Global Video Surveillance Market Overview
Mounting technological advancement in public and private infrastructure has promoted the demand for connected safety solutions, especially in public places. These technologies are gaining momentum in wearable technology and body-worn video surveillance applications. For instance, body-worn video surveillance cameras are gaining momentous growth among people that are offering various safety management solutions for gathering of video evidence. It is also integrated with existing applications, business environments and business workflows that offer rich video experiences. These companies are also investing in the production of video surveillance that is integrated with 4K technology, owing to the cost-effective video surveillance systems among various sectors including transportation, retail, financial, and commercial industries.
The Video surveillance technology market value is anticipated to reach up to USD 80 billion over the forecast period (2020-2023), with a CAGR of about 18.73%.
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Market 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.
Detailed 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.
Key Players
Some prominent players functioning in the global video surveillance market have been included in the profile section of the MRFR report. This section has mentioned market vendors including Zhejiang Dahua Technology Co., Ltd. (China), Bosch Security Systems Inc. (U.S.), Axis Communications AB (Sweden), Hangzhou Hikvision Digital Technology Co., Ltd. (China), Honeywell Security Group (U.S.), FLIR Systems Inc. (U.S.), Avigilon Corporation (Canada), Panasonic System Networks Co., Ltd. (Japan), Pelco (U.S.), Hanwha Techwin Co., Ltd. (South Korea), and NICE System Ltd. (Israel).
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