The global video surveillance market is projected to grow and reach $71.1 billion by 2022 growing at a CAGR of 16.42% during 2016-2022. Some of the different types of video analytics that are available in the global video surveillance market are, video tracking, object detection, motion detection, tamper detection, facial recognition, shape recognition, dynamic masking, egomotion estimation, automatic plate number recognition and style detection. Undoubtedly, the growing security concern is deriving the growth of the video surveillance market globally. Both large and small business enterprises demand for security systems to reduce inventory loses and theft, government demands the same to keep a constant check on all activities to reduce unethical and terrorist actions, defense sector highly demands video surveillance and biometrics techniques to provide for high security needs of the nations, banks and financial institutes demand it to have secured environment, keep a constant watch on staff and customers, infrastructure sector requires video surveillance fort the security of event venues, stadiums, parks etc., and many more industries demand video surveillance for their security needs. The reduced costs of the IP cameras and the increasing presence of the big market players fuel the market growth.
Challenges that are faced by the end users of the video surveillance are the system maintenance, storage issue of the videos captured, and the cost associated with the video surveillance process. Many organizations still use traditional storage solutions which pose as an issue. There has been a growing desire among the end users for more capacity and high speed for the storage.
The major restraining factors that could hamper the growth of this market are the quality issues that may occur while capturing data in network cameras due to the bandwidth issues. In transportation applications, due to mobility of automobiles, bandwidth issues are very high.
The market for video surveillance is geographically segmented into North America, Europe, APAC region and Rest of the World. The fastest growing market for the global video surveillance is the APAC region, owing to its highest CAGR in the forecast period. The APAC region shows this high growth due to urbanization, growing economic developments, increasing adoption of new technologies and various security systems to safeguard the economy from terrorist attacks and various other criminal activities. Technologies like cloud services and many other analytical technologies help boost the market growth. Recently, Nigeria has emerged as a growing country of the Sub-Sahara region for the video surveillance market owing to the growing government initiatives for the deployment of video surveillance due to increased crime rates and terrorist activities.
The major market players of the global video surveillance market are Bosch Security Systems (U.S.), Honeywell Security Group (U.S.), Axis Communications AB (Sweden), Zhejiang Dahua Technology Co. Ltd. (China), FLIR Systems Inc. (U.S.), PELCO by Schneider Electric (U.S.), Hangzhou Hikvision Digital Technology Co. Ltd. (China), Samsung Techwin Co. Ltd. (South Korea), Nice Systems, and more. New product development is the strategy that is adopted by the companies to increase their market presence in the global video surveillance market.