PUNE, India, March 31, 2017 /PRNewswire/ --
The video surveillance market was valued at $30.37 billion in 2016 and is projected to reach $75.64 billion by 2022, at a CAGR of 15.4% between 2017 and 2022. IP video surveillance systems segment & APAC region is expected to grow at a high CAGR between 2017 and 2022.
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The video surveillance market was valued at $30.37 billion in 2016 and is projected to reach $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 rate of security threats, criminal activities, and thefts, among others. Factors driving the video surveillance market are the implementation of video analytics, increase in the installation of video surveillance, use of cloud services for centralized data, use of high-definition cameras, and the need for physical security. Factors such as the need for high capacity storage for high-resolution images and violation of privacy are restraining the growth of the video surveillance market.
Based on system, the IP video surveillance systems segment is expected to grow at a high CAGR between 2017 and 2022. Key advantages of IP systems include enhanced image quality, high scalability, easy installation, and remote accessibility with network-based models. The demand for IP video surveillance systems is high from different verticals, owing to an increased awareness about the advantages offered by IP video surveillance systems over analog systems. Furthermore, the decline in the cost of IP cameras has enabled end users to shift to IP-based systems from traditional analog systems for video surveillance.
Based on vertical, the commercial segment is expect to lead the video surveillance market during the forecast period due to high demand for surveillance systems from retail, finance, and hospitality sectors. The increasing demand for video surveillance systems from banks and financial institutions is contributing significantly to the growth of the video surveillance market, particularly for IP systems. Among various technologies adopted by the key players, cloud services and video analytics is witnessing deployment. The demand for IP video surveillance cameras is growing since it offers features such high-quality images, cloud storage facility, and has less installation complexity.
The video surveillance market in APAC is expected to grow at the highest CAGR between 2017 and 2022. High adoption rate of new technologies, large number of market players, growing security threats, and government initiatives to defeat terrorism are some of the important factors that have contributed to the growth of the video surveillance market in the APAC region.
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Break-up of profiles of primary participants for the report has been given below:
- By Company Type: Tier 1 - 38%, Tier 2 - 44%, and Tier 3 - 18%
- By Designation: C-Level Executives - 35%, Directors- 44%, Others - 21%
- By Region: North America - 38%, Europe - 33%, APAC - 20% and RoW (Middle East and Africa)- 9%
Major players operating 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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