BANGALORE, India, May 11, 2020 /PRNewswire/ -- A digital video surveillance system is a surveillance device recording images and videos that can be compressed, stored, or transmitted over networks of communication. It also covers the impact of various technologies like Facial Recognition, AI in the digital video surveillance market.
The global Video Surveillance Market size was estimated at USD 42.94 Billion in 2019 and is expected to reach USD 144.85 Billion by 2027, growing at a 14.6% CAGR from 2020 to 2027.
Rising policy and stakeholder support for the implementation of smart cities and the use of urban surveillance technologies, increased demand for VSaaS services, ongoing technological developments for video surveillance systems will provide players in the video surveillance market with opportunities.
This research provides the empirical analysis of the demand outlook for video surveillance, along with emerging developments and potential forecasts to assess the imminent pockets of investment. The research will also cover the impact of COVID -19 pandemic.
TRENDS INFLUENCING THE VIDEO SURVEILLANCE MARKET SIZE
Video surveillance market leaders are working quickly towards redefining the facial recognition technology as we know it. The ground-breaking facial recognition technology eliminates the need for human deployment in a variety of scenarios due to the improved accuracy of current facial recognition algorithms. The improved facial algorithms are increasingly working on off-angle (non-frontal) probe images, and lower resolution surveillance video captures, thus expanding the sources of information that they can absorb and process meaningfully. This growing implementation of facial recognition technology is expected to increase the market for video surveillance market size.
Because of the increased adoption from the government-sector for advanced surveillance, manufacturers recognized the need for optimum IP surveillance systems. There are many advantages that a CCTV system with an IP camera has over an analog format. IP surveillance cameras transmit their signals over a network, allowing for better transmission of information than an analog signal sent to a wireless video recorder. Network cameras can be wireless and still operate across a network and are used in large department stores, supermarket chains, malls, factories, warehouses, and many other public places to keep an activity record. This aspect is expected to drastically increase the Video Surveillance Market size.
Video surveillance is witnessing broad acceptance and expected to witness high growth for the application of security services during the forecast period.
Growing adoption of IP cameras and increasing demand for wireless and spy cameras are factors that drive the growth of the video surveillance industry.
Rising need for protection in high-risk regions, increase in the transition from analog surveillance to IP cameras, and internet-of-things convergence fuel the growth of the global video surveillance industry. Factors including high investment costs and lack of technical experience in handling IP cameras, however, hamper growth in the industry.
Asia-Pacific has a large share of the global demand for video surveillance technology. This is attributed to population growth and the adoption of advanced security systems technologies in developing countries like India, China, and Indonesia. Various product releases and developments in camera monitoring industry technology are expecting huge growth in the video surveillance business in Asia-Pacific.
GLOBAL VIDEO SURVEILLANCE MARKET SEGMENTATION
Video Surveillance Market By Region and by Countries:
The global IP video surveillance and Video Surveillance as a Service (VSaaS) market size in 2018 was estimated at USD 18.51 Billion and is expected to hit USD 52.98 Billion by 2026, growing at a 12.9% CAGR from 2019 to 2026.
Due to increased government-sector acceptance of advanced surveillance, manufacturers have recognized the need for optimum IP surveillance systems. The advantages offered by an IP camera CCTV system over an analog format are numerous. IP security cameras transmit their signal over a network enabling greater transmission of information than an analog signal sent to a DVR. This serves as a major catalyst for the growth of IP Video Surveillance and VSaaS Market size.
The Surveillance market size was estimated at USD 28 Billion in 2018 and is expected to cross USD 69.4 Billion by 2025, at a CAGR of 12.0 percent over the forecast period
This study presents the worldwide surveillance market size of (value, output, and consumption), divides the breakdown by producers, area, form, and application (data status 2014-2019 and forecast to 2025). This report also analyses the market status, market size, growth rate, potential trends, market drivers, opportunities and challenges, risks and barriers to entry, distribution channels, distributors, and Porter's Five Forces Analysis.
Mobile Video Surveillance Market growth can be attributed to rising public safety and security issues, increasing the adoption of IP cameras due to improved functionality at a reduced cost, increasing demand for cloud-based mobile video surveillance solutions.
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