Video Surveillance Market Worth 71.28 Billion USD by 2022
PUNE, India, March 17, 2016 /PRNewswire/ --
According to the new market research report on "Video Surveillance Market by System (Analog, IP), Component (Camera, Monitor, Server, Storage Device, Software), Service (VSaaS, Maintenance), Application (Infrastructure, Commercial, Institutional, Defense, residential), and Geography - Global Forecast to 2022", is expected to be worth USD 71.28 Billion by 2022, at an estimated CAGR of 16.56%.
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Browse 81 Tables and 61 Figures spread through 175 Pages and in-depth TOC on "Video Surveillance Market"
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Software component and service segment is expected to lead the video surveillance market
The market for the service segment is expected to grow at the highest CAGR between 2016 and 2022. Cloud services and video surveillance as a service (VSaaS) play an important role in the video surveillance system. Software components include video analytics and video management software. Also, the use of neural networks and algorithms in the biometric surveillance system is a part of software component. The advancement in software technologies and networking services would lead the video surveillance market.
Commercial sector is expected to grow at the highest CAGR between 2016 and 2022
The market for the commercial sector is expected to grow at the highest CAGR between 2016 and 2022. The high demand for security systems in large and small retail businesses is increasing to reduce robbery and inventory loss. In the commercial sector, financial institutions and banks highly recommend video surveillance systems to provide security to the buildings, maintain cash management, and monitor customers and staff activities. This enhances security parameters and drives the surveillance system market for the commercial sector.
APAC is expected to hold the highest market share and grow at a high CAGR during forecast period
The video surveillance market in APAC is expected to grow at the highest CAGR among its peers between 2016 and 2022. The reason for this growth is adoption of new technologies (cloud services and other analytics technologies) and security systems to protect its economy and infrastructure through criminal activities and terror attacks. Thus, reduction in IP cameras prices and the presence of big players are the factors which would drive the video surveillance system market in this region.
The key players in the ecosystem of the Video Surveillance Market profiled in this report are Axis Communications AB (Sweden), Bosch Security Systems (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), Samsung Techwin Co., Ltd. (South Korea), Nice Systems, Limited (Israel), and Infinova Corporation (U.S.).
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This research report categorizes the global video surveillance system market based on component and service, system, application, and region. This report describes the drivers, restraints, opportunities, and challenges with respect to the video surveillance system market. The Porter's five forces analysis has been included in the report with a description of each of its forces and their respective impact on the video surveillance system market.
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