Perimeter Security Market to Grow at 7.56% to USD 30,245 Million by 2028-Notable Investments and Adoption of Security Systems likely to Grow due to Escalating Cybercrime Cases Amid COVID-19
Key Companies Covered in the Perimeter Security Market Research Report Are Bosch Sicherheitssysteme GmbH, Johnson Controls, Honeywell International Inc., Axis Communication AB, RBtec Perimeter Security Systems, Southwest Microwave Inc., Fiber SenSys Inc., Senstar Corporation, Dahua Technology Co. Ltd and other key market players.
New York, Nov. 09, 2020 (GLOBE NEWSWIRE) -- A significant uptick in cybercrimes has been observed amidst COVID-19 pandemic, where nearly 50% of the businesses worldwide experienced cyber security threats or data breach incidents. More than a 370% increase in cyberattacks was recorded since the outbreak.
Covering the growth of the perimeter security market in regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa region, the research analysts at Research Nester have compiled a report in order to understand the current market scenario and opportunities that are estimated to influence the expansion of the market. The detailed report encloses a clear assessment on ongoing and forthcoming trends combined with the challenges associated with the growth of the market between 2018 and 2028.
Be it waste management, sufficient water and electricity supply, or uninterrupted connectivity among other features of smart cities, various initiatives are being taken to efficiently manage the city resources and citizen welfare. Security and surveillance are one of the primary segments of smart city projects which involve a significant amount of investment. Moreover, with growing rate of property crime offenses, there is a growing demand for door security options such as electronic doors and biometrics authentication in residential premises, further opening up access control business opportunities. According to the FBI, in 2017, there were over 7,694,086 property crime offenses in the United States. These property crimes resulted in losses of over US$ 15.3 billion during the said period. On the back of similar security concerns and several ongoing smart cities projects across the globe that furthering the demand for installation of perimeter security solutions to enhance the security and surveillance, the global perimeter security market is estimated to touch USD 30,245 Million in 2028 by growing at a CAGR of 7.56% during the forecast period, i.e., 2020-2028. In 2018, the market garnered the revenue of around USD 16,010 Million.
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Based on the regional segmentation, the perimeter security market in North America held the highest share of around 39% in 2018, followed by Europe and Asia Pacific. The growth in these regions can be attributed to the growing adoption of perimeter security systems such as access control across public facilities, airports, railways, and seaports, as the government bodies are focusing on safeguarding their infrastructure. Furthermore, there has been significant increase in the criminal activities that have been recorded in the past decade. For instance, in Europe alone, as per the statistics by Eurostat, there were over 3,993 intentional homicides recorded across the EU (European Union) in 2018. Moreover, there were around 583,000 assault cases and over 528,000 car theft cases that were recorded by the police in the same year. This is anticipated to drive the demand for perimeter security systems in the region during the forecast period. The perimeter security market in Europe is anticipated to touch the valuation of USD 7,649 million by 2028 by growing at a CAGR of 7.19% during the forecast period.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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Security is becoming one of the major concerns where authoritative bodies worldwide are implementing strict guidelines & policies pertaining to the installation of perimeter security systems. With more than an 800 million malware infections recorded in the year 2018 and rising cases of perimeter intrusions around the world that are driving the demand for multi-layered perimeter protection utilizing advanced technologies such as thermal imaging, video analytics, infrared sensors, next generation of fence mounted sensors, perimeter fence detection system along with CCTV and integrated fiber-optic intrusion detection systems, various laws and regulations have been reformed and implemented along with installations of latest security systems. Based on installation, the global perimeter security market is bifurcated into retrofit and new installation, out of which, the retrofit installation is anticipated to be the leading revenue generating segment and is estimated to touch USD 18,742 Million by 2028 by growing at a CAGR of 7.41% during the forecast period. Retro-fit installation provides easy upgradation of software and hardware while protecting current security assets/investments of the end users, as it enables the re-use of their existing infrastructure such as biometrics, readers & cards and others. This offers huge time and cost savings for the end users and minimizes various disruptions in business.
However, there are some concerning limitations such as susceptibility of IP-based security cameras to hacking along with other security concerns that can negatively affect the growth of the global perimeter security market in upcoming years.
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*The global perimeter security market is also segmented on the basis of component, deployment, communication technology, and end-users.*
*Global Perimeter Security Market, Segmentation by Components*
· Systems
· Video Surveillance Systems (Hardware and Software)
· Access Control Systems (Biometrics, Locks, Card Readers, Control Panels, Motion Detectors, Intercom, Active & Passive Barrier, Others)
· Perimeter Intrusion Detection Systems (Sensors, Intelligent Lighting, Immediate & Visible Alarms)
· Services
· Professional Services
· Risk Assessment and Analysis
· System Integration and Consulting
· Training and Education
· Maintenance and Support
*Global Perimeter Security Market, Segmentation by Deployment*
· Buried/ Invisible
· Fence Mounted
· Open Area/Free Standing
*Global Perimeter Security Market, Segmentation by Communication Technology*
· Cellular
· Microwave
· Optic Fiber-Based
· VSAT
*Global Perimeter Security Market, Segmentation by End-User*
· Military & Defense
· Government
· Commercial
· Infrastructure
· Industrial
· Utilities
· Residential
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In the middle of this global recession due to COVID-19, there have been significant investments pertaining to security infrastructure which have positively affected the perimeter security system's adoption rate globally. The detailed study on the report also offers various business strategies adopted by leading giants in the global perimeter security market that help them to cater to the rising demand for high-quality security along with gaining a leading stance in this competitive landscape. Some of the prominent leaders in the global perimeter security market are Bosch Sicherheitssysteme GmbH, Johnson Controls, Honeywell International Inc., Axis Communication AB, RBtec Perimeter Security Systems, Southwest Microwave Inc., Fiber SenSys Inc., Senstar Corporation, and Dahua Technology Co. Ltd.
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