance systems segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the rapid growth of video surveillance for the continuous capturing of images and complete safety. However, the increasing adoption of IP cameras and the ever-increasing demand for spy cameras are also helping to boost the segment's market growth. However, video surveillance systems include wireless home security systems and alarm systems that notify law enforcement agencies at the time of trouble.
The system integration & consulting segment market size 14.92 billion in 2022
The system integration & consulting segment is anticipated to dominate the market over the forecast period owing to the adoption of cutting-edge technologies, such as IP-based security cameras for motion sensors, remote access, and wireless technology. Additionally, the rising need for eradicating the diversity and heterogeneity of vital infrastructure applications is also helping boost the segment's market growth. Further, by 2032, the risk assessment & analysis segment will likely dominate the market due to the ever-increasing need for risk management solutions in financial institutions.
The military and defense segment is anticipated to dominate the market by 41.12% in 2032.
The military and defense segment is anticipated to dominate the market in the forthcoming years, owing to the increasing population and large entertainment hubs at different locations. Further, by 2032, the transportation segment will likely dominate the market due to the rising infrastructure developments.
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Advancement in market
For example, in January 2022, Dahua Technology Company has launched an integrated protection solution created for off-grid outdoor surveillance by incorporating 4G network transmission technology & solar energy into an intelligent surveillance method to create a weightless monitoring experience for outdoor environments with electricity & network shortages.
Market Dynamics
Driver: The increasing need for technical cooperation among market participants:
The ever-increasing need for technical cooperation among market participants is one of the driving factors of market growth. Furthermore, an increasing number of cross-border infringements, easy installation, and multiple applications, along with the expanding need for security against terrorist activities, are also helping to propel the market growth during the forecast period. Further, vast volumes of digital data are stored online. Information related to critical business assets, employee credentials, and data of inventory or any other equipment are at risk of unauthorized access. Advanced security tools like biometric and facial or voice recognition software provide specific information and access to a select group of people. All these factors are propelling the market growth during the forecast period.
Restraint: The lack of technical expertise:
The lack of awareness about security risks and the subsequent potential losses hamper the market growth. Further, the lack of synergies between different security solutions hinders market growth during the forecast period. Additionally, any surveillance system in places such as financial institutions, streets, parking lots, retail stores, parks, transportation, and offices is usually viewed as an invasion of privacy and is opposed by different civil rights groups & activists, which are anticipated to restrain the market growth during the forecast period.
Opportunity: The increasing rate of automation and industrial deployments:
The massive installation of access control systems in commercial organizations is one of the opportunity factors for market growth. An increase in the adoption of advanced technology for transportation, such as high-speed rail systems and high-speed aircraft, is being built in several countries are expected to drive market growth over the upcoming year. Further, the increasing demand for high-quality & enhanced productivity, along with the growing advanced technologies like AR, 5G, and the Internet of Things, is also helping to boost the market growth during the forecast period.
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Some of the major players operating in the perimeter security market are:
• Dahua Technology
• Hikvision
• Honeywell
• Bosch Security Systems
• Axis Communications
• Pelco
• Senstar
• Thales
• Teledyne FLIR
• Raytheon Technologies
• Ameristar Perimeter Security
• Fiber SenSys
• Johnson Controls
• Southwest Microwave
• Panasonic
• Optex
• Cias
• Advanced Perimeter Systems
• Avigilon
• Infinova
• Gallagher
• RBtec Perimeter Security Systems
• Ingersoll Rand
• PureTech Systems
• SORHEA
• Veesion
• Alcatraz
• SightLogix
• Pivotchain
• SCYLLA
• Prisma Photonics
• Density
• Openpath
• Barrier1 Systems
Key Segments cover in the market:
By System:
• Video Surveillance Systems
• Perimeter Intrusion Detection Systems
• Alarms & Notifications Systems
• Access Control Systems
• Others
By Service:
• System Integration & Consulting
• Managed Security Services
• Maintenance & Support
• Risk Assessment & Analysis
By End-User:
• Commercial
• Military and Defense
• Government
• Transportation
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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