Global Perimeter Security Market to Cross $23 Billion by 2022
INDORE, India, October 24, 2016 /PRNewswire/ --
Perimeter security market recorded a CAGR of over 7% due to heavy investments in security systems and growth in infrastructural activities across the globe. The growing investment by governments for the development of infrastructure has majorly impacted the perimeter security market. In 2014, total global spending on infrastructural development accounted more than $78 trillion. By the end of 2020, approximately $4 trillion is expected to be spent on the infrastructural development by the US. North America dominates the global market and held about 32% revenue share in 2015. APAC is growing with the highest CAGR of 10.7%. The growth in the APAC region is attributed to the high infrastructural activities and increased spending in the defence sector by countries such as India and China. In 2015, the spending by Indian government on defence sector was around $48 billion, whereas China spent about $146 billion.
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Heavy investment in security systems
Growing investment in perimeter security in various sectors such as aerospace and defence, critical infrastructure, industries and others is increasing the growth in the global perimeter security market. Growing concerns for risk management and terrorist attack has given a tremendous fillip to this market in terms of increased investment. In the US, the defence spending accounts for over 55% of the total discretionary spending which is around $600 billion. The UK spends around 22% of the total security technology spending on perimeter security technology. Some of the major players such as Anixter International, Tyco International and Honeywell International invest in the development and advancement of the perimeter security technologies. Honeywell in 2016 acquired Xtralis to strengthen its development of fire and security technologies. North America is one of the major regions investing in the security sector. After 9/11 terrorist attack, the US government has taken initiatives towards the implementation of advance surveillance systems in government buildings and all high security areas. Demand for new hybrid systems, high megapixel cameras, and analytics is soaring in this region.
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Asia Pacific is the lucrative market
Increased concerns of terrorist attacks, spiralling crime rates and illegal trespassing are the major reasons for the growth of the perimeter security market. North America holds a revenue share of 32% as the region makes huge investment in the defence sector. The US spends around 55% of their total spending on defence. In Europe, UK spends around 2% of GDP on defence, annually, which is 5th largest in the world. The Asia Pacific market is growing due to increased infrastructural development activities and high investments in the security systems. In Asia Pacific, India and China are the major contributors towards the growth of the market. India earmarks around 2.3% of GDP for the defence sector, which was around $48 billion in 2015, whereas China spends 1.9% of GDP on defence which was over $148 billion in 2015. Rising investment by India in the infrastructure which will be around $2.7 trillion by 2017 and boom in the economy of the nation is leading to rising investment in the security, especially, the perimeter security in almost all the sectors including banking, commercial sectors, business parks, etc.
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