The video surveillance market 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 demand for IP cameras, owing to their better functionality and reduced cost, use of cloud services to store large amounts of data, and increasing installation of surveillance systems for security reasons.
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The report "Video Surveillance Market by System (Analog, IP, Biometrics), Hardware (Camera, Monitors, Servers, Storage Devices), Software (Video Analytics, VMS), and Service (VSaaS, Installation & Maintenance), Vertical, and Region - Global Forecast to 2022", The video surveillance market was valued at USD 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 base year considered for the study is 2016 and the forecast period is from 2017 to 2022.
Browse 68 market data tables and 89 figures spread through 209 pages and in-depth TOC on "Video Surveillance Market - Global Forecast to 2022"
Implementation of video analytics, increased installation of video surveillance systems, usage of cloud-based services for centralized data, use of high-definition cameras, and the need for physical security are the major factors driving the growth of the video surveillance market.
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“Based on hardware, software, and service, the hardware segment is expected to lead the video surveillance market during the forecast period“
Based on hardware, software, and service, the hardware segment is expected to lead the video surveillance market between 2017 and 2022. Hardware comprises the major part of video surveillance systems and include cameras, monitors, and storage solutions, among others.
Hardware products for video surveillance have become technologically advanced and affordable. Growing safety and security concerns, rising crime rates, and increasing terror attacks are some of the factors driving the growth of the camera subsegment of the hardware segment.
Continuously decreasing prices of cameras have resulted in an increase in the adoption of surveillance cameras across the globe. With the increasing use of cameras, the servers, storage devices, and monitors subsegments of the hardware segment are also growing at a significant rate.
“Based on vertical, the commercial segment is expected to grow at a high CAGR between 2017 and 2022”
Based on vertical, the commercial segment is expected to grow at a high CAGR between 2017 and 2022. The high demand for security systems from large and small retail businesses is increasing to reduce robbery and inventory loss.
In the commercial sector, financial institutions and banks prefer video surveillance systems to provide security to buildings, maintaining cash management, and monitoring customer and staff activities. This enhances security parameters and is driving the commercial segment of the video surveillance market.
“APAC is expected to lead the video surveillance market between 2017 and 2022”
The APAC region is expected to lead the video surveillance market during the forecast period. The growth can be attributed to the adoption of new technologies (cloud services and other analytics technologies) and security systems to protect economy and infrastructure from criminal activities and terror attacks.
Thus, decline in the prices of IP cameras and presence of big players are the factors that are expected to drive the video surveillance market in the region. Currently, China is undertaking several projects, especially in the infrastructure sector such as rail, airport, stadia, and highway systems, which are expected to require High Definition surveillance systems that can capture clear images even in the dark.
China is home to major video surveillance players such as Zhejiang Dahua Technology Co., Ltd. (China) and Hangzhou Hikvision Digital Technology Co., Ltd.
(China). Increasing market presence of these companies in China is also driving the video surveillance market. China is spending heavily on security equipment and installing a large number of security cameras throughout the country.
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Major players 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.).
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