The video surveillance market is likely to grow at a healthy 18.73% CAGR between 2017- 2023 states the recent Market Research Future (MRFR) analysis. A video surveillance system, simply put, is a surveillance device that records videos and images which can be compressed, transmitted, or stored over communication networks. This also covers the effect of different technologies such as AI, and facial recognition. Owing to its excellent features and benefits, it has wide applications in residential, defense, institutional, commercial, and infrastructure.
Various factors are propelling the global Video Surveillance Market share. As per the current MRFR report, such factors include the rising concerns regarding security and public safety, increasing use of IP cameras, burgeoning demand for spy and wireless cameras, growing stakeholder and government funding to develop smart cities, use of city surveillance solutions, and surging need for VSaaS services. Additional factors adding market growth include the prevalent trends of deep learning and artificial intelligence and ongoing technological advances in cloud-based services, the internet of things, and big data. Besides, strict video surveillance mechanisms during the COVID-19 pandemic to keep track of people advised home quarantine or staying in high-risk zones and to ensure the adherence to social distancing are also adding market growth.
On the contrary, the threat of data integrity, exorbitant initial costs, and lack of unified standardization are factors that may limit the global video surveillance industry growth over the forecast period.
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The MRFR report provides an inclusive segmental analysis of the global video surveillance market based on component and applications.
- By Component, the global video surveillance market is segmented into services, hardware, and software. Of these, the hardware component will lead the market over the forecast period. It is likely to grow at a 17% CAGR.
- By Applications, the global video surveillance market is segmented into residential, defense, institutional, commercial, and infrastructure. Of these, the infrastructure segment will dominate the market over the forecast period, and the residential sector is likely to develop at a healthy 21% CAGR over the forecast period.
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).
Based on region, the global video surveillance market report covers the recent trends and growth opportunities across North America, the Asia Pacific (APAC), Europe, & the Rest of the World (RoW). Of these, North America will lead the market over the forecast period. Developed network architecture, technical advances, and increasing adoption of surveillance equipment are adding to the global video surveillance market growth in the region.
The global video surveillance market in Europe is predicted to hold the second-largest share over the forecast period. Increasing use of cloud based services by industries and improvement in network infrastructure are adding to the global video surveillance market growth in the region.
The global video surveillance market in the APAC region is predicted to grow at a fast pace over the forecast period. Heavy investments in smart city projects, rising number of security concerns and threats in South Korea, India, Japan, and China, increasing awareness about security and safety across different verticals like infrastructure, commercial, and public places, and rising incidence of terrorist attacks, theft, and other crimes are adding to the global video surveillance market growth in the region. Additional factors adding market growth include initiatives by the government in different countries to install video surveillance cameras in public places like stations, airports, religious places, colleges, schools, and cities, rising penetration of new technologies like remote asset management, retail management, people counting, facial recognition, and automatic number plate recognition, and the availability of low-cost cameras.
The global video surveillance market in the RoW is predicted to have sound growth over the forecast period.
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