The IP video surveillance market 2020 is anticipated to gain much popularity. In a recently offered report by Market Research Future MRFR, the global IP video surveillance market is expected to register 12.42% CAGR across the evaluation period. It is further projected that the market size is set to reach USD 25.46 Bn by 2023 rising from USD 11.22 Bn in 2017. IP video surveillance systems use CCTV for networked and digitized monitoring. It is gaining momentum as it eliminates the need for wires. The wireless connectivity of the product is likely to boost growth of the IP Video Surveillance Market in the foreseeable future.
Increasing use in law enforcement for security is expected to drive the proliferation of the IP video surveillance market in the forthcoming years. It has been assessed that the rise in crime rate is poised to generate more demand for the product in the upcoming years. The recorded video is shared through internet. Thus, the evolution of 4G LTE services is anticipated to catapult the IP video surveillance market. In addition, the commercialization of 5G services has unveiled booming opportunities for players of the IP video surveillance market.
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The key players in the global IP Video Surveillance Market include- Avigilon (Canada), Axis Communications. (Sweden), D-Link (Taiwan), Genetec Inc. TM. (Canada), The Infinova Group (U.S.), Bosch Security Systems Inc. (U.S.), Hangzhou Hikvision Digital Technology Co., Ltd. (China), Panasonic Corporation (Japan), GeoVision Inc (Taiwan) among others.
On the basis of component, the IP video surveillance market has been segmented into services, hardware, and software. Cameras, servers, and monitors are the sub-segments of the hardware segment. Video analytics and video management are the sub-segments if the software segment. The hardware segment was valued at USD 6138.91 Mn in 2016 and accounted for the largest market share. It is assessed to hold a substantial share if the market through the forecast period. In addition, the software segment is presumed to gain traction. It is expected to register a higher rate of growth. The segment is expected to mark 15% CAGR over the evaluation period.
On the basis of application, the IP video surveillance market has been segmented into manufacturing, government, BFSI, healthcare, retail, and others.
The geographical analysis of the global IP video surveillance market is covered in this assessment. It covers a detailed regional segmentation of the market trailed by country-level analysis if each of these regional segments. The region based segments of the market are as follows – Europe, Asia Pacific, North America, and the Rest of the World (RoW). North America was valued at USD 433.15 Mn in 2016 and is expected to continue holding substantial market share. It is prognosticated to expand at 11.19% CAGR across the evaluation period. Early adoption of technologies and rising investments in Innovations are expected to boost growth of the IP video surveillance market in the region. Also, the growing demand for enhanced security is motivating governments to increase investments in security solutions. This is also prognosticated to lead the augmentation of the IP video surveillance market.
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