Global Video Surveillance Market CAGR
January 17, 2019
global video surveillance market is estimated to grow over $77.21
billion by 2023, according to a new market intelligence report by BIS
Research, titled Global Video Surveillance Market - Analysis and
Forecast, 2018-2023. The market value in 2017 was estimated at $32.00
billion and is expected to grow at a CAGR of 16.14% during the forecast
period. The increasing demand for IP cameras and the rise in Video
Content Analytics (VCA); and Video Surveillance as a Service (VSaaS)
have acted as market drivers for the global video surveillance industry.
The video surveillance market is in transition due to the increasing
market penetration of surveillance cameras for a wide range of
applications for commercial, institutional, residential, and industrial
end users. The rising security concern and the need for highly
efficient, time-saving surveillance systems at an affordable cost are
few of the pressing matters to be looked upon in the current scenario.
Additionally, the growing need for physical security across critical
infrastructure is one of the enablers for the market. Owing to the
aggressive infrastructural development, the demand for security is
expected to remain high for the next 5-6 years. Also, the market for
cameras is acquiring the major market share in the ecosystem of video
surveillance industry, because of the vast proliferation of IP
camera-based surveillance systems.
Geographically, Asia-Pacific led the global video surveillance market in
2017, and is expected to maintain its dominance during the forecast
period, in terms of value. APAC's growth is primarily attributed to the
vast deployment of video surveillance equipment, and huge investments in
the upcoming infrastructure projects in India and China, among others.
video surveillance market is witnessing a shift due to consumer
inclination towards round-the-clock camera-based monitoring from
physical security. The changing paradigm of the video analytics industry
to intelligent video analytics industry presents a major opportunity for
the growth of the video surveillance market. With the arrival of video
content analytics (VCA) and video surveillance as a service (VSaaS)
technology, the market is expected to grow at a robust rate. Further,
the constantly expanding infrastructure in the region of Asia-Pacific
due the vast deployment of IP camera-based surveillance systems, the
surveillance industry in this region is expected to grow at a CAGR of
16.51% during the forecast period (2018-2023)," as stated by Sidharth
Verma, Sr. Analyst at BIS Research.
The BIS Research report provides a detailed analysis of the trends
influencing the global video surveillance market, along with a
comprehensive study of the future trends and developments. It also
includes a competitive analysis of the leading players in the industry,
including corporate overview, financials, and their SWOT analysis. The
overall market has been segmented based on ecosystem and applications.
The report also includes a comprehensive section on the geographical
analysis which has been sub segmented into 4 major regions namely,
NAFTA, Europe, Asia-Pacific, Middle East & Africa, and South America.