The video surveillance market is witnessing a pattern of transition due to the increasing market penetration of IP cameras. The rising security concerns, along with the need for highly efficient, time-saving surveillance systems at an affordable cost, is one of the pressing matters to be looked upon in the current scenario. The rising need for physical security across critical infrastructure is one of the enablers for the market. The impact for this driver has been kept high for the next five to six years, owing to the aggressive infrastructural development pertaining to the video surveillance industry.
In the ecosystem of video surveillance industry, the cameras market is acquiring the major market share because of the vast proliferation of IP camera based surveillance systems. Geographically, Asia Pacific led the global video surveillance market in 2016, and is expected to maintain its dominance during the forecast period, in terms of value. This unprecedented growth is primarily attributed to the vast deployment of video surveillance equipment, and projects in India, and China, among others.
According to a new market intelligence report by BIS Research, titled "Global Video Surveillance Market -…recast, 2017-2023", was estimated to be $26.59 billion in 2016 and is estimated to grow over $62.62 billion by 2023.
The increasing demand for IP cameras and the rise in Video Content Analytics (VCA) and Video Surveillance as a Service (VSaaS) have acted as market drivers for the global video surveillance industry.
According to Rishabh Sinha, an analyst at BIS Research “The video surveillance market is witnessing a pattern of transition due to the increasing market penetration of IP cameras. The changing paradigm of the video analytics industry to the intelligent video analytics industry presents a major opportunity for the growth of the video surveillance market. With the arrival of Video Content Analytics (VCA) and Video Surveillance as a Service (VSaaS), the video surveillance industry is expected to grow at a robust rate. With the constantly expanding infrastructure in the regions of Asia Pacific and the vast deployment of IP camera based surveillance systems, the video surveillance industry is estimated to grow at a CAGR of 12.9% during the forecast period. ”
The market report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financials, financial summary and SWOT analysis. The overall market has been segmented by components and services along with end users. The report also includes a comprehensive section on the geographical analysis which has been sub segmented into 4 major regions namely: North America, Europe, Asia Pacific and Rest of the World (RoW).
This report is a meticulous compilation of research on more than 50 major players in the video surveillance industry. Moreover, it draws upon insights from in-depth interviews of key opinion leaders of more than 15 leading companies, market participants, and vendors. The report also profiles around 15 companies, which are leading solution providers, including Hangzhou Hikvision Digital Technology Co., Ltd., Hanwha Techwin CO., LTD. and Johnson Controls International PLC, among others.
Key questions answered in the report:
- What will be the global video surveillance market value by 2023 along with the estimated CAGR?
- What are the driving factors for the global video surveillance market through 2017 to 2023?
- Which factors are impeding the growth of the global video surveillance market?
- How will IP cameras surpass the demands of analog video surveillance systems in the next two years?
- Which storage technology will prove to be the most cost-efficient for video surveillance systems?
- What is the importance of software in video surveillance systems?
- Which application will dominate the global video surveillance application market by 2023?
- Which region will lead the global video surveillance market by 2023?
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