Global perimeter security market:
Perimeter security refers to security solutions that utilize physical and software technology systems to work as the protection shield from unauthorized access and intervention, aiming to protect people, places, and property. Perimeter security systems used globally include fence sensors, buried sensors, video analytics, access control, security management, and other physical security measures including fences, barriers, and gates. The perimeter security market has been categorized by the presence of global as well as local producers that cater to the demands of customers across the globe. With the increasing illegal activities and security breaches globally, demand for efficient security solutions is increasing in the global perimeter security market.
Major drivers and constraints in the market:
The world is witnessing a tremendous rise in criminal activities, risk of terrorism, illegal immigration, and increasing theft activities, this is leading to increasing awareness between citizens as well as businesses and governments. Governments are strictly implementing rules and regulations regarding the safety of the nations to tackle these potential threats. As a result, the demand for efficient perimeter security solutions in different sectors is increasing to enhance security systems. The increasing demand for perimeter security solutions such as video surveillance, aerial drones, and access control systems is expected to propel the growth of the global perimeter security market.
Furthermore, the proliferation of smart technologies such as IoT, artificial intelligence, and machine learning enhances the efficiency and fineness of automated security systems further creating lucrative growth in the global perimeter security market. The integration of the internet and mobile devices with security systems is making surveillance simpler. Industries are swiftly moving toward smart technologies like IoT and AI to implement on variety of applications such as smart alarm systems, smart CCTV surveillance, and smart door openers. For instance, the latest AI-based perimeter security systems are outdoor-optimized people, smart number plate recognition, smart vehicle monitoring, and facial recognition systems.
Additionally, the increasing requirement to minimize the workforce and reduce the expenses in different industries is another major factor driving the perimeter security market. Automated checkpoints reduce the number of manual checkpoints and consequently minimize the workforce. The increasing demand for smart perimeter solutions in various sectors including petroleum, oil, electrical, and other hazardous industries for real-time security monitoring and efficient security management. Moreover, the increasing number of cyberattack cases globally demands high-security parameters and enhanced cybersecurity solutions, which in turn is expected to propel the market growth. However, high initial investments, unavailability of technical expertise, technical complexity & integration challenges, and lack of security awareness and training are the factors expected to hamper the market growth.
Market segmentation:
Based on region, the Asia Pacific region is predicted to grow with the highest CAGR in the forecast period owing to the developing infrastructure and increasing government measures toward national safety. The major contributors to the expansion of the perimeter security industry are military and defense, oil and gas, chemical industry, nuclear facilities, transportation, and others. The increasing criminal activities such as security breaches, bank robberies, and data hijacking led to the need for perimeter security solutions in the region, thereby escalating the global perimeter security market growth during the forecast period.
