MarketsandMarkets forecasts the global perimeter security market size estimated to be USD 70.8 billion in 2022 and is projected to reach USD 100.2 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period. Globally increasing breaches and perimeter invasions, expanding need for video surveillance, alarms, notification systems, and perimeter intrusion detection systems, as well as the spread of smart technologies like AI, ML, and IoT, are key factors driving the market growth.
What is Perimeter Security?
Perimeter security, also known as perimeter protection, refers to security measures that use hardware and software to detect and block unapproved access and penetration. It comprises physical security features, including fences, gates, illumination, obstacles, and sensors for use in access control, buried sensors, above-ground sensors, and video analytics.
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The perimeter security market is led by some of the globally established players, such as Honeywell (US), Dahua Technology (China), Bosch Security Systems (Germany), Hikvision (China), Axis Communications (Sweden), Senstar (Canada), Pelco (US), Raytheon Technologies (US), Teledyne FLIR (US), Thales (France), Johnson Controls (Ireland), Fiber SenSys (US), Ameristar Perimeter Security (US), Optex (Japan), and others. Partnerships, agreements, collaboration, acquisitions, and product developments are some of the various growth strategies by these players to increase their market presence.
Honeywell (US) develops cutting-edge technology for aerospace goods and services, control, sensing, and security systems for homes, companies, and buildings, as well as performance materials, safety, and productivity solutions. It is a multinational industrial and technology company with several clients. It operates in the aerospace, building technologies, performance materials and technology, and productivity and safety solutions industries. Its four main segments are building technologies, performance materials and technology, safety and productivity solutions, and aircraft. Through collaborations and acquisitions, the firm has grown its portfolio and market presence with companies such as Elster (US), Xtralis (Ireland), Sparta Systems (US), Sine Group (Australia), and many more.
Hikvision (China) offers big data services as well as a video-centric intelligent loT solution. The company merged videography and multidimensional perception technologies to create a fused domain product package comprising intelligent traffic cameras and road terminals. It provides a variety of physical security technologies, such as video surveillance, access control, and alarm systems. It also offers comprehensive security solutions powered by Al technology, providing end users with new applications and options for safety management and corporate intelligence. Hikvision is expanding its company into smart homes, robotics, automotive electronics, intelligent storage, fire security, infrared sensing, X-ray detection, and medical imaging to explore new avenues for long-term growth.
Apart from large vendors, some SMEs and startups, such as Scylla (US), Veesion (France), Pivotchain (India), Prisma Photonics (Israel), Openpath (US), and Kisi (US), are also evolving in the perimeter security market. Scyllas focus is on providing next-generation Al solutions to the private security industry. The firm provides perimeter security solutions such as object detection and jacking, drone security, false alarm filtering, and face recognition, amongst other things.
According to MnMs approach to evaluating the market, the majority of businesses use inorganic growth tactics to hold onto their market share. In 2020–2021, the number of transactions rose by 50–60%. These agreements cover alliances, acquisitions, collaborations, and partnerships together. Product launches and corporate growth activities abruptly decreased as a result of the COVID-19 pandemic. On the other hand, organizations are anticipated to embrace organic growth strategies starting in 2021 to provide end consumers with perimeter security solutions and services, which would assist businesses in boosting market revenue.
Perimeter Security Market by Component (Systems (Perimeter Intrusion Detection Systems, Video Surveillance Systems, Access Control Systems, Alarms and Notification Systems) and Services), End-Use Sector and Region - Global Forecast to 2027
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