Video surveillance market projected to grow at a CAGR of 10.4% during 2020–2025.
The global video surveillance market size is expected to grow from USD 45.5 billion in 2020 to USD 74.6 billion by 2025, at a CAGR of 10.4%. Increasing concerns about public safety and security, growing adoption of IP cameras, and rising demand for wireless and spy cameras are the factors driving the growth of the video surveillance industry. However, violation of privacy is a major restraint.
Growing government and stakeholder funding for developing smart cities and employing city surveillance solutions, rising demand for VSaaS services, ongoing technological advancements in Big Data, IoT, and cloud-based services, and increasing trends of artificial intelligence and deep learning for video surveillance systems will provide opportunities to players in the video surveillance market during the forecast period.
Based on the system, the IP video surveillance system market to grow at the highest CAGR during the forecast period The growth of the IP video surveillance systems market is mainly due to the shift from analog to IP systems.The key advantages of IP systems include enhanced image quality, high scalability, easy installation, and remote accessibility with network-based models.
These systems provide the basic platform for software such as video analytics, VMS, and cloud storage, among others.The market for IP video surveillance systems is expected to grow at a rapid pace in the near future owing to technological advancements in IP cameras as well as in the storage device industry.
The declining prices of IP cameras and IP surveillance systems have also contributed to the increasing applicability of these systems in the commercial vertical, which includes enterprises and data centers, retail stores and malls, and banks and financial buildings.
Based on offering, the software market is expected to grow at a high rate from 2020 to 2025. The software mainly includes video analytics and video management system.Adoption of artificial intelligence (AI) and deep learning are major factors that are contributing to the growth of the software market.
AI for video surveillance uses machine learning algorithms to monitor and analyze images, videos, and data recorded from video surveillance footage.It is also capable of analyzing the behavioral movements of human beings, vehicles, and other objects and can prevent potential attacks.
With the help of machine-based vision, AI can store the data and trigger alerts to the respective individuals and authorities for the recognition of threats. AI is also used in crowd management, retail management, license plate recognition, and many more applications related to the video surveillance market.
APAC video surveillance to grow at significant CAGR during the forecast period Rising security concerns, increasing spending on security equipment from the various countries, growing adoption of IP cameras for various applications such as enterprises, retail, banking & finance, transportation, and city surveillance is the major driving factor for the market.City surveillance is a prominent application in the APAC market.
Cities need innovative solutions to overcome long-term challenges such as controlling traffic flows, controlling security breaches, and managing city surveillance owing to rapid urbanization.
Governments in developing economies, including China and India, are focusing on developing smart cities, through huge government and stakeholder funding, to curb the long-term challenges arising from growing urbanization. Video surveillance can be used efficiently for traffic monitoring, operations monitoring, law enforcement, vandalism deterrence, and remote and mobile monitoring applications.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the video surveillance market space. The break-up of primary participants for the report has been shown below: • By Company Type: Tier 1 – 40%, Tier 2 – 35%, and Tier 3 – 25% • By Designation: C-level Executives – 35%, Directors – 40%, and Others – 25% • By Region: North America – 30%, Europe – 18%, APAC – 45%, and RoW – 7%
The report profiles key players in the global video surveillance market with their respective market ranking analysis. Prominent players profiled in this report are Hikvision (China), Dahua Technology (China), Axis Communications (Sweden), Bosch Security and Safety Systems (Germany), Hanwha Techwin (South Korea), Avigilon, a Motorola Solutions Company (Canada), FLIR Systems (US), Honeywell Commercial Security (US), Panasonic i-PRO Sensing Solutions (US), Pelco (US), Agent Video Intelligence (US), CP Plus (India), Genetec (Canada), Huawei Technologies (China), NEC (Japan), Nice Systems (Israel), Qognify (US), Tiandy Technologies (China), VIVOTEK (Taiwan) and Zhejiang Uniview Technologies (China). The study includes an in-depth competitive analysis of these key players in the video surveillance market, with their business overview, recent developments, and key market strategies for leaders.
Research Coverage: This research report categorizes the global video surveillance market by system, offering, vertical, and geography.The report describes the major drivers, restraints, challenges, and opportunities pertaining to the video surveillance industry and forecasts the same till 2025.
Also, the report consists of a market ranking analysis of key players operating in the video surveillance market.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways: 1. This report segments the video surveillance market comprehensively and provides the closest market size projection for all subsegments across different regions. 2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. 3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes market ranking analysis of major players, product launches, partnerships and collaborations, agreements, and acquisitions.
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