Multi-Dimensional Perception Security System Market - Forecast(2024 - 2030)

Multi-Dimensional Perception Security System Market Overview

The Multi-Dimensional Perception Security System Market size is estimated to reach $75 Million by 2027, growing at a CAGR of 10.5% during the forecast period 2022-2027, attributed to growing technological advancements in security & surveillance, government's mandate to promote citizen safety and governance, increasing rate of criminal activities, planned crimes, terrorism and so on. The Multi-Dimensional perception security system ensures that the entire security requirements of an organization are met. It includes smart video management software which provides extensive security details, through data collection and analytics which lay the groundwork for intrusion detection. Technological developments in the development of these systems and the integration of IoT and AI, have enabled the detection of complex security breaches and facilitated remote monitoring. These technologies improve the dependability of intrusion detection results and reduce the number of false security alerts caused by wind, rain, and traffic. Additionally, rising demands for real-time surveillance systems coupled with heavy installation of advanced security systems like security alarms in homes, commercial workplaces and others, are set to transform the Multi-Dimensional Perception Security System industry outlook in the coming time. 

Multi-Dimensional Perception Security System Market Report Coverage

The “Multi-Dimensional Perception Security System Market Report- Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Multi-Dimensional Perception Security System Market.

Key Takeaways

• Video Surveillance Systems in Multi-Dimensional Perception Security System Market is analyzed to grow with the highest CAGR during the forecast period 2022-2027, owing to government initiatives towards the installation of video cameras in public locations, increasing adoption of video surveillance systems in the Defense industry to track and monitor public activities and so on.
• Multi-Dimensional Perception Security System for Military & Defense industry is analyzed to grow at the fastest rate during 2022-2027, attributed to the growing use of modern security systems, drones & unmanned aerial vehicles (UAVs) in defense sectors, increasing military investment to improve the security of troops & citizens and so on.
• North America dominated the global Multi-Dimensional Perception Security System market in 2021, attributed to increasing usage of the Internet of Things (IoT) & AI, government measures to ensure national security, rising crime rates, including personal crime & data theft and so on.
• Government mandates to improve citizen safety & governance and increasing adoption of advanced security alarms & cameras at residential buildings are analyzed to significantly drive the market growth of Multi-Dimensional Perception Security systems during the forecast period 2022-2027.

Global Multi-Dimensional Perception Security System Market Value Share, by Region, 2021 (%)

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Multi-Dimensional Perception Security System Market Segment Analysis - by System

Video Surveillance Systems are analyzed to grow at the fastest rate of 11.1% in the global Multi-Dimensional Perception Security System Market during the forecast period 2022-2027. Factors such as government initiatives towards the installation of video cameras in public locations, increasing adoption of video surveillance systems in the defense industry to track and monitor public activities and so on. Video Management Software is widely used due to the increasing incidences of thefts, suspicious withdrawals from automated teller machines (ATMs) and fraudulent transactions. Additionally, technological advancements such as the integration of deep learning, the Internet of Things (IoT) & artificial intelligence (AI) provide analytical functions. They enable features like face recognition, vehicle detection and license plate recognition (LPR). In December 2021, Axis Communications launched an open-source video authentication project aimed to protect the integrity of surveillance video. The framework will serve as the initial point for companies to deploy integrated video management software. It will provide the surveillance industry with an open method for video authentication and verification. These developments have been significantly impacting the growth of Video Surveillance Systems in the Multi-Dimensional Perception Security System industry over time.

Multi-Dimensional Perception Security System Market Segment Analysis - by Industry Vertical

Multi-Dimensional Perception Security System in the Military & Defense industry is analyzed to grow with the highest CAGR of 12.4% during 2022-2027. Factors such as the increasing use of modern security systems like drones, unmanned aerial vehicles (UAVs) & robots in defense sectors, rising investment in defense to improve the security of troops & citizens and so on have been aiding the market growth. Military and defense facilities are critical targets for terrorists and professional crime organizations and hence they require advanced technologies to counter-terror attacks. Advanced security alarms & systems, thermal imaging cameras and video management software provide high-quality detection, tracking and classification of intruder threats. Additionally, UAV infiltration is becoming a significant concern in such circumstances, which in turn drives the use of air surveillance radars for air traffic monitoring. This helps in intrusion detection, automatic multiple threat detection at long-range and fast deployment capabilities to ensure 24/7 surveillance of military bases. According to the Stockholm International Peace Research Institute (SPIRI) report 2020, worldwide military expenditure increased by 2.6 percent from 2019. In 2020, the top five countries with the greatest military budgets were the United States (USD 778 billion), China (USD 252 billion), India (72.9 billion), Russia (61.7 billion), and the United Kingdom (59.2 billion). Increasing investments in advanced security systems and procurement of drones, and robots for defense purpose is surging the demands for multi-Dimensional perception security systems. Such factors are analyzed to impact the global Multi-Dimensional Perception Security System market size in the Military & Defense sector industry in the coming time.

Multi-Dimensional Perception Security System Market Segment Analysis - by Geography

North America dominated the global Multi-Dimensional Perception Security System market with a share of 36% in 2021, attributed to increasing usage of the Internet of Things (IoT) & AI, government measures to ensure national security, rising crime rates, including personal crime & data theft and so on. Additionally, the rising installation of advanced security systems in homes, commercial buildings and other public places, and increasing investment in personal & public security technologies in the region are boosting the demands for multi-Dimensional perception security systems. In February 2020, ADT collaborated with HHHunt, Inc. to enhance the penetration of home automation & home security products in new and existing multifamily and student housing developments in the United States. The smart home security solutions provided by the collaboration will have smart locks, hubs and thermostats. it has customized smart security solutions that are in great demand by consumers in the United States. These factors are set to transform the Multi-Dimensional Perception Security System industry outlook within North American markets.

Multi-Dimensional Perception Security System Market Drivers

Government Mandates to Improve Citizen Safety and Governance is Accelerating the Growth of Multi-dimensional Perception Security System Market:

Government initiatives toward improving citizen safety and governance are propelling the growth of the Multi-Dimensional Perception Security System market. Increasing adoption of pan-tilt-zoom cameras, smart cameras and surveillance systems by government institutions to ensure the security of citizens in public places. Implementation of AI & IoT technologies in railway stations, airports and other public buildings, robots & drones for border security and surveillance are surging the demands for multi-Dimensional perception security systems. They are used to ensure citizen safety, and traffic management and for providing security against terror attacks & potential security threats. In July 2022, RailTel, a Central Public Sector Undertaking (CPSU), has been entrusted with the installation of a Video Surveillance System (VSS) (a network of CCTV cameras) at West Central Railway stations (WCR). The video feed from CCTV cameras can be recorded and stored for 30 days. The project is expected to be completed by January 2023. According to a report published by The International Data Corporation (IDC) in 2021, about 40 % of police agencies will use digital tools by the end of 2022 to promote community safety and an alternative response framework, such as live video streaming and shared workflows. Such factors will help in propelling the growth of the Multi-Dimensional Perception Security System industry in the long run.

Increasing Adoption of Advance Security Alarms & Cameras at Residential Buildings is Accelerating the Demands for Multi-Dimensional Perception Security System:

The growing use of advanced security alarms & cameras in residential buildings is boosting the demand for multi-Dimensional perception security systems. Residential building security solutions include many sensors, pan-tilt-zoom cameras and controllers to ensure greater control & monitoring. Integration of the Internet of Things (IoT) in home security systems has improved security features through yard signs, alarms, and window stickers. The combination of IoT with cloud computing makes it easier to access the system from different locations, enhances the efficiency of data interchange and provides more storage. Additionally, the Multi-Dimensional Perception Security System is compatible with Google Assistant and/or Amazon Alexa. They include thermostats, smart locks, cameras, doorbells, wall-mounted touchscreen displays, and smartphone apps, in addition to Google Assistants and Alexa. These gadgets are linked together and provide 24x7 residential security. Recent security systems include smoke, fire, flood, freeze alarms and carbon monoxide (CO) listeners, raising the necessity for multi-Dimensional perception security systems. In March 2020, Vivint, Inc. launched the Vivint Doorbell Camera Pro. It is the first camera to offer a 180-degree vertical and horizontal view with a 1:1 aspect ratio. This camera combines optics, deterrent features, and intelligence to meet the needs of the consumer. According to India's remote monitoring research in 2021, there were around 44.5 million professionally monitored security systems globally 2020, with a projected increase to 54 million by 2024. The report further states that by 2024, one out of every four homes in the United States will be equipped with professional alarm monitoring services. These factors are set to expand the Multi-Dimensional Perception Security System market size in the coming time. 

Multi-Dimensional Perception Security System Market Challenge

High Costs Associated with the Implementation of Multi-Dimensional Perception Security System is Restraining the Market Growth:

High costs involved in the installation of a multi-Dimensional perception security system are restraining their market growth. The multi-Dimensional Perception Security System is equipped with advanced sensors, cameras and controllers. They include thermostats, smart locks, pan-tilt-zoom cameras, and doorbells, which raise the manufacturing costs of such security systems. In addition, these systems make use of cutting-edge AI and IoT technology to enable machine-to-machine communication and data analytics. These technologies aid in the early detection of security threats and attacks, boosting the safety of the building, residence, or location where such systems are located. According to a report published by HomeGuide in 2022, the average cost of a Multi-Dimensional Perception security system is $25 to $50 per month for monitoring services. However, equipment costs for alarm systems range from around $199 to $399 upfront with $0 to $199 for security system installation as well as activation expenses. Additionally, the need for qualified specialists for installation, high maintenance costs, and potential cyber security risks are some of the important reasons limiting demand for Multi-Dimensional Perception Security Systems.

Multi-Dimensional Perception Security System Industry Outlook

Product launches, acquisitions and R&D activities are key strategies adopted by players in the Multi-Dimensional Perception Security System Market. The top 10 companies in the Multi-Dimensional Perception Security System market are:

1. Honeywell International Inc.
2. Fiber Sensys Inc.
3. Axis Communications
4. Rbtec perimeter security Systems
5. FLIR Systems Inc.
6. Hikvision
7. Schneider Electric SE
8. Advanced Perimeter Systems Ltd.
9. Heras Mobile Fencing & Security
10. Resideo Technologies Inc.

Recent Developments

• In April 2022, Resideo Technologies, Inc. acquired First Alert Inc. to offer a comprehensive portfolio of detection & suppression devices. It includes smoke alarms, carbon monoxide (CO) alarms, combination alarms, connected fire devices, fire extinguishers and other suppression solutions.
• In November 2021, FLIR Systems launched the FLIR VS290-32, a video scope system with thermal imaging and crew safety for inspecting hard-to-reach underground utility vaults. This multi-dimensional security system has a CAT IV 600 V safety-rated electrical inspection system with an IP67 camera and IP54 dust and water-resistant base unit.
• In March 2021, Heras launched an updated version of their next-generation multi-Dimensional perception security system. This technology is intended to improve perception security in a variety of businesses, like warehouses and distribution terminals.

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