Perimeter security market to hit $132.4 billion by 2030, report says
By SSN Staff
Updated 3:20 PM CST, Mon March 6, 2023
SAN FRANCISCO – Consulting company Grand View Research Inc. has released a new report that pegs the perimeter security market to more than double by 2030.
Valuations from 2022 place the global perimeter security market at $64.6 billion. Grand View Research’s estimates would have it register a CAGR of 9.4 percent between 2023 and 2030. The research company attributes the growth in the sector to rising insecurities and illegal activities like planned crimes, smuggling, theft, and human trafficking. The company also pointed to growing technological integration for the increase.
“Technological proliferation has led to the growth of smart cities and smart infrastructure,” they wrote. “Owing to this, the implementation of security systems at commercial complexes, entertainment hubs, and public sites is on the rise. The integration of security systems with the internet and the latest mobile devices has made surveillance easier. The latest technology has also led to the introduction of infrared, microwave, radar, and seismic sensors.”
Key findings from the report include: increasing concerns for public security and safety, growth in the perimeter security market for securing power plants, and the fastest CAGR to be witnessed by the Asia Pacific regional market among others.
You can read the full report online here.
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