The global video surveillance market is projected to grow at remarkable CAGR over the forecast period (2017 to 2021), according to a report available on Radiant Insights, Inc. Rising cases of thefts and terrorist activities are anticipated to propel the growth of the market. Video surveillance solutions offer real-time surveillance using internet protocol (IP) enabled cameras and advanced mobile applications. Increasing use of security systems in commercial and residential buildings is also likely to boost the market in the forthcoming years.
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Increasing cases of crime such as thefts and terrorist attacks are anticipated to propel growth of the video surveillance market over the forecast period. High demand for physical security at homes and commercial places and adoption of IP-based cameras for surveillance purpose can further fuel the market. Continuous developments in cloud computing and video surveillance software are projected to augment market growth. Introduction of IP-based digital technologies to prevent undesirable events like thefts, terror attacks, and vandalism can also impel market growth during the forecast period.
To cater to the rising demand, most companies operating in the market for video surveillance have increased research and development (R&D) investments to develop advanced techniques for better security applications. For instance, Arecont Vision recently announced its new product line of megapixel cameras, advanced video management systems (VMS), and cloud-managed video recorders. With these products, the customers can choose from conventional stand-alone systems or cloud-based VMS.
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In another instance, Ocucon has recently launched new video pixelation service in collaboration with Google called Pixelate. It deliver a special general data protection regulation or GDPR compliance for video redaction. The service is suitable for all types of camera footage including body-cameras. In addition, it lets users select specific faces they intend to pixelate. It also allows the user to upload CCTV footage to the company’s web-based portal to download redacted files within few minutes.
The worldwide video surveillance market can be segregated on the basis of product type, application, and region. Based on product type, the market can be classified into IP video surveillance systems, analog video surveillance systems, and biometrics video surveillance systems. Based on applications, the market can be segmented into infrastructure, military, residential, industrial, institutional, and commercial.
Regional segmentation includes Europe, North America, and Asia Pacific. In the coming years, the Asia Pacific region is expected to witness significant growth owing to increasing number of construction projects in China and India. In addition, high preference for IP based video surveillance systems over conventional analog video surveillance systems to get better image quality can impel regional market growth in near future.
The North America regional market is expected to grow at phenomenal CAGR during the forecast period owing to implementation of security cameras in commercial buildings. In addition, reducing cost of high-definition security cameras and introduction of IP based cameras are anticipated to influence growth of the regional market in the forthcoming years.
Some of the leading companies operating in the global video surveillance market are Bosch Security Systems, Inc.; Cisco Systems Inc.; Honeywell Security Group; Hikvision Digital Technology Co.; Panasonic System Networks Co. Ltd. Most companies are adopting business collaboration as the primary strategy to develop advanced video surveillance solutions and to maintain their prominent positions in the global market. In addition, the companies are also focusing on research and development (R&D) to innovate security solutions using video surveillance technology.
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