Video surveillance solutions work as security tools that help to keep a check on crime and ensure safety of people and property. There was a subtle but meaningful shift in the public perception of video surveillance between 2015 and 2018. Nowadays, video surveillance finds application in elderly care and home nursing, municipality, agencies, educational institutions, mass transportation centers, financial institutions, and utility plants. Additionally, businesses in every sector face challenges in protecting their customers, employees, and assets while working to reduce operating costs, improve productivity and increase profit as well as enhance customer satisfaction.
The video surveillance market has been segmented on the basis of type, component, and industry vertical.
On the basis of type, the video surveillance market has been segmented into analog and IP based. The IP based segment is expected to register the highest CAGR over the forecast period. This can mainly be attributed due to the shifting consumer preference from analog video surveillance to IP based video surveillance.
By component type, the market has been segmented into hardware, software, and services. Among these, the hardware segment is likely to hold the largest market share over the forecast period. Reduced pricing and ongoing innovation are expected to surge the adoption of video surveillance systems around the globe.
On the basis of industry vertical, the video surveillance market has been segmented into commercial, industrial, residential, defense, and others. The commercial sector is projected to grow at the highest rate as compared to its counterparts, as the demand for video surveillance has been observing an upward trend in the retail sector, malls, and entertainment centers.
North America is anticipated to lead the video surveillance market over the forecast period. Growing implementation of security solutions by the commercial sector, declining camera prices and shift from analog to IP cameras are key drivers for market expansion in this region.
Europe is projected to witness significant growth in the video surveillance market with increasing demand for premium security surveillance systems such as high-resolution and real-time analytics from governments, security agencies and the business sector.
Asia Pacific is slated to witness significant growth in the video surveillance market with rising security concerns and government initiatives that aim to address them. Real-time access, video analytics and affordability of IP surveillance systems are some the factors that are expected to favorably impact market growth in the years to come.
The LAMEA region is expected to grow at a considerable rate in the video surveillance market. Increasing security spending, coupled with growing security concerns, has been contributing to market growth to an extent.
Key Market Players
Some of the key players operating in the video surveillance market are Hikvision, Dahua, Axis Communications, Bosch Security Systems, Flir Inc., and Honeywell Security Group.
The video surveillance market has experienced significant core technology shifts over the years.
On 01 November 2017, Honeywell introduces the new all-in-one, self-monitored Smart Home Security System. The camera base station is expected to secure homes with enhanced features such as facial recognition and wireless motion viewers, to provide expanded home coverage.
Video Surveillance Market
On the Basis of Type
On the Basis of Component
On the Basis of Vertical
On the Basis of Geography