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Perimeter Security Market Growing at CAGR of 12.2% | Puretech Systems, Inc., Senstar Corporation, Cias Elettronica, Fiber Sensys, Inc.

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Perimeter Security Market Growing at CAGR of 12.2% | Puretech Systems, Inc., Senstar Corporation, Cias Elettronica, Fiber Sensys, Inc.

March 18
12:56 2020
Perimeter Security Market Growing at CAGR of 12.2% | Puretech Systems, Inc., Senstar Corporation, Cias Elettronica, Fiber Sensys, Inc.

Axis Communications AB (Sweden), Hangzhou Hikvision Digital Technology Co. Ltd. (US), Bosch Security Systems (Germany), Dahua Technology Co., Ltd. (China), Honeywell International Inc. (US), Southwest Microwave, Inc. (US), Johnson Controls International plc (Tyco Systems Inc.) (Republic of Ireland), RBtec Perimeter Security Systems (US)
Perimeter Security Market by Component (Systems (Perimeter Intrusion Detection, Video Surveillance, Access Control, and Alarms and Notification Systems) and Services (Professional and Managed Services)), Vertical & Region, Forecast to 2022

The overall perimeter security market is estimated to be USD 110.64 billion in 2017 and expected to reach USD 196.6 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 12.2%. Factors such as the necessity to protect 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 are said to be driving the market growth.

Remote-controlled access systems help connect easily with residential security systems. Many companies offer all-in-one home security systems that allow users to operate their security systems remotely through mobile applications. Such new technological developments help the perimeter security market grow in the residential segment.

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Based on the system segmentation, the video surveillance systems segment of the perimeter security market is expected to grow at the fastest rate during the forecast period. The increasing crime rates, terror attacks, robberies, and other security concerns increases the need for video surveillance systems. This system provides surveillance cameras with high-quality images to identify suspects and monitor activities.

The residential, educational, and religious buildings industry vertical is expected to grow at the highest CAGR, due to the increasing demand for surveillance systems to manage security risks and reduce the rates of burglaries and thefts in homes and residential segments. Perimeter security is required in educational institutions to maintain the health, welfare, and safety of students, staff, and visitors. It is also required to ensure the safety of the schools’ properties and assets. Security systems installed in religious buildings ensure the safety of members, staff, and property. With an increase in the number of religious buildings, the need for security is also expected to increase, as security and surveillance systems help avoid incidences of riots, vandalism, and terror attacks.

The Asia Pacific (APAC) perimeter security market is projected to be the fastest growing segment during the forecast period. This can be attributed to the growing economy in countries, such as India, China, Australia, and Japan in the APAC region. This region has become a global focal point for large investments and business expansion opportunities. APAC has witnessed economic development in terms of infrastructure (airports, railways, and highways) and robust growth in financial and banking services, which presents opportunities for the growth of the perimeter security market. Furthermore, the increase in the deployment of various perimeter security solutions, such as biometric solution in large enterprises and Small and Medium-sized Enterprises (SMEs) for safety and security measures is enhancing the growth of the perimeter security market in the APAC region.

Competition in the perimeter security market is high because of the presence of a large number of players. Some of the key players in the perimeter security market include Axis Communications AB (Sweden), United Technologies Corporation (US), Honeywell International Inc. (US), Hangzhou Hikvision Digital Technology Co., Ltd. (US), Bosch Security Systems (Germany), Southwest Microwave, Inc. (US), Dahua Technology Co., Ltd. (China),  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). New product launches and partnerships are the key strategies majorly adopted by the market players to offer feature-rich products and services to their customers and penetrate deeper into the uncatered regions.

Bosch Security Systems, Inc. (Germany) is one of the leading players in the perimeter security market.  The company collaborated with key players, such as Milestone Systems, to enhance all Milestone XProtect Video Management Software (VMS) editions into the Bosch software and Building Integration System (BIS). In addition, the company offers various products, such as the G and B Series control panels and systems, which offer an integrated use of different physical security and safety domains (intrusion, fire, access, video systems), along with mobile access combined in 1 system. The company’s video systems provide complete video surveillance solutions and include Internet Protocol (IP) cameras, analog cameras, encoders and decoders, recording, video software, workstations and servers, monitors, switching systems and keyboards, and accessories. In November 2016, Bosch Security Systems partnered with Sony Corporation to provide innovative products and solutions in the field of video security applications.

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