Report Code: A00931 | Pages: 350 | Apr 2020 | 38664 Views | ||
Author(s) : Divyanshi T | Tables: 171 | Charts: 94 |
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Request Now !The global video surveillance market was valued at $42.94 billion in 2019, and is projected to reach $144.85 billion by 2027, registering a CAGR of 14.6% from 2020 to 2027.
A digital video surveillance system is a surveillance system that captures images and videos, which can be compressed, stored, or sent over communication networks. It can be used in any environment. Security and surveillance are required for all organizations worldwide. Governments, enterprises, financial institutions, and healthcare organizations are expected and required to have a certain level of security and monitoring measures. As a result, there has been a dramatic increase in the demand for security applications such as video surveillance to monitor and record borders, ports, transportation infrastructure, corporate houses, educational institutes, public places, buildings, and others.
On account of increase in adoption of advanced surveillance by the government sector, manufacturers have realized the need for optimum IP surveillance systems. There are many advantages that an IP camera CCTV system offers over an analog format. IP security cameras send their signals over a network, allowing greater information transfer than an analog signal sent to a digital video recorder (DVR). Network cameras can be wireless and still work through a network and are used in big departmental stores, food chains, malls, factory, work shop, and many other public places to keep a check of the activities. This factor is expected to significantly affect the video surveillance market size globally.
According to video surveillance market trends, China uses next-generation surveillance system to catch speedy drivers. The surveillance network is enabled with artificial intelligence, which differentiates by spotting minute differences between cars. The camera and monitoring system facilitated with artificial intelligence is a part of “Sky Net” operation is China’s anti-corruption program mainly aimed to track down fugitives. Around 170 million surveillance cameras are estimated to be present in China. By 2020, the country hopes to have 570 million speed cameras to help develop a database that will recognize any citizen within three seconds.
Rise in need of safety in high-risk areas, surge in transition from analog surveillance to IP cameras, and integration of Internet-of-Things boost the growth of the global video surveillance market. However, factors such as high investment cost and lack of professional expertise in handling IP cameras, hamper the market growth. Furthermore, increase in trends toward development of smart cities is expected to offer lucrative video surveillance market opportunity for expansion.
The global video surveillance market size is segmented into system type, component, application, enterprise type, customer type, and region. By system type, the market is analyzed across analog surveillance, IP surveillance, and hybrid surveillance. By component, it is divided into hardware, software, and services. The hardware segment is further sub-segmented into camera, monitor, storage, and accessories. In addition, the software segment is bifurcated into video analytics and video management software. On the basis of application, the market is divided into commercial, military & defense, infrastructure, residential, and others. On the basis of enterprise type, the market is analyzed across small scale enterprise, medium scale enterprise, and large scale enterprise. By customer type, the market is bifurcated B2B and B2C. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA along with its prominent countries.
The key players profiled in the video surveillance industry include HKVISION, Ltd., Bosch Security System, Honeywell Security Group, Dahua Technology, FLIR, Panasonic, Avigilon, Axis Communication, Infinova, and Pelco. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to enhance their video surveillance market share.
The notable factors positively affecting the video surveillance market growth include rise in need of safety in high-risk areas, surge in transition from analog to IP cameras, and integration of IoT in surveillance cameras. However, high investments such as initial installment investment and large data storage problems, with lack of professional expertise in handling IP cameras incur extra cost for the devices. This factor is expected to hinder the market growth. Moreover, emerging trends toward development of smart cities offer huge market opportunities in the coming years.
Internet protocol (IP) surveillance is a digitalized and networked version of CCTV system, which is rapidly becoming the most flexible and future-proof option for security and surveillance systems. The IP surveillance system is made up of two components—IP-based camera that records video content using a network video recorder (NVR) and video surveillance platform that captures and distributes the video content through the network. IP cameras are preferred for large installation sites that already have a high bandwidth network installed. IP surveillance cameras offer various benefits over analog surveillance such as real-time surveillance, remote accessibility, digital zooming capability, lower operational & infrastructure cost, greater integration potential, ease of data distribution, easy installation, and adjustable frame rates which boost the growth of the video surveillance market globally.
According to video surveillance market analysis, usage of video surveillance cameras has increased globally during the recent years. Advanced video surveillance cameras are equipped with technologies, which allow the user to transfer data in an effective and efficient manner. However, this feature potentially compromises the privacy of the situation, which has been tapped or recorded. There are various malicious activities being carried out through the seamless transfer of video recordings and clips to unauthorized users. This can be dangerous to the privacy of an individual who allows his/her activity to be tapped. Criminal activities such as blackmailing, is very common when it comes to misuse or leakage of personal information. This is considered to be a potential threat to the video surveillance market. Therefore, the current system requires a technology, which is designed not only to protect the privacy of the content but also to avoid its abusive usage by using techniques such as encryption, and authorization control mechanism.
Video surveillance cameras record people’s activities to detect and prevent suspicious activities. Companies are developing products with enhanced technologies to promote the seamless usage, which can be used in variety of situations and circumstances. Increase in adoption of small cameras such as dash cams, hidden spy cameras, motion activated hidden camera, and hidden camera lock in various industry verticals are promoting its growth globally. Manufacturers promote the use of spy cameras for various applications with the advent of AI, BIG data analytics, cloud computing, and face recognition options. Spy cameras are being used by consumers to keep a track on people or environment, without their knowledge. These cameras are being used at gas pumps, retail stores, classrooms, labs, and offices to tape any suspecting activity. All these factors, promote the usage of spy and hidden cameras and are expected to be opportunistic for the growth of the video surveillance market.
Key Benefits For Stakeholders
This study includes the analytical depiction of the video surveillance market forecast along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information regarding the key drivers, restraints, and opportunities in the video surveillance market.
The market growth is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the industry.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Video Surveillance Market Report Highlights
Aspects | Details |
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By System Type |
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By Component |
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By Application |
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By Enterprise Size |
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By Customer Type |
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By Region |
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Key Market Players | PANASONIC CORPORATION, BOSCH SECURITY SYSTEMS GMBH (ROBERT BOSCH GMBH), AXIS COMMUNICATIONS AB, AVIGILON (MOTOROLA SOLUTIONS), PELCO (SCHNEIDER ELECTRIC), HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO., LTD, FLIR SYSTEMS, INC, THE INFINOVA GROUP, DAHUA TECHNOLOGY CO., LTD., EAGLE EYE NETWORKS, HONEYWELL SECURITY (HONEYWELL INTERNATIONAL INC.), CISCO SYSTEMS, INC, VERKADA INC., AVENTURA TECHNOLOGIES, INC |
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The video surveillance market is highly competitive, owing to strong presence of the existing vendors. Video surveillance camera vendors, who have access to extensive technical and financial resources are anticipated to gain a competitive edge over their rivals, as they have the capacity to cater to the global market requirements. The competitive environment in this market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by the key vendors.
The video surveillance market is expected to leverage high potential for the commercial and infrastructure industry verticals in 2025. The current business scenario is witnessing an increase in the demand for surveillance systems, particularly in the developing regions such as China, India, and others, due to increase in government mandates related to public safety and security. Companies in this industry are adopting various innovative techniques such as mergers and acquisition activities, to strengthen their business position in the competitive matrix.
The video surveillance market is steadily gaining traction, owing to rise in demand for enhanced technologies in surveillance system such as integration of IoT, AI, and increased adoption of IP cameras over analog cameras for surveillances and monitoring. A shift from analog to IP technologies, cloud solutions for storage, and rise of video surveillance-as-a-service (VSaaS) present new, untapped opportunities for security solution providers.
Smart city projects have created a huge demand for the surveillance market. Introduction of special solar cameras to cater to the remote locations demands integration of new technologies to provide a bigger data resource for smooth functioning of the monitoring system.
The video surveillance market provides numerous growth opportunities to the market players such as HIKVISION, Dahua Technologies, Axis Communication, and Bosch security system.
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