Market Scenario:
The Video surveillance market is likely to grow at a healthy 18.73% CAGR between 2017- 2023 states the recent Market Research Future (MRFR) analysis. A video surveillance system, simply put, is a surveillance device that records videos and images which can be compressed, transmitted, or stored over communication networks. This also covers the effect of different technologies such as AI, and facial recognition. Owing to its excellent features and benefits, it has wide applications in residential, defense, institutional, commercial, and infrastructure.
Various factors are propelling the global Video Surveillance Market share. As per the current MRFR report, such factors include the rising concerns regarding security and public safety, increasing use of IP cameras, burgeoning demand for spy and wireless cameras, growing stakeholder and government funding to develop smart cities, use of city surveillance solutions, and surging need for VSaaS services. Additional factors adding market growth include the prevalent trends of deep learning and artificial intelligence and ongoing technological advances in cloud-based services, the internet of things, and big data. Besides, strict video surveillance mechanisms during the COVID-19 pandemic to keep track of people advised home quarantine or staying in high-risk zones and to ensure the adherence to social distancing are also adding market growth.
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Segmentation
The global video surveillance market is studied for various segments to aid the reveal of several trends that are impacting the market’s growth trajectory. Such segmentation has been carried out by component, application, and region. By application, the global video surveillance market is segmented into infrastructure, institutional, commercial, defense, and residential. The infrastructure segment is expected to dominate the global video surveillance market in the forthcoming years. Alternatively, the residential sector is estimated to experience the fastest growth rate of 21% during the assessment period.
By components, the global video surveillance market is segmented into software, hardware, and services. The hardware segment is studied for the sub-segments of cameras, monitors, and storage systems. The hardware segment was recorded at a market value of USD 15 billion at the beginning of the forecast period. This segment is expected to upscale at a 17% CAGR during the forecast period. On the other hand, the software segment is anticipated to garner the largest CAGR of 21% in the impending years, as stated in the latest MRFR analysis.
Regional Analysis
The global video surveillance market is studied for a regional segmentation of North America, Europe, Asia Pacific, and Rest of the World. While North America is estimated to gain a maximum share of the global surveillance video market, Asia Pacific is assessed to witness the fastest growth rate over the forecast period in the foreseeable future. Ascension in North America is projected to take place due to the technical advancements in the region. Furthermore, rising awareness towards safety and security in the region is also providing momentum to the progress of the video surveillance market in the region. Asia Pacific is estimated to experience growth at the fastest CAGR owing to the improvements in the network infrastructure and rising adoption of cloud-based services in various industry verticals in the region.
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Intended Audience
- Technology Investors
- Research/Consultancy Firms
- Cloud Service Providers
- Security Service Providers
- Managed Service Providers
- Cloud Storage Providers
- Infrastructure Providers
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