FORT WORTH, Texas — The North American perimeter security market is forecast to grow at a compound annual growth rate (CAGR) of 3.9% from 2014 to 2019, according to research publisher MicroMarket Monitor.
Although the United States holds the larger shares in the North American perimeter security market, Canada and Mexico are expected to grow considerably. Among the market’s growth drivers is a perceived need for security in defense of potential terrorist activities. Other drivers include government regulations and workforce reduction as a means to cut staffing costs, the report asserts.
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Despite the positive forecast, the economic slowdown has stunted the perimeter security market’s full potential. Most industries and organizations are reluctant to install perimeter security technologies due to incurring expensive infrastructure costs related to high-end security solutions, according to the report.
Geographically, North America is estimated to have commanded the share of 6.09% in 2014 of the global perimeter security market. Last year the U.S. accounted for 73.91% of the overall North American perimeter security market.
New product launches, partnerships, acquisitions and collaborations are the major strategies adopted by the most of the players to achieve growth in the North American perimeter security market, according to the report.