Video Surveillance Market – Synopsis
Video Surveillance has gained immense traction over the past few years mainly owing to the flexibility of remote monitoring it offers. Feature of reviewing surveillance footage in real time is dramatically expanding the opportunity for monitoring situations and hence it’s uptake all over the world. The Video Surveillance market is growing, with rising demand from many verticals finding new motivations for security and safety for occupants, and a wider range of end users.
Acknowledging the exponential growth the Video Surveillance market is perceiving currently and the growth prospects the market is demonstrating globally; Market Research Future (MRFR) recently published a brilliant study report giving out the complete market insights up till 2023. In its report MRFR asserts that the global Video Surveillance market is projected to accrue USD 81.29 Billion by 2023, registering a striking double digit CAGR of 15.29% throughout the forecast period (2017 – 2023). Increasing theft & terrorism activities have spurred the market growth putting Safety & security of lives on the pedestal.
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Companies, governments and transport authorities are increasingly looking to this technology to offer them protection from terrorism, theft, fraud and vandalism. Clear trends have been observed in technological development, from increased use of wireless technology, to the continued adoption of network technology. However, the prime factor that will impact the Video Surveillance market positively is the expected mass adoption of devices by police forces. Growing adoption of technology and increasing need of security due to increasing incidence of crimes these are some of the major factors contributing to the growth of the Video Surveillance Market.
The market is fast catching up with the technological advancements in the video surveillance industry. A huge untapped opportunity combined with significant funds is on the way for some real activity in this market. Also, it has been observed that these cameras have various features such as high quality, flexibility, scalability, easy installation, and compatibility with the changing needs of customers. Moreover, components such as servers or encoders are built-in with IP cameras, which help in image encryption, provide multi-level user access control, and prevent third-party manipulation.
On the other hand, high cost of the devices and need of high storage capacity storage are the factors hampering the growth of the overall market. Nevertheless, easy installment & the high quality images and videos feature these systems offer; such factors are expected to boost the market growth during the estimated period.
The market for global digital assistant is segmented on the basis of component and applications. The component is sub-categorized into hardware, software and services. On basis of hardware component the market is further classified into cameras, monitors and storage systems. By applications, the global video surveillance market is sub-segmented into infrastructure, commercial, institutional, Defense, and residential.
Some of the key players in the market are Zhejiang Dahua Technology Co., Ltd. (China), Axis Communications AB (Sweden), Bosch Security Systems Inc. (U.S.), Hangzhou Hikvision Digital Technology Co., Ltd. (China), FLIR Systems Inc. (U.S.), Honeywell Security Group (U.S.), Avigilon Corporation (Canada), Pelco (U.S.), Panasonic System Networks Co., Ltd. (Japan), Hanwha Techwin Co., Ltd. (South Korea) and NICE System Ltd. (Israel).
- The Global Video Surveillance market has generated USD 28.52 billion market in 2016 and is projected to grow with 18.73% CAGR during forecast period 2017-2023
- By component, hardware is dominating the market and has generated USD 15 billion revenue in 2016 and is expected to grow with 17% CAGR. Whereas, software is projected to drive the market in coming years growing with highest 21% CAGR
- By application, the market has dominated by Infrastructure whereas, residential sector is estimated to grow with highest 21% CAGR
- By Region, North America is leading the market followed by Europe. Whereas, Asia-Pacific is projected to be the fastest growing region in the coming years.
The market for the global video surveillance market is led by North America due to technical advancements in the region, and increasing awareness regarding safety and security. Asia Pacific is considered to be the fastest growing region due to improvement in network infrastructure and increasing adoption of cloud based services by industries which there by expected to fuel the market growth in the region.
February 27, 2018 – IC Realtime (US), one of the leading digital surveillance manufacturer announced that the company has added a new function – ‘time-lapse’ to video surveillance search engine. The new update will allow users to create a time-lapse video from a range of time or by a specific query to produce more detailed and relevant results.
March 07, 2018 – Research Published – Researchers at the Northeastern University with the help of the DHS (Department of Homeland Security) have developed video surveillance equipment integrating with AI (artificial intelligence) to make the vital security process which are inevitable at the airports much smoother. The new AI surveillance system can track passengers and baggage as they make their way through airport security.
March 14, 2018 – Larson Electronics LLC (US) one of the leading global manufacturer of security cameras launched its range of explosion proof cameras that fit in to any possible security need or monitoring requirement.
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- Technology Investors
- Research/Consultancy Firms
- Cloud Service Providers
- Security Service Providers
- Managed Service Providers
- Cloud Storage Providers
- Infrastructure Providers
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