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Global Video Surveillance Market to Grow Over $77.21 Billion by 2023
December 27, 2018 | PRNewswireEstimated reading time: 2 minutes
The 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.
"The 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, senior 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.
This report is a meticulous compilation of research on more than 50 major players in the video surveillance industry. Moreover, it draws upon insights and in-depth interviews of key industry leaders of more than 15 leading companies, market participants, and vendors. Also, 16 major players present in the market are profiled in the report, including Hangzhou Hikvision Digital Technology Co., Ltd., Hanwha Techwin CO., LTD., and Dahua Technology Co., Ltd., among others and an overview of 10 other major players such as CP Plus, Dallmeier, and Milestone Systems A/S, among others.
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