Perimeter intrusion detection systems market to reach $5.98 billion by 2026
The global perimeter intrusion detection systems market is expected to witness an incremental growth of $5.98 billion between 2021 and 2026.
Technavio expects the growth to accelerate at a CAGR of 9.2% during the forecast period and the market will observe a YOY growth of 8.74% in 2022. The market growth will be significant in North America. The proliferation of retail stores and associated facilities will be crucial in driving the regional market growth.
The need to mitigate criminal activities and prevent terrorist attacks, the rising need for surveillance and security in the commercial segment, and the need for maintaining security across smart cities will propel the growth of the market during the forecast period. However, high implementation costs and infrastructural requirements will hamper market growth.
Perimeter intrusion detection systems market: Segmentation by component
By component, the market is segmented by solutions and services. The solutions segment generated maximum revenue in the market in 2021. This can be attributed to the high demand for perimeter intrusion detection system solutions in several end-user industries to detect and monitor uncertain activities.
Also, the rising adoption of surveillance systems will be contributing to the growth of the segment during the forecast period.
By geography, North America is going to have lucrative growth during the forecast period. About 49% of the market’s overall growth is expected to originate from North America. The region has a strong presence of many prominent vendors including Honeywell International Inc, FLIR Systems, Johnson Controls, and Perimeter Security Systems. Besides, many vendors in the region are adopting inorganic growth strategies such as mergers and acquisitions and strategic alliances, which is positively influencing the regional market growth.
In addition, the continuously increasing demand for security solutions such as surveillance systems is fostering the growth of the perimeter intrusion detection systems market in North America.