Video surveillance market was valued US$ 34.94 Bn in 2017 and is estimated to reach US$ 75.45 Bn by 2026 at a CAGR of about 10.1% during a forecast period.
Video surveillance market
The report Video surveillance market based on system, offering, vertical, and region. In terms of system, the Video surveillance market is divided into analog, and IP. Based on offering, the Video surveillance market is classified into hardware, software, and service. On the basis of vertical, the Video surveillance market is categorized into commercial, infrastructure, military & defense, residential, public facility, and industrial. Region wise into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Video surveillance systems are an integrated arrangement of hardware and software components containing CCTV cameras, monitors, and storage media among others. Rising demand for security observation products on account of increasing criminal and threat activities is the key factor to propel the video surveillance systems market. The growth of the video surveillance market is anticipated to be fuelled by the introduction of new IP-based digital technologies, to detect and prevent undesirable behaviours, such as shoplifting, thefts, vandalism, and terror attacks. However, growing privacy fear, demand for higher bandwidth, and system vulnerable to hackers are restraining the market growth.
Video surveillance market is segmented into system, offering, vertical, and region. In terms of system, growth of the IP video surveillance systems market is primarily due to the shifting preference from analog to IP systems. The main advantages of IP systems include enhanced image quality, high scalability, easy installation, and remote accessibility with network-based models. The market for IP video surveillance systems is anticipated to grow at a rapid pace in the near future owing to technological advancements in IP cameras as well as in the storage device industry.
Based on offering, Hardware segment lead the video surveillance market with more than 85% of share among the global market. Cameras hold the major share in hardware video surveillance market. Functional competences, standard based open architecture, and reduced cost of ownership are the factors fuelling the hardware market growth. Incorporation of enhanced features have led to software developments over the recent years, which in turn is anticipated to boost the software segment sales.
On the basis of vertical, the commercial vertical is anticipated to dominate the video surveillance market. The increase in demand for video surveillance systems in retail stores and malls, enterprise and data centers, and banking sectors is driving the growth of this market.
In terms of region, North America is the dominating video surveillance market, accounting for more than 32% of the share. U.S. commanded the largest share in the North American region. Asia Pacific is anticipated to witness significant growth rate due to growing demand for smart imaging of everything and rapid growth in GDP.
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Some of the key players in the video surveillance market are Avigilon Corporation, Axis Communications AB, Bosch Security Systems Incorporation, Flir Systems Incorporation, Hangzhou Hikvision Digital Technology Company Limited, Samsung Techwin Company Limited, Zhejiang Dahua Technology Company Limited, Dahua Technology Co., Ltd., Mobotix AG, Geovision, Inc., and Genetec, Inc.
Scope of Video Surveillance Market
Global Video Surveillance Market, by System
Global Video Surveillance Market, by Offering
• Video Surveillance-as-a-Service
• Installation and Maintenance Services
Global Video Surveillance Market, by Vertical
• Military & Defense
• Public Facility
Global Video Surveillance Market, by Geography
• North America
• Middle East & Africa
• Latin America
Key Players operating in Video Surveillance Market
• Avigilon Corporation
• Axis Communications AB
• Bosch Security Systems Incorporation
• Flir Systems Incorporation
• Hangzhou Hikvision Digital Technology Company Limited
• Samsung Techwin Company Limited
• Zhejiang Dahua Technology Company Limited
• Dahua Technology Co., Ltd.
• Mobotix AG
• Geovision, Inc.
• Genetec, Inc.
• Honeywell Security Group
• Infinova Corporation
• Nice Systems
• Panasonic System Networks Co., Ltd.
• Schneider Electric
• Hanwha Techwin
• BCD Video
• CP Plus