NEW YORK, Nov. 30, 2017 /PRNewswire/ —
The increasing concern for protecting business assets, employees, and customers is said to be driving the global perimeter security market
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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. The market for perimeter security is growing substantially, owing to the increasing concern for protecting business assets, employees, and customers. The increasing usage of internet of things (IoT) and smart technologies, such as intelligence monitoring, is one of the most significant drivers influencing the growth of the perimeter security market. The lack of correlation among security solutions is said to be acting as a restraint for the growth of the perimeter security market.
The market for video surveillance systems segment is expected to hold the largest market size during the forecast period
The video surveillance systems segment is expected to lead the market and projected to witness the highest growth rate during the forecast period. The advancements in video surveillance applications, such as cloud services, network cameras, and big data analytics have increased the scope of the video surveillance systems segment for wider application across different sectors.
The market for residential, educational, and religious buildings vertical is expected to grow at the highest rate during forecast period
Security is a major concern in residential complexes, as well as, commercial areas and public places. Such concerns are increasing the demand for security solutions, such as biometrics-based electronic locks and sensor-based intruder alarm systems. Moreover, residential premises are being equipped with technology platforms to help their occupants remotely access electronic devices at home through mobile devices, such as smartphones, tablets, and laptops.
Perimeter security market in Asia Pacific (APAC) is expected to grow at the highest rate during the forecast period
APAC is expected to be the fastest-growing region, as it has witnessed economic development in terms of infrastructure (airports, railways, and highways) and robust growth in financial and banking services, which would serve as opportunities for the growth of the perimeter security market.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the perimeter security marketplace.
– By Company Type: Tier 1: 55%, Tier 2: 20%, and Tier 3: 25%
– By Designation: C-Level: 60%, Director Level: 25%,