NEW YORK, Jan. 8, 2019 /PRNewswire/ -- Global Video Surveillance Market is Expected to Grow at a CAGR of 16.14% from 2018 to 2023
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The report presents a detailed market analysis including an in-depth analysis of the market drivers, opportunities, challenges, and growth trends mapped across equipment, software, services, application, and geographies.The market is segmented based on ecosystem (cameras, monitors, storage, software, and services), application areas, and geographical regions.
The rising security concerns, along with the need for highly efficient and time-saving surveillance systems at affordable costs, is one of the pressing matters to be looked upon in the current scenario. The effort to deliver such solutions, along with the growing application across various verticals, is acting as one of the major drivers for the video surveillance industry.
The increasing demand for Video Content Analytics (VCA) and Video Surveillance as a Service (VSaaS), the incorporation of artificial intelligence in video surveillance systems, the increasing demand of intelligent transportation systems, and the integration of surveillance with technologies, such as drones and body-worn cameras, have been identified as the key opportunities that could escalate the market growth in the coming years.However, lack of standardization, high initial costs, and threat to data integrity continue to remain the pain points of the market.
Moreover, the reduction in the cost of cloud storage solution has surfaced as a key opportunity for service players in the video surveillance market.
The video surveillance ecosystem chapter is the result of a comprehensive and rigorous research.The chapter is divided into five major ecosystems which are the camera, monitor, storage, software, and services.
Cameras are further segmented by technology, connectivity, resolution, and product type.Storage section is discussed under two subheadings of storage – media and technology.
The information supplied in the report includes key market players, market size, key restraints, and growth opportunities.
The software market deals with video analytics and Video Management Software (VMS) and service market with Video Surveillance as a Service (VSaaS).Each segment is presented with the key players, restraints, and opportunities in addition to the applications of these software in the video surveillance market.
The next segment discusses the evolving market of Video Surveillance as a Service. This segment also discusses the market of VSaaS across different applications, geographies, and types.
Since the last decade, the video surveillance systems have penetrated a plethora of application areas including parks, stadiums, hospitals, retail outlets, bank, and institutions, among others. The report provides an exhaustive application analysis including the market statistics for different verticals, such as commercial, infrastructure and others, and enumerates various use cases with a futuristic roadmap for each industry vertical.
Being an extensive research and study on the leading as well as developing regions in the video surveillance market, such as APAC, North America, Middle East, and Latin America, the report provides the market statistics, drivers, challenges, and opportunities across these regions.
The report also formulates the entire value chain of the market, along with industry trends of video surveillance equipment, software, and services with emphasis on market timelines & technology roadmaps, and market dynamics. Some of the key players identified in the report are Avigilon Corporation (Canada), Axis Communication (U.S.), Panasonic Corporation (Japan), Hanwha Techwin Co. Ltd (Korea), Bosch Security systems (Germany), and Hangzhou Hikvision Digital Technology Co., Ltd. (China), among others.
Key questions answered in the report
• What is the estimated global video surveillance market value by 2023 along with the estimated CAGR?
• What are the driving factors for the global video surveillance market through 2018 to 2023?
• Which factors are impeding the growth of the global video surveillance market?
• How are IP cameras expected to surpass the demands of analog video surveillance systems in the next two years?
• Which storage technology is estimated to prove to be the most cost-efficient for video surveillance systems?
• What is the importance of software in video surveillance systems?
• Which application is expected to dominate the global video surveillance application market by 2023?
• Which region is expected to lead the global video surveillance market by 2023?
The process of the evolution of video surveillance cameras and the technologies of surveillance has considerably changed the global surveillance industry in terms of cost-effectiveness, increased safety, and convenience of the users.The global video surveillance market is growing at a significant rate and is expected to reach a substantial level by 2023.
Moreover, the video management systems are gaining popularity, and the sector is expected to grow at a robust rate in the future.The video surveillance market is witnessing a transition due to the increasing market penetration of Internet Protocol (IP) cameras.
The IP camera market is expected to grow at a significant rate during the forecast period.Their growth can be attributed to the fact that they allow the users to convert their local broadband connection into a home surveillance system.
These cameras provide several benefits when compared with the traditional analog cameras such as low cost, and high durability.
There is no doubt that the market has many forces leading to a growth in demand for video surveillance systems, but there are certain restraints that could plague the video surveillance market in the coming years. For example, the trend of IP-based video surveillance systems (which can continuously monitor and have a high-quality output) will require high-capacity storage solutions. Also, as the world becomes more networked, the integrity of the recorded data could be compromised. Hence, a lack of standardization and the data surveillance laws continue to be a pain-in-the-neck for the market. Also, the untrained security personnel is not familiar with the concepts of networking and related aspects. The market is experiencing a shortage of skilled professionals to manage the operation as well as the software problems in an IP-based surveillance system.
The video surveillance market has been tracked along the lines of its ecosystem (cameras, storage, monitors, software, and services), application areas, and geography.Revenue generated from various application areas, namely residential, commercial, infrastructure, industrial and institutional applications have been analyzed.
The report also covers the video surveillance market on a global scale and consequently provides revenue data of the key regions. A separate segment specifically has been dedicated to the key global regions: North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW).
Cameras are the most important part of any surveillance system.The overall cost of a set-up depends significantly on the area covered for surveillance, and equipment like cameras, storage media, monitors, and digital video recorders, and others.
As a result of the rising number of video cameras, the need for video analytics, and video management systems (VMS) has increased which has contributed to the growth of the video surveillance industry.
The segment on video surveillance software and services market provides a detailed market study of the major types of video surveillance software - video analytics and VMS; and Video Surveillance as a Service (VSaaS).The video analytics market is still at the nascent stage and hence currently is applied mainly for surveillance application.
The current major application is surveillance, but entertainment and visual communication applications have started witnessing growth lately.The VMS serves as an important tool to record and view live video footage from multiple surveillance cameras for both IP and analog cameras with an encoder.
VMS also helps in monitoring alarms, controlling cameras and retrieving recordings from an archive.
The usage for video surveillance systems in a number of applications have increased steadily in the past five years.This increase can primarily be attributed to the increasing connectivity solutions and the trend to deploy integrated solutions across end-user applications.
Also, the rising need for safety and security of infrastructure and people has further facilitated the proliferation of surveillance systems among the consumers.
The market study by BIS Research has identified APAC as the leading region in the global video surveillance market accounting for almost 45.1% of the net revenue generated by the video surveillance equipment, software, and services; and estimates that the region will continue its dominance during the forecast period as well. Europe too is anticipated to be a promising market with the multi-fold rise in demands expected from the U.K., Germany, and other European nations.
• Asia-Pacific (by Country)
• South Korea
• NAFTA (by Country)
• The U.S.
• Europe (by Country)
• Middle East & Africa (by Country)
• Saudi Arabia
• The U.A.E.
• Rest-of-Middle East & Africa
• South America (by Country)
• Rest-of-South America
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