Perimeter Security Market report provides detailed synopsis about opportunities, competitive landscape, emerging technologies, key trends and dynamics.
Northrook, IL -- (SBWIRE) -- 11/19/2019 -- As per a report by MarketsandMarkets, the Perimeter Security Market expected to grow from $110.64 billion in 2017 to reach $196.60 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 12.2% from 2017 to 2022.
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Why increasing urban infrastructure across the globe opens more opportunities?
In today's increasingly global and interconnected world, over half of the world's population lives in urban areas. The population in rural areas is continuously shifting toward urban areas. According to the World Urbanization Prospects survey by the United Nations, the continuing urbanization across the world is expected to add 2.5 billion people in cities by 2050 and the urban population is projected to reach 66% by 2050. In addition, urbanization is expected to increase in 600 large cities across the globe, by 2025. The survey also mentioned that the topmost urbanized regions include North America (82% living in the urban areas in 2014), Latin America and the Caribbean (80%), and Europe (73%). In contrast, Africa and Asia remain mostly rural, with 40% and 48% of their respective populations living in the urban areas. All regions are expected to urbanize further over the coming decades. Africa and Asia are urbanizing faster than the other regions and are projected to become 56% and 64% urban, respectively, by 2050.
Particularly, the urbanization in emerging nations is rapidly increasing with the development of smart cities. In the emerging nations, industrial development is increasingly concentrated in cities; this results in the increased demand for comprehensive perimeter security infrastructure. The number of new and renovated buildings with enhanced infrastructure is expected to increase in areas, such as education, healthcare, public administration offices, shopping malls, stores, and warehouses. This infrastructural development would increase the demand for perimeter security solutions, including video surveillance, perimeter intrusion detection system, and access control systems.
Why integrating the existing systems with new technologies remain a challenge?
A major challenge in the perimeter security market is the integration of existing systems with new systems that are being deployed. For a perimeter security system to work efficiently, inputs from all video surveillance devices, intrusion system devices, and other devices must be integrated with the existing system. The integration between these devices is difficult, which adversely affects the efficiency of the perimeter system devices. The integration of legacy systems with new technologies is time- and effort-consuming, and may also distract the organization from its core business activities.
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.
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