“Video surveillance market is projected to grow at a CAGR of 15.4% between 2017 and 2022”
The video surveillance market was valued at 30.37 billion in 2016 and is projected to reach USD 75.64 billion by 2022, at a CAGR of 15.4% between 2017 and 2022. The growth of this market can be attributed to the increasing rate of security threats, criminal activities, and thefts, among others. Factors driving the video surveillance market are the implementation of video analytics, increase in the installation of video surveillance, use of cloud services for centralized data, use of high-definition cameras, and the need for physical security. Factors such as the need for high capacity storage for high-resolution images and violation of privacy are restraining the growth of the video surveillance market.
“Based on system, the IP video surveillance systems segment expected to grow at a high CAGR during the forecast period“
Based on system, the IP video surveillance systems segment is expected to grow at a high CAGR between 2017 and 2022. Key advantages of IP systems include enhanced image quality, high scalability, easy installation, and remote accessibility with network-based models. The demand for IP video surveillance systems is high from different verticals, owing to an increased awareness about the advantages offered by IP video surveillance systems over analog systems. Furthermore, the decline in the cost of IP cameras has enabled end users to shift to IP-based systems from traditional analog systems for video surveillance.
“Based on vertical, the commercial segment is expected to lead the video surveillance market between 2017 and 2022”
Based on vertical, the commercial segment is expect to lead the video surveillance market during the forecast period due to high demand for surveillance systems from retail, finance, and hospitality sectors. The increasing demand for video surveillance systems from banks and financial institutions is contributing significantly to the growth of the video surveillance market, particularly for IP systems. Among various technologies adopted by the key players, cloud services and video analytics is witnessing deployment. The demand for IP video surveillance cameras is growing since it offers features such high-quality images, cloud storage facility, and has less installation complexity.
“Video surveillance market in APAC to grow at the highest CAGR during the forecast period”
The video surveillance market in APAC is expected to grow at the highest CAGR between 2017 and 2022. High adoption rate of new technologies, large number of market players, growing security threats, and government initiatives to defeat terrorism are some of the important factors that have contributed to the growth of the video surveillance market in the APAC region.
Break-up of profiles of primary participants for the report has been given below:
- By Company Type: Tier 1 – 38%, Tier 2 – 44%, and Tier 3 – 18%
- By Designation: C–Level Executives – 35%, Directors– 44%, Others – 21%
- By Region: North America - 38%, Europe – 33%, APAC – 20% and RoW (Middle East and Africa) – 9%
Major players operating in the video surveillance market are Axis Communications AB (Sweden), Bosch Security Systems Inc. (U.S.), Zhejiang Dahua Technology Co., Ltd. (China), Hangzhou Hikvision Digital Technology Co., Ltd. (China), FLIR Systems Inc. (U.S.), Honeywell Security Group (U.S.), Avigilon Corporation (Canada), Pelco by Schneider Electric (U.S.), Panasonic System Networks Co., Ltd. (Japan), Hanwha Techwin Co., Ltd. (Samsung Techwin Co., Ltd.) (South Korea), NICE System Ltd. (Israel), and Infinova Corporation (U.S.).
The report defines, describes, and forecasts the video surveillance market on the basis of system, hardware, software, and service, vertical, and region. It provides detailed information regarding the major factors influencing the growth of the video surveillance market (drivers, restraints, opportunities, and industry-specific challenges). It also analyzes competitive developments such as collaborations, agreements, contracts, partnerships, mergers and acquisitions, and new product launches carried out by the key players to grow in the market.
Reasons To Buy the report:
- The illustrative segmentation, analysis, and forecast pertaining to the video surveillance market based on system, hardware, software, and service, vertical, and region have been conducted to provide an overall view of the video surveillance market.
- The Porter’s Five Forces framework has been utilized, along with the value chain analysis to provide an in-depth insight into the video surveillance market.
- Major drivers, restraints, opportunities, and challenges for the video surveillance market have been given in detail in this report.
- The report includes a detailed competitive landscape, along with the key players in the market and their revenues.