The global smart camera market for security & surveillance is expected to grow from USD 1.93 Billion in 2015 to USD 3.06 Billion by 2020, at a CAGR of 9.7% from 2015 to 2020. Easy installation and advanced monitoring features offered by smart cameras are the factors leading to this predicted growth of the market, according to the latest information released by Marketsandmarkets.
On the basis of application, the research company has published a new report on the subject which divides the global market into various segments; public spaces, military & defense, transit facilities, commercial facilities, enterprise & government infrastructure, and residential infrastructure.
The analysts find that the public spaces application segment of the market is projected to grow at the highest CAGR from 2015 to 2020. Smart cameras used for security and surveillance applications are continuously undergoing technical advancements to obtain better quality imaging. Growing concern for security and surveillance in public spaces, such as railway stations, public squares, and parks is one of the factors driving the demand for smart cameras, globally. Moreover, there has been an increase in terrorist activities worldwide, with innocent civilians being majorly targeted.
Acknowledging this fact, Marketsandmarkets believes that various countries across the globe are modernising their conventional anti-terror equipment and adopting latest technologies to mitigate security lapses. Manufactures are also developing technologically advanced cameras that can provide wide range coverage in open areas and crowded places. Thus, the increased demand for better quality cameras for security and surveillance is driving the global smart camera market.
The Asia-Pacific region is projected to lead the global smart camera market for security & surveillance and grow at the highest CAGR during the forecast period; this area also held the largest share of the market in 2014. This growth can be attributed to the technological developments taking place in this region. In addition, the Asia-Pacific region is also emerging as a manufacturing hub for smart cameras.
