Market Research Future (MRFR) estimates that the global video surveillance market value in 2016 was USD 28.52 billion. The market is all set to demonstrate a tremendous growth rate of 18.73% during the forecast period (2017-2023).
Primary Drivers and Key Barriers
A video surveillance system helps capture images and videos in almost any environment. Security and surveillance are considered to be an important aspect of all organizations all over the world. Enterprises, governments, healthcare organizations and financial institutions alike are all in need of a certain degree of security and monitoring measures, which calls for the installation of video surveillance systems. As a consequence, the demand for security applications like video surveillance to monitor ports, borders, corporate houses, transportation infrastructure, public places, educational institutes, buildings, and others has risen remarkably over the years.
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Given the surge in the adoption rate of advanced surveillance in the government sector, manufacturers are gradually realizing the need for effective IP surveillance systems. An IP camera CCTV system offers a host of benefits, especially compared to an analog format. IP security cameras facilitate the transfer of a greater amount of information compared to the analog signal that is sent to a DVR, which is touted to be a major market trend. Network cameras are generally used in big food chains, departmental stores, factories, malls, workshop and various other public places to track all the ongoing activities, thereby inducing growth of the video surveillance market across the globe.
Mounting demand for safety in high-risk areas, increasing transition from analog surveillance to IP cameras along with the integration of internet-of-things also stimulates the growth of the Video Surveillance Market. But, the high investment cost associated with IP cameras can slow down the growth rate of the market in the near future. Having said that, the market can pick up speed on the back of the development of smart cities across various regions around the world.
Some of the key players in the Video Surveillance Market market are Zhejiang Dahua Technology Co., Ltd. (China), Axis Communications AB (Sweden), Bosch Security Systems Inc. (U.S.), Hangzhou Hikvision Digital Technology Co., Ltd. (China), FLIR Systems Inc. (U.S.), Honeywell Security Group (U.S.), Avigilon Corporation (Canada), Pelco (U.S.), Panasonic System Networks Co., Ltd. (Japan), Hanwha Techwin Co., Ltd. (South Korea) and NICE System Ltd. (Israel).
Worldwide Video Surveillance Market – Segmentations
The worldwide market for video surveillance has been segmented with regard to component and applications.
The component has been sub-divided into software, hardware, and services. The hardware-wise segments mentioned in the report are monitors, storage systems, and cameras. Hardware leads the market, having touched a valuation of USD 15 billion in 2016. The segment can attain a growth rate of 17% during the forecast period, while software is expected to be the fastest-growing segment at the rate of 21% from 2017 to 2023.
Considering the applications segment, the global video surveillance market includes commercial, infrastructure, defense, residential and institutional. The market is led by infrastructure application, whereas the residential sector is anticipated to obtain a CAGR of 21% during the conjectured timeframe.
Video Surveillance Market – Geographical Analysis
Europe, North America, the Middle East, and Africa (MEA) and Asia Pacific (APAC) are the main markets for video surveillance.
The report highlights North America as the leading market for video surveillance, given the region’s frequent technological advancements and highly developed network architecture. Surging adoption rate of surveillance equipment in the region has led the region to the top position in the global market. High spending on military and defense leads to a rising number of research and development (R&D) activities, giving rise to new innovations.
Europe has landed the second spot in the global video surveillance market. Improving network infrastructure coupled with mounting adoption of cloud-based services across industries is inducing market growth in the region. The rising number of crime rates, terrorist attacks, and antisocial behavior is prompting the government to come up with the latest technologies as well as strategies to ensure safety and security of the public.
APAC is the third-largest market for video surveillance globally. A number of countries in the region make use of next-generation speed cameras that help catch speedy drivers and unruly drivers. These cameras are backed with artificial intelligence that is able to spot minute differences between the cars. The video surveillance market in the region is marked with high competitive rivalry, on account of the presence of several players are striving to upgrade themselves to obtain a competitive advantage over their rivals.
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TABLE OF CONTENTS
List of Figures
Figure 1 Global Video Surveillance Market: Drivers & Restraints 11
Figure 2 Video Surveillance: Value Chain 16
Figure 3 Global Video Surveillance Market: Porter’s Five Forces Analysis 17
Figure 4 Global Video Surveillance Market By Component, 2017-2023 (Usd Million) 18
Figure 5 Global Video Surveillance Market By Hardware, 2017-2023 (Usd Million) 19
Figure 6 Global Video Surveillance Market, By Application 2017-2023 (Usd Million) 21
Figure 7 Global Video Surveillance Market, By Region, 2017-2023 (Usd Million) 25
Figure 8 North America Video Surveillance Market By Country,2017-2023 (Usd Million) 27
Figure 9 North America Video Surveillance Market By Component, 2017-2023 (Usd Million) 28
Figure 10 North America Video Surveillance Market By Hardware, 2017- 2023 (Usd Million) 29
Figure 11 North America Video Surveillance Market By Application, 2017-2023 (Usd Million) 30
Figure 12 Europe Video Surveillance Market By Country, 2017-2023 (Usd Million) 37
Figure 13 Europe Video Surveillance Market By Component, 2017-2023 (Usd Million) 38
Figure 14 Europe Video Surveillance Market By Hardware, 2017-2023 (Usd Million) 39
Figure 15 Europe Video Surveillance Market By Application, 2017- 2023 (Usd Million) 40
Figure 16 Asia-Pacific Video Surveillance Market By Country, 2017-2023 (Usd Million) 51
Figure 17 Asia-Pacific Video Surveillance Market By Component, 2017-2023 (Usd Million) 52
Figure 18 Asia-Pacific Video Surveillance Market By Hardware, 2017- 2023 (Usd Million) 53
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