The global video surveillance market is anticipated to tread along a healthy growth trajectory between 2017 and 2025, the forecast period. Video surveillance finds increased application in banking and financial services, transportation and retail industries, and the manufacturing sector. Their incorporation is greater in more industrialized countries due to higher user awareness and larger size of end-use industries.
The market has evolved significantly over the last decade, owing to rapid developments in cloud computing and wireless technologies. Rising awareness regarding cost-effectiveness of cloud-based systems is resulting in preference for the same, thereby encouraging market players to invest in this technology. For instance, in November 2018, M1, a Singapore-based firm, launched a cloud-based video surveillance service to help businesses and SMEs. This simple, flexible, and secure end-to-end fully integrated solution aids in self-monitoring and safeguarding business assets and track various activities.
Surging adoption of IP cameras has been one of the primary growth stimulants for the market. Some of the key advantages of these cameras are easy installation, improved image quality, remote accessibility with network-based models, and high scalability. They offer a basic platform for software such as cloud and video analytics. Besides this, development of high speech processors is estimated to positively influence market growth.
Increasing concerns regarding public security and safety are expected to provide impetus to the market. Rising cases of crime and terror attacks are encouraging the implementation of video surveillance systems at public places. Demand for surveillance cameras is further supported by their declining prices. In addition, soaring demand for DIY and spy cameras is likely to propel the market during the forecast period.
Development of smart cameras and several associated sensors has boosted the prominence of video surveillance-as-a-service (VSaaS). This service allows an improved approach to perform surveillance and bridge the gap between prosecution models, with a more reliable security system. Therefore, advancements in the field of VSaaS are poised to bolster the growth of the global market. On the other hand, lack of unified standardization and need for high initial investments are projected to impede market growth.
IP and analog are the two primary types of video surveillance systems. Technological advancements and developments in storage devices are stirring up demand for IP systems. Video surveillance systems are used for different verticals, including military and defense, residential, commercial, and industrial. There is a spiraling demand for these systems in the commercial sector, including banking, retail stores and malls, enterprise and data centers, and warehouses.
North America is a prominent revenue contributor in the global arena. Post the 9/11 terror attacks, there has been significant emphasis on public security and surveillance systems in the region. Domicile of a large number of key players has led to early adoption of advanced systems. There is an increasing use of drones for video surveillance as they offer effective real-time solutions.
Asia Pacific is anticipated to exhibit strong growth during the forecast period owing to rising security concerns and increasing threat of terrorist attacks. Governments in emerging economies, such as India and China, are focused on setting up new infrastructure as well as improving existing ones. This is estimated to augment the adoption of video surveillance systems. Moreover, expanding manufacturing bases and flourishing end-user sectors in the region are contributing to market growth.
Some of the key players in the global video surveillance market are Bosch Security Systems Inc.; Axis Communications Ab; Samsung Group; Honeywell Security Group; Zicom; Flir Systems Inc.; Panasonic Corporation; Nice Limited; Schneider Electric; Zhejiang Dahua Technology Company Limited; Infinova Corporation; Hanwha Techwin; CP Plus; Hangzhou Hikvision Digital Technology Company Limited; and Avigilon Corporation.
Research Support Specialist, USA