Global Perimeter Security Market to Grow at a CAGR of 7.8% During 2024-2032, Aided by the Increased Military and Defence Spending by Governments Globally

The Asia Pacific holds a significant market share due to the presence of military superpowers such as China, India, and Japan in the region. Perimeter security uses technology to identify threats, examine attack trends, and carry out surveillance.

The increased spending on defence by governments positively influences the perimeter security market growth. In 2022, China spent USD 291.96 billion on military expenditure, and the Indian government’s allocation of USD 73.8 billion for the defence budget makes it the third largest globally.

According to the Global Terrorism Index, compared to 2021, when an incident claimed 1.3 lives on average, terrorist strikes in 2022 claimed 1.7 lives on average. IS-related terrorism claimed lives in eighteen countries in 2022. The increased terrorist attacks and geopolitical risks necessitate the application of perimeter security for enhanced protection.

Additionally, government investment in smart city projects, such as in India, to attain its goal of a USD 5 trillion economy creates opportunities for the market for perimeter security. Product development for enhanced protection further supports the market growth.

In May 2023, Honeywell International Inc. (NASDAQ: HON) launched a new range of airside solutions, comprising improvements to its gate, turnaround, and airfield lighting portfolios, including the Honeywell NAVITASTM Smart Visual Docking system.

The solutions help optimise gate operations and increase situational awareness for pilots and airside operations staff, resulting in faster turnaround times for planes, to help airports maintain a smoother traveller experience amid increasing air traffic. At Dubai, United Arab Emirates' 2023 Airport Show, the newest solutions were shown.

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Market Analysis by System, Service, End Use, and Region:

• The market, on the basis of system, can be divided into access control, alarms and notifications, intrusion detection, video surveillance, and barriers, among others.

• Based on service, the market can be divided into system integration and consulting, risk assessment and analysis, managed security services, and maintenance and support.

• The various end uses of perimeter security include commercial, government, industrial, military and defence, and transportation, among others.

• The regional markets for perimeter security include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• In 2022, the United States' defence budget made up almost 40% of all military spending by nations worldwide and defence spending in the EU and Europe combined accounted for 1.3% of GDP in 2021. The increased spending of governments on military budgets propels the perimeter security market expansion.

• The incorporation of smart technologies such as IoT, artificial intelligence (AI), and machine learning (ML) has made perimeter systems advanced. Various solutions are available to enhance perimeter protection, including video surveillance cameras and access control systems. The rising applications of AI-based video surveillance such as drones, drive the market growth.

• The escalating demand for automated cars necessitates smart systems like access control and smart video analytics systems in the automotive sector. Growing demand for advanced security systems contributes to the market expansion.

• Several smart city projects around the world, including the Dubai Silicon Oasis (DSO), the Red Sea Project, and NEOM, include smart security solutions like smart alarm systems and smart door openers that use facial recognition, which drive the market size.

Key Offerings of the Report:

• The EMR report gives an overview of the global perimeter security market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the systems, services, end uses, and major regions of perimeter security.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global perimeter security market are Agent Video Intelligence Ltd., Honeywell International Inc., Dahua Technology Co., Ltd, Senstar Corporation, Fiber SenSys, Inc., and Bosch Sicherheitssysteme GmbH, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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