The perimeter security market is expected to grow from USD 110.64 Billion in 2017 to USD 196.60 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 12.2% between 2017 and 2022. This is according to the latest research by anaylsts from Marketsandmarkets, and they also believe that the growth of this market is primarily driven by the rise in terror attacks worldwide.
The increasing technological developments in video surveillance is said to have fuelled the demand for perimeter security systems and services. Furthermore, the increased usage of the internet of things (IoT) is also expected to be contributing to the growth of the perimeter security market.
Based on systems, the researchers have sub-segmented the perimeter security market into perimeter intrusion detection systems, video surveillance systems, access control systems, alarms and notification systems, and others (fencing, lighting, and detection devices for metals, explosives, drugs, and chemicals). The video surveillance systems segment is estimated to lead the perimeter security market between 2017 and 2022. The increasing use of video surveillance systems, especially in the commercial and services, industrial, and military and defence verticals for protecting the organisation of assets is said to be enhancing the growth of the video surveillance systems segment in the perimeter security market.
The North American perimeter security market is projected to be dominating during the forecast period. The growth of this market can be attributed to the increasing need for security against terrorist activities, strict government regulations for safety and security, rising illegal immigration, technological developments in physical security solutions, and the increasing criminal activities in North America.
