Perimeter Security Market: Need to Safeguard Critical Infrastructures from Physical Intrusions driving the Market Growth
Perimeter Security Market: - An Overview
Perimeter security consists of both electronic security systems that is used to safeguard physical perimeters of plants, critical infrastructures, military bases and public places, from intrusion and unauthorized access. These places and facilities are critical in nature and any physical intrusion might put them at risk due to both physical and intellectual loss of sensitive data. Due to this, the demand for perimeter security system such as perimeter intrusion detection systems, access control systems, video surveillance systems and others is increasing in industrial, residential and commercial applications, which would drive the market growth.
COVID-19 Impact Analysis
The worldwide spread of COVID-19 pandemic in Q1, 2020 has impacted the production of physical security products and has also disrupted the raw material supply chain during the lockdowns. Historically, the market for physical security has grown by almost 7% globally in the past 5 years. In 2019, the total value of physical security products is estimated to be nearly US$ 35 Bn globally, an increase by 8.5% over 2018. But due to the COVID-19 outbreak, production of physical security products is projected to decline by nearly 5%-7% in Q1-Q2 2020, due to plunging production across China’s factories, as they are one of the world’s major physical security product manufacturers and suppliers. However, according to estimates, if the COVID-19 pandemic situation gets controlled during Q3-Q4, 2020, the market for physical security would recover soon and is estimated return to growth by Q2, 2021.
For this to happen, the manufacturers and suppliers across the world, have to think radically, to adapt themselves to the real economic impact of COVID-19 on the entire physical security market value-chain. For instance, increasing market opportunities due to wide adoption of Smart Access Control Readers that eliminates the need of physical contact for personal identification and authorization. Increasing adoption of cloud-based Video Surveillance Systems to remotely monitor the physical perimeters of the critical infrastructures and public facilities, and demand for AI-enabled Video Analytics solutions, could help enterprises and governments to ensure robust perimeter security.
Perimeter Security Market: - Market Dynamics
Increasing Perimeter Intrusions is spurring the growth of Perimeter Security Market
Organizations are facing different types of intrusions like infrastructure alteration, unauthorized access, equipment theft, data theft due to which the physical and logical security is affected. There is increase in terrorist attacks, illegal entry and infiltration which is affecting the infrastructure security within the critical facilitates. Due to increase in intrusion the demand for perimeter security is increasing to protect and safeguard the perimeter from unauthorized access that damages the property. Solution like video surveillance, alarms and notification system, perimeter intrusion detection systems are used to safeguard the assets of the organization. Wide usage of sensors such as microwave sensors, fiber optic sensors, and infrared sensors deployed over fences and walls, even buried underground, ensures robust perimeter security.
Demand is increasing for Multi-layered Perimeter Protection Solution in Critical Infrastructure
There is increase in demand for multi-layered perimeter protection solution in critical infrastructure, as the utilization of multi-layered perimeter protection systems improves and enhances the ability to track, assess and detect the intruders that are seeking unauthorized access to such facilities. Multi-layered perimeter protection helps to protect intruders in more vulnerable areas by offering multiple layers of security, which would fuel the market growth.
High Initial Cost for Deployment Is Hindering the Growth of Perimeter Security Market
The perimeter security systems includes components such as sensors, fences, video surveillance cameras, access control devices, perimeter intrusion detection systems, alarms and notification systems and others. The deployment of these systems is very costly which restricts the small & medium enterprises from adopting and integrating this with their perimeter systems, which results in compromising their perimeter protection against intruders. Hence, the high initial deployment cost and integration of perimeter security systems imposes a great challenge in the market growth.
Perimeter Security Market: - Key Players
Key players in the Perimeter Security market are focusing on product innovation and strategic partnerships with the technology vendors to collaborate for offering digital transformation solution and services for sustained business growth. The major players offering perimeter security solutions include Honeywell International Inc., Bosch Security Systems, Dahua Technology Co. Ltd, Hikvision Technology Co., Ltd, Southwest Microwave, Inc., Johnson Controls International plc, among others.
Perimeter Security Market: - Segmentation
By Component, Perimeter Security Market is segmented into-
By Vertical, Perimeter Security Market is segmented into-
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain of the global Perimeter Security market. The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with Perimeter Security market attractiveness as per segments. The report on Perimeter Security market also maps the qualitative impact of various factors on Perimeter Security market segments and geographies.
Perimeter Security Market- Report Highlights:
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