Global Statistics Representing Video Surveillance Market Scenario
Video surveillance technologies are employed to capture videos and images that can be compressed, stored or sent over communication networks in any environment. Cameras are often connected to a recording device or IP network and can be watched remotely or locally. Video surveillance is a great security solution for government buildings, corporations, businesses, and other large entities. Rising security concerns have been driving demand for highly efficient, time-saving surveillance systems at affordable costs.
Video surveillance in business, emergence of video surveillance-as-a-Service, introduction of new IP-based digital technologies are some factors expected to provide impetus to market growth in coming years.
The use of video surveillance in businesses for physical security, coupled with the use of cloud-based services for centralized data, has been witnessing significant growth in recent years, which in turn has been driving market growth across verticals.
Emergence of video surveillance-as-a-Service has been boosting market growth as it is a web-hosted, wireless security system that allows users to remotely store, manage, record, play and monitor surveillance footage entirely in the cloud.
Furthermore, introduction of new IP-based digital technologies to detect and prevent undesirable behaviors such as vandalism, terror attacks, shoplifting, and thefts is expected to propel market growth. Moreover, areas such as hospitality, finance, and aviation are making significant investments in surveillance to counter threats from crime and terrorism.
Wearable cameras and surveillance drones are emerging trends in the market, which are expected to create new niches for surveillance in coming years. In should be noted that some surveillance cameras can only observe areas directly in view of the camera, which creates blind spots that may be detected and exploited by criminals.
The video surveillance market is expected to grow at a CAGR of 9.3% and reach a market size of USD 71 billion by the end of the forecast period.
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. Of the two, the IP based segment is projected to register the highest growth rate, owing to technological advancements in IP cameras as well as storage devices.
By component type, the market has been segmented into hardware and software wherein the hardware segment is estimated to hold the largest market share, due to increasing crime rate and terrorist activities.
On the basis of industry vertical, the video surveillance market has been segmented into commercial, industrial, residential, defense, and others. The commercial industry vertical is expected to witness the highest CAGR with growing demand from BFSI, retail and entertainment sectors.
Key Target Audience
North America is a key market for video surveillance due to the growing concerns pertaining to safety and security. Terror attacks and crimes such as the 9/11 terror attacks and the Boston Marathon bombing have intensified focus on effective security and surveillance. In addition, technological advancements such as cloud storage and video surveillance-as-a-service represent lucrative opportunities for new companies venturing in the video surveillance market as well as traditional vendors providing analog cameras. In 2016, Hikvision, the world’s leading supplier of innovative video surveillance products, teamed up with the Memphis Police Department (MPD) to protect the residents of Memphis in Tennessee, U.S. using a variety of security solutions to prevent and reduce crime.
Similar to the global scenario, the Europe video security surveillance market is also driven by rising security concerns. Terror attacks such as Paris and Brussels attacks have demonstrated the central value of video surveillance and video analytics to French and Belgian security forces. While advanced video surveillance cameras have been recording prominent demand in Europe, a key challenge for market expansion in the region is the possible violation of basic civil rights. For instance, in Germany, the use of public video surveillance is legal as long as the footage is not recorded and/or stored.
Asia Pacific is pegged to be a promising region in terms of market growth, due to the availability of video surveillance systems at reduced prices and the requirement of minimum infrastructure. Indian government and law enforcement agencies have expanded surveillance infrastructure, including Command and Control centers. Immense growth from sectors such as airport security, manufacturing infrastructure companies, smart cities and city surveillance in the Indian security and surveillance market are boosting market growth in the region. Expansions of manufacturing capabilities and rising consumer consumption in China are other factors providing impetus to market growth in Asia Pacific. The Chinese government has been making significant investments in safe cities projects, focusing on traffic monitoring and city surveillance, which is driving market growth in the country. Upcoming events such as the Tokyo 2020 Olympics and Paralympic Games are expected to accelerate market growth in Japan. Key market players such as Zicom, Panasonic, Tiandy, Uniview, Hikvision, and Dahua are expected to significantly contribute to Asia Pacific’s market growth.
The LAMEA region is projected to track an upward growth trajectory during the forecast period, with the presence of key participants in Saudi Arabia, including Avigilon, Axis, Bosch, Dahua Technology, Hikvision, Hanwha Techwin, Honeywell, Panasonic, and Pelco.
Key Market Players
Some of the key players operating in the video surveillance market are Hikvision, Dahua, Axis Communications, Bosch Security Systems, FLIR (US), Honeywell Security Group, Infinova, Pelco, BCD Video, Panasonic, Tiandy, Uniview, Zicom.
Video Surveillance Market Segmentation
On the Basis of Type
On the Basis of Component
On the Basis of Vertical
On the Basis of Geography
Why Buy This Report?
Video surveillance technology has proven to be extremely beneficial in monitoring terrorist activities and illegal infiltrations. Governments around the globe are making significant investments in advanced video surveillance devices and sophisticated surveillance networks to deal with terrorism.
In China, the government plans to implement the ‘Xueliang’ (‘Sharp Eyes’) project by 2020, which encompasses the development of an ‘omnipresent, fully networked, always working and fully controllable’ video surveillance network.
This report offers in-depth market analysis, including market dynamics such as drivers, restraints, and opportunities. It also offers a quantitative analysis of the current market and a forecast developed for the duration from 2019 to 2026. This detailed information will help readers identify prevailing market opportunities in major segments of the global video surveillance market. The report also covers recent developments in the video surveillance market.
This report offers key insights pertaining to the video surveillance market with emphasis on recent developments across geographies and development strategies adopted by prominent market participants. The following sections have specifically been covered in the report.