Market Scenario
The video surveillance market is anticipated to garner a CAGR of 18.73% during the forecast period (2017-2023), Market Research Future (MRFR) unveils in a new detailed report. A video surveillance system is capable of capturing videos and images, which can be stored, compressed, and sent over communication networks. Security applications like video surveillance have witnessed a dramatic increase in its demand to monitor ports, borders, corporate houses, public places, corporate houses, transportation infrastructure, and others.
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Market Potential and Pitfalls
The global Video surveillance technology market has witnessed a tectonic surge over the past few years, mainly due to the increased terrorist activities across the globe. The need to curb terrorist attacks and criminal activities are considered the top factors propelling the market growth. Terrorist attacks, especially in economies like the U.K. and the U.S., have necessitated the deployment of video surveillance solutions. They are deployed to curtail activities like murder, intrusion, theft, and robbery. Deployment of such solutions ensures a crime-free environment.
The current boom in technology in private and public infrastructure has triggered the demand for connected safety in public places. Body-worn video surveillance and wearable technology is gaining huge demand globally. For instance, body-worn camera solution are highly preferred as they offer safety management solutions to gather visual evidence. These solutions are integrated with existing applications and offer rich video experiences. Companies are investing in manufacturing video surveillance equipment integrated with 4K technology, as this is a cost-effective process. For instance, Panasonic Corporation revealed its video surveillance solutions in 2016, including body-worn and mobile cameras, and fixed security to optimize the safety of the public.
The introduction of AI-based video surveillance is considered as one of the key trends in the video surveillance market. With technological advancements of 3D virtualizations, video surveillance with camcorders, motion sensors, fire detectors, access controls, alarms, and others has become a major part of public safety. It enables companies to manage and respond to an incident instantly, thereby reducing the risk of false alarm and errors.
Growing demand for smart city technology is another prominent factor driving the adoption of video surveillance across the globe. Smart city projects offer smart warnings like disaster warning and intelligent traffic alert, and also enables quick access to incidents and events. With the surging demand for video management, biometric applications, and IoT, the video surveillance market is estimated to flourish in the foreseeable future.
Global Video Surveillance Market: Segmental Analysis
The video surveillance market is segmented on the basis of component and applications.
By component, the video surveillance market is segmented into software, hardware, and services. Of these, the hardware component is predicted to dominate the market, surpassing a valuation of USD 15 billion revenue in 2016. The segment is presumed to attain a CAGR of 17% by 2023.
By application, the video surveillance market is segmented into commercial, infrastructure, defense, institutional, and residential. Of these, while the infrastructure segment dominates the market, the residential segment is estimated to expand with a CAGR of 21%.
Regional Frontiers
Geographically, the video surveillance market spans across Europe, North America, Asia Pacific, and Rest of the World (RoW).
The Asia Pacific is predicted to expand at the fastest rate as industries are embracing cloud-based services. The growth has been further accelerated by the improvements made in network infrastructure. The use of security cameras is predicted to witness an upsurge as APAC contains economies with an increasing manufacturing base. As terrorist attacks are high possibility in this region, the video surveillance market can find tremendous growth opportunities. The increased security concerns in China and India are likely to dictate the growth trajectory of the regional market. China uses next-gen speed cameras to detect speedy drivers. These cameras are integrated with AI, which can differentiate by identifying minute differences between cars. Facilitated with AI, the camera system is a part of the Sky Net, which is a part of China’s anti-corruption program. Such advancements are likely to elevate the scope for the video surveillance market in the region.
Competitive Dashboard
The prominent players dominating the global video surveillance market include Axis Communications AB (Sweden), Zhejiang Dahua Technology Co., Ltd. (China), Hangzhou Hikvision Digital Technology Co., Ltd. (China), Bosch Security Systems Inc. (U.S.), Honeywell Security Group (U.S.), FLIR Systems Inc. (U.S.), Pelco (U.S.), Avigilon Corporation (Canada), Hanwha Techwin Co., Ltd. (South Korea), Panasonic System Networks Co., Ltd. (Japan), and NICE System Ltd. (Israel).
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