"Overview of Video Surveillance Market"
The Global Video Surveillance Market was valued at US$ XX in 2018 and is expected to exhibit a CAGR of 9.31% to reach the market value of US$ 116.86 BN till 2027.
A video surveillance system can take videos and pictures that can be compacted, stored or sent over broadcasting networks. State authorities, businesses, financial organizations, and healthcare institutions all require an assured level of safety and surveillance measures. This further caused a dramatic upsurge in the requirement for security applications such as video surveillance to monitor and safeguard buildings, educational institutes, corporate houses, public places, transportation infrastructure, boundaries, harbors, and others, which is anticipated to propel the video surveillance market development.
The escalating safety concerns, together with the necessity for extremely effective, time-saving surveillance arrangements at reasonable expenses, are the major factors driving the video surveillance market
The increasing occurrences of terrorist attacks, burglaries, vandalism, and other offenses have stimulated the requirement of video surveillance systems. These systems are being rapidly commissioned at educational campuses, office buildings, airports, public spaces, and several others. Authorities in several nations have mandated the enactment of monitoring systems for the safekeeping of public areas and important infrastructure as a result of the growing focus on safety concerns, which further helps to boost the video surveillance market growth. In addition, government regulations in several countries have become strict, which is projected to strengthen the enactment of video surveillance systems.
Furthermore, video surveillance is majorly utilized in banking & financial services, construction, manufacturing, and transport and retail enterprises. This inclusion is greater in developed nations, due to the vast size of the concerned businesses and raised awareness amongst customers. This rise in the implementation of the video surveillance systems is expected to propel the market expansion in the course of the assessment period.
The initiative to improve the security and protection across numerous industries is substantially contributing to market growth. With accelerated improvements in video surveillance software and cloud computing, the video surveillance market has evolved, as compared to the previous few years. The evolution in the technologies associated with the video surveillance systems assists to increase growth opportunities for the market.
However, circumstances such as lack of standardization, huge initial expenses, and intimidation to data integrity and a shortage of well-qualified professionals in managing IP cameras are restraining the market growth.
Commercial segment is projected to grasp the major market stake in the course of the assessment period
In the past few years, the demand for video surveillance in the commercial sector has amplified considerably. The several industry verticals in this sector incorporate retail, media & entertainment and banking & financial industries. The escalating number of ATM robberies and suspicious ATM withdrawals all over the world are further propelling the need for suitable safety measures. The retail sector has observed many cases of false activities, like stealing and theft. Such violations induce losses meriting billions of dollars each year. As a result of all mentioned factors, the commercial segment is anticipated to hold the uppermost market share for the duration of the evaluation period.
North America is projected to dominate the global video surveillance market for the interval of the projection period
North America led the video surveillance market, which holds the majority of the video surveillance market share. The major factor propelling the market in the region is the substantial funding from the state authorities, defense authorities and private establishments from the United States and Canada. Majorly, the investments form the United States is empowering the market for video surveillance in the North American region.
The Asia Pacific region video surveillance market is rapidly increasing, on account of growing safety concerns attributable to the escalation in crime rates, civil unrest happenings and terror attacks. These factors have insisted the Governments and private institutions in APAC region to install large numbers of video surveillance cameras and services to overcome the safety concerns in the region. Furthermore, huge expenditure from China and India in safety and security services assisted the Asia-Pacific regional market to grasp the prominent market stake.
The competitive contest in the video surveillance market is huge due to the existence of various companies continually enhancing themselves so as to get a competing benefit over other companies.
Key players functioning in the global video surveillance market are Zhejiang Dahua Technology Company Limited, Genetec, Hangzhou Hikvision Digital Technology Company Limited, Flir Systems Incorporation, Bosch Security Systems Incorporation, Avigilon Corporation, Mobotix AG, Pelco By Schneider Electric, Dahua Technology Co., Samsung Techwin Company Limited, Geovision, Panasonic System Networks Co., Axis Communications AB, Infinova Corporation, Nice Systems, and Honeywell Security Group.
Global Video Surveillance Market Segmentation
Global Video Surveillance Market, by Type
- IP Cameras
- Video Analytics
- Video Management Software
- Services (VSaaS)
Global Video Surveillance Market, by Vertical
Global Video Surveillance Market, by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa