According to a recent report published by Allied Market Research, titled, "IP video surveillance and VSaaS market by Product Type and Application: Global Opportunity Analysis and Industry Forecast, 2018-2026," the global IP video surveillance and VSaaS market was valued at $18.51 billion in 2018 and is projected to reach $52.98 billion by 2026, growing at a CAGR of 12.9% from 2019 to 2026.
A video surveillance system is a surveillance system that can capture images and videos that can be compressed, stored, or sent over communication networks. Digital video surveillance systems can be used for nearly any environment. Security and surveillance are required for all organizations worldwide.
Owing to 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 signal over a network, allowing greater information transfer than an analog signal sent to a DVR, which act as major IP video surveillance and VSaaS market trends.
North America is one of the key contributors to the IP video surveillance and VSaaS market size owing to the increasing number of applications in commercial, industrial, and residential sectors, which fuels the demand for the IP video surveillance & VSaaS in the region. For instance, Mount Royal University in Canada is turning to artificial intelligence to strengthen its security across its campus. The university will replace the old CCTV technology with 360-degree high-resolution cameras and a software system enabled with AI. The three components of the project have been funded by three different revenue sources, including the university’s operating budget, the library project fund, and the provincial government’s Infrastructure Maintenance Act. In addition, an app called MRU is also available for download on iTunes and the Google Play store that alerts users about safety concerns on campus and will allow them to report an emergency from their phones.
Based on the IP video surveillance and VSaaS market analysis, the banking & financial sector segment generated the highest revenue in 2018 followed by the retail segment, which is estimated to witness rapid growth among the other applications mentioned in the report.
The U.S. is also one of the major contributors to the IP video surveillance and VSaaS market growth. U.S Department of Homeland Security’s Transportation Security Administration (TSA) agency has an authority over the security of the public travelling in the U.S. On November 19, 2018 the U.S. Secret Service started testing a facial recognition system that uses security cameras to capture images of people outside the White House and match their respective identity. This is expected to increase the demand for video surveillance in the U.S. during the forecast period.
Key Findings of the IP Video Surveillance and VSaaS Market:
- Based on product type, the hardware segment generated the highest revenue in the global IP video surveillance & VSaaS industry in 2018.
- Based on application, the banking & financial sector segment generated the highest revenue in the market in 2018.
The key players profiled in the report include HKVISION, Ltd., Bosch Security System, Honeywell Security Group, Dahua Technology, D-Link Corporation, Panasonic, Avigilon, Axis Communication, Infinova, and Mobotix AG. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to enhance their market penetration. These key players adopt several strategies such as, new product launch and development, acquisition, partnership and collaboration and business expansion to increase the IP video surveillance and VSaaS market share during the forecast period.
In May 2019, Avigilon launched H5A camera line that offers expanded object classification analytics as well as detailed object detection and tracking in crowded scenes. This product brings next generation of neural network-based video analytic technologies and image processor features. In March 2019, Hikvision Digital Technology launched 4MP Network IR PTZ Camera with the higher resolution of previous model. This camera employs 1/1.8” sensors to raise resolution to 4 megapixels. Further, the company also launched new AcuSense network camera series to its EasyIP 4.0 security solutions. This product features strobe light and audio alarm that immediately deters intruders from entering a prohibited site in the same month.