According to a new report, the perimeter security market in North America is forecast to increase by $9,657.51 million from 2022 to 2027. The market is estimated to grow at a compound annual growth rate (CAGR) of 7.85%, as outlined by Technavio.

The report says that the growth of the market will be driven by the high demand from financial institutions, the rising adoption of cloud solutions and technological advances in security systems. 

By segment, the market share growth of surveillance systems is expected to be significant during the forecast period. Countries like the US, Canada and Mexico are all seeing an increase in the adoption of surveillance systems due to their proactive stance on ensuring public safety, the report says.

Banks and finance

According to the report, the high demand from financial institutions is considerably driving growth in the North American perimeter security market, as the market is becoming necessary for banks and financial institutions to combat theft through theft-related activities.

Challenges

The report says that the high implementation costs of security systems is a significant challenge that is impeding perimeter security market growth in North America.

Perimeter security systems are expensive to implement because hardware, software and support are expensive, the report highlights. Additionally, installation costs include paying for wire, cable and electrical components, as well as labor to install the perimeter security system.

Key players

Some of the major vendors within this market listed in the report include Advanced Perimeter Systems Ltd., Canon Inc., Fiber SenSys Inc., Honeywell International Inc., Johnson Controls International Plc, Motorola Solutions Inc., PureTech Systems Inc. and Senstar Technologies Ltd.