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The perimeter security market size in North America is estimated to grow at a CAGR of 7.85% between 2022 and 2027. The market size is forecast to increase by USD 9,657.51 million. The growth of the market depends on several factors, including high demand from financial institutions, rising adoption of cloud solutions, and technological advances in security systems.
This perimeter security market report in North America extensively covers market segmentation by product (surveillance systems, access control systems, and alarms and notification systems) and service (system integration and consulting, risk assessment and analysis, managed security services, and maintenance and support). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The high demand from financial institutions is notably driving the market growth, although high implementation costs of perimeter security systems may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The high demand from financial institutions is notably driving the North America Perimeter security market growth. Perimeter security is becoming necessary for banks and financial institutions to combat theft through theft-related activities. A perimeter security system examines all internal and external network activity and identifies patterns within the system that indicate a data breach. Perimeter security technologies provide a range of security services, from basic firewall protection to end-to-end security. Banks and financial institutions deploy 24/7 perimeter security systems to prevent losses from criminal activity and focus on improving security and reducing the risk of theft. This helps financial institutions manage risks associated with robbery and kidnapping and maintain business continuity.
Therefore, banks and financial services companies need to integrate security systems such as perimeter security to strengthen internal and external security. The needs of banks and other financial institutions will further increase the demand for perimeter security systems, driving the growth of the North America Perimeter security market during the forecast period.
The integration of IoT with perimeter security systems is a key trend influencing the North America Perimeter security market growth. IoT integration helps protect residential, commercial, and industrial buildings by providing notifications when perimeter fences are cut or tampered with. IoT is used in wireless video surveillance to capture video and send it over wireless networks to devices. This gives users instant answers that help them make real-time decisions. The growing demand for enhanced security solutions contributes to the increasing installation of IoT-based perimeter security solutions.
The high implementation costs of perimeter security systems are challenging the North America Perimeter security market growth. Perimeter security systems are expensive to implement because hardware, software, and support are expensive. Implementation costs include paying for wiring, cabling, and electrical components, installation costs, and the labor to install the perimeter security system. Software implementation costs include original software costs, licenses, maintenance contracts, and add-ons.
The systems' add-ons are very expensive because they enhance the end user's security system. Support costs include training costs, helpdesk, and troubleshooting costs. The training consists of initial training and additional training. Troubleshooting and helpdesk services include free or paid maintenance contracts. Therefore, the high installation cost hinders the adoption of these systems. This is a major challenge for perimeter security vendors as it reduces revenue. Therefore, the high costs associated with implementing perimeter security systems are likely to adversely affect the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Perimeter Security Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Advanced Perimeter Systems Ltd: The company designs perimeter security systems for commercial, industrial, and military applications. Their systems are commonly used to protect prisons, Department of Defense sites, and other critical infrastructure around the world.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the surveillance systems segment will be significant during the forecast period. Countries such as the United States, Canada, and Mexico are seeing an increase in the adoption of surveillance systems due to their proactive stance on ensuring public safety. Due to numerous terrorist attacks and criminal activity in these countries, various laws and regulations have been enacted for security reasons. The growth of surveillance systems in the United States is driven by competitive pricing, AI-based innovations, and increased demand from end users. The United States is one of the largest and fastest-growing markets for surveillance systems in North America.
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The surveillance systems segment was valued at USD 7,367.69 million in 2017 and continued to grow until 2021. Increased penetration of key vendors in various countries and growing awareness of the need for security and perimeter protection in commercial and residential properties in countries such as Canada and Mexico will drive the growth of the market during the forecast period. With the introduction of advanced technology and rapid urbanization, these countries are deploying surveillance solutions to curb crime and ensure the safety of their citizens. Therefore, increasing the adoption of surveillance systems will have a positive impact on the growth of the market during the forecast period.
The perimeter security market report in North America forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the perimeter security market in North America as part of the global information technology (IT) consulting and other services market within the global IT services market. The parent global IT services market includes companies that provide IT consulting and systems integration services, application services, electronic data processing services, business process outsourcing services, infrastructure services, and Internet services. The global IT consulting and other services market include companies that provide IT consulting and information management services. Technavio calculates the global IT consulting and other services market size based on the total revenue generated by companies providing all kinds of IT consulting and information management services. This includes the annual revenue that a company achieves through the execution of IT service contracts.
Perimeter Security Market Scope in North America |
|
Report Coverage |
Details |
Page number |
146 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.85% |
Market growth 2023-2027 |
USD 9,657.51 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.0 |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Advanced Perimeter Systems Ltd., Canon Inc., Fiber SenSys Inc., Honeywell International Inc., Johnson Controls International Plc, Motorola Solutions Inc., Panasonic Holdings Corp., Pivotchain Solution Technologies, Prisma Photonics Ltd., PureTech Systems Inc., Rbtec Inc., Robert Bosch GmbH, SCYLLA TECHNOLOGIES INC., Senstar Technologies Ltd., SightLogix Inc., Southwest Microwave Inc., Teledyne Technologies Inc., Thales Group, United Security, and Zhejiang Dahua Technology Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Service
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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