The report on the Perimeter Security Market has been launched by Stratview Research is an all-inclusive report that talks about the market structure and growth in the forecast period of 2022-2028. The report also offers insights into different market segments and other factors affecting the market.
Report Forecast:
The global perimeter security market size was estimated at US$ 25.3 Billion in 2021 and is expected to grow at a CAGR of 5.9% during 2022-2028 to reach US$ 35.7 Billion in 2028.
What is perimeter security?
Perimeter security comprises the systems and technologies used to protect the assets within a predetermined perimeter by blocking any unauthorized intrusions across that perimeter. The primary aim of perimeter security is to protect critical assets in commercial, private, industrial, and other sites. It encompasses programmatic security policies as well as the physical security of the facility.
The market's growth is influenced by a number of factors that have a significant or indirect impact on demand. An overview of such factors can be found in our report, which is derived utilizing SWOT analysis, industry life cycle, and supply chain analysis. Such key information can help market participants and investors identify the low-hanging fruits in the market and establish strategic initiatives to accelerate their growth.
COVID-19 IMPACT on the Market-
The COVID-19 pandemic has influenced almost all the industries, little or large, dealing in any sector.
The growth curves of Perimeter Security market have witnessed enormous ebb and flows in the year 2020. The market scenario and the pace of growth have taken a huge turn and have prompted numerous adjustments in the cycles. 2022 is probably going to be superior to 2020 for the Perimeter Security market players as the greater part of the organizations have continued their activities and the interest is getting re-established for them.
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Segment Analysis
By Services Type
The market is segmented into professional and managed services based on the services. Professional services hold the largest market share in 2021, whereas managed services are expected to register the highest growth rate during the forecast period. Managed services employ experienced, dedicated security analysts passionate about defending the network so that the client doesn’t have to be concerned about this, saving the company’s time and money. They are always available to ensure the priorities and concerns are relevant and addressed immediately. These security analysts monitor both network and the global threat environment 24/7/365, responding instantly when threats and attacks are identified. Due to these vast advantages, the market for managed security is expected to have a significant share in the perimeter security market.
By Industrial Vertical
The market segment is segmented into commercial, government, industrial, infrastructure, military and defense, and residential, educational, and religious buildings. The commercial building and construction sector is expected to register a high growth rate during the forecast period. In commercial buildings, the usage of perimeter security systems can prevent access to a property through means such as fences, walls, bollards, infra-red perimeter beams, and so on. Video surveillance systems, gate barriers, and access controls can be installed to provide security cover to commercial sites. High perimeter security in commercial buildings prevents intruders from entering the office building. In such cases, thermal imaging cameras along with main gates are linked to an access control system that enhances commercial complexes' perimeter security system. Thus, the high demand for security across the commercial building is boosting growth in the global market.
Regional Analysis
North America is likely to maintain its supremacy in the perimeter security market throughout the forecast period. The growth in the North American market is mainly driven by key market players such as Sorhea Inc., Honeywell International Inc., etc. All such companies are in continuous development for the new technology, uplifting the growth in the North American market. Demand for the new hybrid systems, high megapixel cameras, and analytics is high in this region. Since the 9/11 terrorist attack, the government has taken initiatives toward implementing advanced surveillance systems in government buildings and all high-security areas. Moreover, mishappenings like campus shootings and other criminal activities are compelling educational institutes to adopt an advanced IP surveillance system to safeguard their parameters. The ongoing expansions in communication networks in the region have also fuelled the growth of parameter security systems.
Concurrently, the perimeter security market in the Asia Pacific is anticipated to expand at the highest CAGR during the forecast period. The major economies in this region are emphasizing modernizing their existing military systems, driving the growth of the Asia Pacific perimeter security market. Perimeter security is of critical concern for India due to a large number of reasons, such as terrorist activities in the country; rising criminal activities; infrastructure development; and also, the huge amount of investments being made by the government in the security of the nation, especially, in the outer security perimeter has given a boost to the market.
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