LONDON, June 28, 2017 /PRNewswire/ -- The global city surveillance market is ripe for growth. Global city infrastructure expansion and adoption of Smart City initiatives, coupled with a need for smart, real-time surveillance networks with intelligence analytics solutions to mitigate crime and keep citizens safe, are factors driving growth. Addressing challenges relating to breadth of privacy, budgets, legacy systems and limited bandwidth will further boost market development. In a highly fragmented and competitive market, successful companies will be those that strengthen their brand value and position by adding innovative technologies to their product portfolio.
"Real-time monitoring is expected to grow with law enforcement agencies relying more on surveillance networks than traditional evidentiary and review. Analytics packages and applications will become prevalent across city surveillance systems," said Frost & Sullivan Security Research Analyst Rakesh Vishwanath.
Global City Surveillance Market, Forecast to 2022, new research from Frost & Sullivan's Security Growth Partnership Subscription, finds that spending will increase across the city surveillance industry due to decreasing Internet protocol (IP) camera prices and continued improvements in analytics, video management systems (VMS), and smarter storage technologies. The study analyses current and expected market developments, drivers, restraints, revenue forecast by country, and growth opportunities. Key suppliers, such as Sony, Bosch, Huawei, Dahua, Milestone Systems, Wavestore, Verint, Nice and Avigilon, and competitor factors across these segments are provided.
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Trends and developments driving growth in the global city surveillance market include:
- Terror attacks and crime rates;
- Infrastructure expansion and investment in smart city projects;
- Major surveillance system upgrades;
- Surveillance system expansion; and
- Adoption of advanced analytic systems with artificial intelligence capabilities.
"Cameras will dominate market spending, primarily owing to the increase in digitisation and enhanced capabilities to perform under challenging environments coupled with decreasing costs," noted Vishwanath. "This will also lead to a steady increase in spending on storage as increased surveillance is directly related to the better management of data."
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Global City Surveillance Market, Forecast to 2022
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SOURCE Frost & Sullivan