The investments for security and surveillance, which forms 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. There is a growing need for 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.
Research Nester has released a report titled “Perimeter Security Market – Global Demand Analysis & Opportunity Outlook 2028” 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.
The global perimeter security market is anticipated to gain a CAGR of 7.56% throughout the forecast period, i.e. 2020-2028 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 $16.01 billion in 2018 and is expected to grow up to $30.24 billion by 2028.
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 $11.42 billion by 2028 from $6.35 billion in 2018 by growing at a CAGR of 7.02% 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.