The Report Titled on “Global Video Surveillance System Market – Segmented by Type (Software, Hardware, Services), End-User Vertical (Commercial, Infrastructure, Institutional, Industrial, Defense, Residential), and Region – Growth, Trends, and Forecast (2019 – 2023)”, Delivers Information studies of the current situation (with the base year being 2019) and the growth prospects of global Video Surveillance System Forecast market 2019-2023.
“Video Surveillance System Market Report 2019-2023” helps the consumer to take business decisions and to understand strategies of major players in the industry. The report also calls for market-determined results deriving feasibility survey for consumer needs. Global Video Surveillance System Market Report ensures qualified and verifiable aspects of market data operating in the real-time scenario. The analytical studies are conducted ensuring consumer needs with a complete understanding of market capacities in the real-time scenario.
The Key Players covered in this study:-
Axis Communications Ab, Bosch Security Systems Incorporated, Honeywell Security Group, Samsung Group, Panasonic Corporation, Flir Systems Inc., Schneider Electric, Nice Limited, Infinova Corporation, Zhejiang Dahua Technology Company Limited, Hangzhou Hikvision Digital Technology Company Limited, Avigilon Corporation
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Overview of Video Surveillance System Market Report:
The global video surveillance system market was valued at USD 34,962.3 million in 2017, and is expected to reach a value of USD 82,615.3 million by 2023, recording a CAGR of 15.41% over the forecast period (2019 – 2023). The use of video surveillance in business is growing significantly, owing to the increasing need for physical security, coupled with the use of cloud-based services for centralized data. Globally, the drive to enhance the safety and security across different industries is adding to the market growth, significantly. With rapid developments in cloud computing and video surveillance software, the surveillance market has transformed, in comparison to the previous decade. The growth of the video surveillance market is expected to be fueled by the introduction of new IP-based digital technologies, to detect and prevent undesirable behaviors, such as shoplifting, thefts, vandalism, and terror attacks. Video surveillance is majorly adopted in manufacturing, banking & financial services, and transportation & retail industries. The incorporation is higher in countries, such as the United States, the United Kingdom, China, and Brazil, owing to the large size of the concerned industries and higher awareness among consumers.
Emergence of Video Surveillance-as-a-service (VSaaS) is Driving Market Growth
With the development of smart cameras and different types of associated sensors, there has been a shift toward more in-band analytics. This convergence of factors is laying a strong foundation for VSaaS. For instance, surveillance services are centralized in commercial premises where they use smart cameras, along with in-band analytics and other associated sensors for automating functions that require multiple personnel. These factors have enabled a more proactive approach to perform surveillance and connect the gaps between prosecution models, with a more efficient security system. Though VSaaS has been a prominent choice of commercial and residential users, bandwidth costs have always been a major concern, while sending high-resolution videos onto the cloud. Thus, the emergence of video surveillance-as-a-service has been driving the global video surveillance system marketâs growth.
Video Analytics Software has the largest Market Share
Video analytics for video surveillance have evolved considerably in the past few years, with growing adoption among corporate, government organizations, small and medium enterprises, etc. Video analytics are employed in various applications, such as facial surveillance, license plate recognition, advanced object tracking, dwell and loitering, people count, queue management analysis, and demographics. Analytics have enabled the end users to leverage specific data insights into actionable intelligence for various functions. The insights can be used to generate heat maps, monitor queues in retail outlets and hospitals, etc. The analytic programs also support IP, analog, and megapixel cameras, and can be integrated within the hardware components. The integration reduces the need for extra hardware, thus making the implementation cost-effective.
North America expected to Dominate the Market over the Forecast Period
In the United States, after the 9/11 terror attacks, there has been a significant rise in the demand for effective security and surveillance systems. Recently, Memphis Police Department (MPD) teamed up with Hangzhou Hikvision Digital Technology, a supplier of innovative video surveillance products, to deploy holistic security solutions, to ensure safety of the residents of Memphis. With the help of video surveillance systems, the Memphis city has also built a Real Time Crime Center, which can be used to monitor live video feeds and provide crucial information to officers, prior to arriving at a crime scene. Recently law enforcement authorities have started the deployment of drones for video surveillance, as they offer an effective real-time solution to track fugitives. Police departments of Arkansas, Little Rock, Miami-Dade, Florida, and Arlington, Texas have reported the use of drones for surveillance.
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Market Segment by Regions, regional analysis covers
- North America (the United States, Canada, and Mexico)
- Europe (Germany, France, UK, Russia, and Italy)
- Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
- South America (Brazil, Argentina, Colombia, etc.)
- The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
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