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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