The overall Perimeter Security Market 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.
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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.
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.
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