The global perimeter security market size is expected to reach USD 29.6 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.7% over the forecast period. Increasing insecurities among civilians and rising illegal activities, such as planned crimes, thefts, smuggling, and human trafficking, have resulted in a rise in the adoption of perimeter security systems.
Technological proliferations have led to the growth of smart cities and infrastructure. As a result, implementation of security systems at commercial complexes, entertainment hubs, and public sites is on the rise. Integration of these safety systems with internet and the latest mobile devices has made surveillance easier.
Perimeter security systems are used to detect intrusion to any of the guarded facility and later alert the guards in order to take the subsequent steps. They ensure the safeguarding of the privately owned lands or industrial facilities and are also widely used in security systems and alarms, such as intruder alarms and video surveillance systems.
These systems can protect not only the insides of business or industrial premises but also the articles and objects of value located within the guarded area to ensure the protection against vandalism and burglary. They are widely used in facilities with large ground areas, such as logistical centers and business centers. Moreover, they find their application in industrial enterprises and factories as they have significant property assets.
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Further key findings from the study suggest:
- The system integration and consulting service segment dominated the market in 2018 and is estimated to generate a revenue of USD 3.2 billion by 2025. These services help businesses create opportunities to drive high performance and accelerate business innovation
- The video surveillance system segment is anticipated to witness the fastest growth and expand at a CAGR of 8.7% over the forecast period owing to growing concerns over public safety, surging demand for spy cameras, and increasing adoption of IP cameras
- Based on the end use, the military and defense segment captured a major market share in terms of revenue and is expected to reach USD 7.9 billion by 2025
- The market in Asia Pacific is projected to witness substantial growth over the forecast period owing to increasing infrastructure developments. It is expected to reach USD 8.8 billion by 2025
- Key players including Anixter International Inc.; Axis Communications AB; Honeywell International, Inc.; RBtec Perimeter Security Systems; FLIR Systems, Inc.; Puretech Systems; Senstar Corporation; and Tyco International Ltd. dominate the market.