Video surveillance market to grow at a CAGR of 13.1% between 2018 and 2023
The video surveillance market is expected to grow from USD 36.89 billion in 2018 to USD 68.34 billion by 2023, at a CAGR of 13.1% between 2018 and 2023. The increasing concerns for public safety and security, growing adoption of IP cameras, and growing demand for DIY and spy cameras are the key factors contributing to the growth of the video surveillance market. The violation of privacy remains to be a major restraint affecting the growth of the video surveillance market.
Video surveillance market for IP video surveillance systems to grow at a faster rate during the forecast period
The video surveillance market for IP video surveillance systems is expected to grow at a higher CAGR during the forecast period. The market for IP video surveillance systems is expected to grow at a rapid pace in the near future owing to technological advancements in IP cameras as well as in the storage device industry. In addition, declining prices of IP cameras and IP surveillance systems have contributed to the increasing applicability of these systems in the commercial vertical that include enterprises and data centers, retail stores and malls, and banks and financial buildings.
VSaaS expected to grow at the highest CAGR for video surveillance market during the forecast period
VSaaS, or Video Surveillance-as-a-Service, refers to hosted cloud-based video surveillance. The service typically includes video recording, storage, remote viewing, management alerts, and cybersecurity. It is a combination of recording and watching images on monitors or mobile phones through data centers. VSaaS reduces the maintenance and hardware cost, offers remote access to the data at any time, and provides flexibility in adding and managing cameras, which makes it as a prevalent choice among users. Availability of high-speed internet is also helping the market for VSaaS to grow further as high internet speed is one of the basic requirements from the service providers as well as from the customer end.
APAC is expected to grow at the highest rate for the video surveillance market during the forecast period
Asia Pacific is the fastest-growing region in the video surveillance market owing to heavy investments in building new and improve existing infrastructure. The market for video surveillance systems and services in Asia Pacific is likely to continue to grow significantly at a high rate in the near future. The increase in the terrorist activities is one of the important factors influencing governments to adopt IP surveillance systems for high security and government buildings. The commercial and infrastructure verticals are expected to exhibit significant growth in the video surveillance market in APAC. Furthermore, Asia Pacific has majorly adopted the video surveillance technology in the retail sector due to its capabilities such as remote monitoring and real-time access control.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with people holding key positions across regions.
The breakup of the profiles of primary participants has been given below:
- By Company Size: Tier 1-20%, Tier 2-35%, and Tier 3-45%
- By Designation Level: C-Level Executives-40%, Directors-26%, and Others-34%
- By Region: North America-30%, Europe-23%, APAC-41%, and RoW-6%
Major players in the video surveillance market are Hikvision (China), Dahua (China), Axis Communications (Sweden), Bosch Security Systems (Germany), FLIR (US), Avigilon (Canada), Hanwha Techwin (South Korea), Honeywell Security Group (US), Infinova (US), Pelco (US), BCD Video (US), CP Plus (India), Nice Systems (Israel), Panasonic (Japan), Tiandy (China), Uniview (China), Vivotek (Taiwan), and Zicom (India).
The report defines, describes, and forecasts the video surveillance market on the basis of system, offering, vertical, and regions. It provides detailed information regarding major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the video surveillance market. It also analyzes competitive developments such as product launches, collaborations, agreements, contracts, partnerships, acquisitions, and expansions carried out by the key players to achieve growth in the market.
Reasons To Buy the Report
- Illustrative segmentation, analysis, and forecast pertaining to the video surveillance market based on system, offering, vertical, and regions have been conducted to provide an overall view of the market.
- Major drivers, restraints, opportunities, and challenges pertaining to the video surveillance market have been detailed in this report.
- A detailed competitive landscape of the key players (along with their revenues) in the market has been included in this report.