The pandemic started with its epicenter in China in 2019 and has been continuously spreading worldwide; so far 219 countries and territories have been affected by COVID-19. Moreover, the World Health Organization (WHO) declared the COVID-19 outbreak a pandemic on March 11, 2020. Covid-19 has adversely affected the economy globally, leading to the global recession. Many companies were being bound to take stringent actions of laying off their employees, small businesses are being shut and manufacturing facilities are being put on hold. There has been a disruption in the supply chain of many industries due to restrictions in logistics and the closing of manufacturing facilities. In addition, the slowdown in the economy has lowered the spending capability of individuals and people are saving money for emergencies.
The global perimeter security market has noted an increase in the demand, due to factors such as severe pressure on many businesses, resulting in temporarily shut down or closure of businesses. Hence, there is a high demand for a commercial surveillance system, to keep an eye on suspicious activity and remotely access and review what is happening at the site. Moreover, due to the pandemic, the reliance on homeland security, emergency services, law enforcement agencies, and critical infrastructure companies has amplified significantly, which is contributing towards the implementation of perimeter security solutions to provide necessary services to consumers.
COVID-19 outbreak has affected the individuals and markets' behavior, which has further impacted economies and societies. The companies that want to recover from this pandemic crisis would need to be digitally stable, understand the customer needs, and respond to the rapidly changing market.
Perimeter security has become more important now and has also become an area of concern during the pandemic, as individuals and organizations want to secure their premises, resulting in an uptrend of external security sensors. Although people are working from home right now, still there has been increased need for securing of premises. In addition, end-users and other stakeholders are focusing on saving costs by potentially leveraging new functionality in their current security infrastructure. There can be actionable insights that enhance security and also support safeguarding public health. For instance:
There has been a wide market for perimeter security solutions, including aerospace and defense, healthcare, manufacturing, industrial, retail and e-commerce, and others. The E-commerce industry has witnessed immense growth, which further increases the importance of warehouses and the need for perimeters to be secure. Additionally, the pandemic has forced organizations to shift toward digital transformation, resulting in high demand for broadband and an increase in the number of data centers. Hence, telecommunication and other companies are also investing in security stations, due to an increase in the amount of data.
As the COVID-19 crisis continues to expand, manufacturers faced challenges on varied fronts. Producing firms would be searching for immediate measures and solutions to stay their workforces safe and their businesses to be continued. Makers would conjointly have to be compelled to make sure of their economic viability. Because the COVID-19 pandemic intensifies all over the world, makers would possibly face huge pressure on demand, supply, production, profits, and revenues.
The pandemic has boosted the growth of the perimeter security market. Manufacturers of perimeter security solutions are focusing on integrating new technologies in perimeter security solutions, which promotes COVID-19 norms and boost sales. Manufacturers were engaged in product development with advanced technologies, partnerships, and collaborations to gain a competitive advantage in the market.
The COVID-19 lockdown imposed by the government of the countries has resulted in increased prices for perimeter security platforms. The companies have increased their price target and are also planning for cross-selling of their other services. The pandemic is expected to bring increased demand for perimeter security tools amongst industries and has the potential to enable smarter collaboration and improve productivity.
The post-pandemic scenario boosted the demand for perimeter security solutions and services, owing to surging need toward monitoring of vacant warehouses and factories, increasing concern toward the protection of property, businesses, the safety of houses, and individuals, and growing demand for leveraging new functionalities in the existing perimeter security solutions.
The supply chain has been affected as the lockdown prevailed in many regions globally. Companies are making their work shifts according to the government regulations such as limiting the workforce and increasing the work shifts. Companies have faced difficulties in arranging all the equipment required for the making of perimeter solutions, resulting in problems with the availability of such solutions. However, there is an improvement in the supply chain as most of the facilities have opened and working in the most optimum capacity.
The pandemic has accelerated the need for perimeter security platforms in most sectors. The market is expected to show rapid growth in the coming years as COVID-19 has been forced to implement such solutions to support the increased demand for the safety of the premises. Moreover, the demand for integrated fiber-optic perimeter intrusion detection systems, next-generation fence-mounted sensors, infrared sensors, and perimeter fence detection systems, combined with CCTV, offers huge growth opportunities for the perimeter security market in the coming years. Even manufacturers were focusing on launching new and innovative products, partnerships, and collaborations to meet the increasing demand in the COVID-19 outbreak.