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IP Video Surveillance Market is projected to reach more than US$ 77 Bn by 2028, growing at a CAGR Of 13.1 % during the Forecast Period
The global IP Video Surveillance market has shown phenomenal growth since last few years. The market is expected to witness raid growth during the forecast period. Some of the factors fuelling the growth of global market include rising awareness regarding safety and security, supportive government initiatives, and technology advancements in the surveillance sector.
Rising Adoption from the Government Sector is anticipated to fuel the demand for IP Video Surveillance during the Forecast Period
IP video surveillance is majorly being adopted from the government sector owing to the advantages offered by IP camera over the traditional CCTV camera. The IP video surveillance send the compressed image over the network in a very short time span. These cameras can be operated in any environment and even in hazard conditions which guarantee the improved security and safety to the end-user. As a result, a rapid increase has been registered for IP video surveillance to record and monitor residential and commercial buildings, borders, educational institutes, ports, and public places. This is anticipated to propel the growth of global IP Video Surveillance market during the forecast period.
However, high costs associated with maintenance and initial investment might hamper the growth of global market at a minimal extent. However, in response to the growing demand from large consumer base manufacturers are engaged in research and development activities intended to develop cost-efficient products which are expected to poise a positive impact on the growth of global market in the coming years.
Video Surveillance-as-a-Service (VSaaS) segment is anticipated to grow at a fastest CAGR during the Forecast Period
On the basis of offerings, the video surveillance as a service is projected to witness fastest growth during the forecast period. The VSaaS offers allow consumers to remotely play, store, record, manage and monitor footages entirely on secure servers or cloud. Also, these services offer several benefits such as low capital investment, real-time data, enhanced performance, and scalability. These factors are anticipated to fuel the growth of the segment in the coming years.
Commercial Segment is projected to be the Dominant Segment over the Forecast Period by Holding Significant Market Share
Based on end-use industry, the global IP video surveillance market is dominated by commercial segments, accounting for significant market share in 2018. The dominance of the segment can be credited to the rising adoption from enterprises, malls, retail stores, warehouses, financial buildings, and hospitality centers. Malls and retail stores are the major contributors in the IP video surveillance market. The rising concern among retail stores and malls regarding security risks such as inventory loss, theft, vandalism, product diversion, and accidental loss.
Asia Pacific had dominated the Global IP Video Surveillance Market in 2018
In terms of region, the global market is dominated by the Asia Pacific throughout the forecast period. The growth of the region can be attributed to the rising security concerns in emerging economies such as China, India, and Japan. The countries have started heavily investing in video surveillance systems which are estimated to fuel the growth of the region. Moreover, the rising prevalence of city and infrastructure surveillance in developing countries is expected to drive the growth of the market in the Asia Pacific. China is the largest contributor for the IP video surveillance market in the APAC region.
The global IP video surveillance is highly fragmented with several global and some regional companies. The manufacturers are engaged in adopting different strategies to gain competitive edge.
For instance, In January 2019, Qognify announced the completion of acquisition with On-Net Surveillance Systems and SeeTec GmbH. The companies are specialized in IP video management software and IP video technology respectively. Similarly, in February 2018, Motorola Solutions announced to acquire Avigilon for US$ 16 billion.
Some of the prominent players operating in global IP video surveillance market include Zicom, Hikvision, Dahua Technology, Uniview, Axis, VivoteK, Bosch Security Systems, Tiandy Technologies, FLIR Systems, Panasonic System Networks, Avigilon Corporation, Nice System, Hanwha Techwin, CP Plus, Honeywell Security, BCDVideo, Pelco, and Infinova.
Global IP Video Surveillance Market by Offering
- Video Analytics
- Video Management Software
- Storage Devices
- Installation and Maintenance Services
- Video Surveillance-as-a-Service
Global IP Video Surveillance Market by End-Use Industry
- Public Facility
- Military & Defence
Global IP Video Surveillance Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America