The global wireless monitoring and surveillance market 2020 plan to register a high growth of around 16.85%CAGR in the next six years. This information has been gathered in the latest study conducted by Market Research Future after studying impact analysis on COVID-19. The six years indicated forecast period, which is 2017-2023. During these years, the market has the potential to achieve USD 111.10 billion.
With all other information, we will provide COVID-19 impact Analysis with the report on the wireless monitoring and surveillance industry.
Top Rising Factors Impacting
The incidence of COVID 19 breakthrough has affected nearly every aspect of the business domain, which has included wireless monitoring and surveillance and its market as well. The primary expansion driver of wireless monitoring and surveillance market includes increasing demand for fast-moving growth of the network video market, better & more cost-effective security management, and new strict government initiatives on technology compliance, among others.
The study further reveals that the rising demand and need for security and enhanced monitoring solutions have subsequently boosted the demand for improved monitoring and surveillance devices. These devices play a pivotal role in the deployment of enhanced security systems. The wireless monitoring systems help in monitoring several places, wherein it might not be suitable to include cables.
MRFR also reports that wireless cameras as a security system are becoming progressively more popular owing to comparatively low connection pricing. In fact, the rising concerns about public safety and security, mounting adoption of IP cameras, and expanding demand for wireless and spy cameras are the factors motivating the growth of the wireless monitoring and surveillance industry. Besides, the mounting government and stakeholder funding for developing smart cities and employing city surveillance solutions, ongoing technological advancements in Big Data, swelling demand for VSaaS services, cloud-based services, IoT, deep learning for video surveillance systems as well as increasing trends of artificial intelligence will bring opportunities to companies in the wireless monitoring and surveillance market during the forecast period.
Segmentation of Market: Wireless Monitoring and Surveillance
In terms of component segment, the market has included software, hardware, and services. Hardware is further segmented into network equipment/nodes, cameras, monitoring stations, servers, and others. On the other side, the services segment is further segmented into monitoring, designing & implementation, and control services.
In terms of type segment, the market included wireless personal monitoring system, wireless security monitoring system, wireless network monitoring system, and wireless video monitoring system.
In terms of connectivity segment, the market has included Bluetooth/BLE, Wi-Fi, Zigbee, Z-Wave, NB-IoT, 6LoWPAN, cellular/LTE, and others.
In terms of the end-user segment, the market has included security, healthcare, entertainment & media, infrastructure, government, BFSI, and others.
The market for wireless monitoring and surveillance globally is vague to expand at a significant rate during the forecast period in the regions Europe, North America, Asia-Pacific, and the rest of the world.
Among the regions, the wireless monitoring system and surveillance have spread its roots in North America as wireless monitoring systems are hastily replacing the traditional monitoring and surveillance system. There is an intensifying need for efficient video surveillance in public as well as private sector across Canada, the US, France, UK, and Germany. There is a secure competition between North America and Europe for the leading region.
Europe is likely to lead the market by the end of the forecast period owing to promising start-ups and already established vendors in this region catering to the mounting need for effective security measures across the globe.
On the other hand, the Asia-Pacific region is anticipated to be the highest growing region. One of the significant factors for this fast growth is urbanization and the fastest-growing emerging economies. At the same time, Governments in countries such as China and India are focusing on developing smart cities, through giant government and stakeholder funding, to curtail the long-term challenges arising from growing urbanization. Video surveillance can be used capably for operations monitoring, traffic monitoring, vandalism deterrence, law enforcement, and remote and mobile monitoring applications.
Top Market Players
The study profiles top market players in the global video surveillance market with their respective market ranking analysis. They are National Instruments Corporation (US), Texas Instruments Inc. (US), The ADT Corporation (US), D-Link Corporation (US), Uniden Corporation (Japan), Cisco Systems Inc. (US), Axis Communications AB ( Sweden), Robert Bosch GmbH (Germany), Panasonic Corporation (Japan) and Honeywell International Inc. (US).
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