New information from researchers Marketsandmarkets estimates that the video surveillance market was worth $30.37 Billion in 2016 and is projected to reach $75.64 Billion by 2022.
Implementation of video analytics, increased installation of video surveillance systems, usage of cloud-based services for centralised data, use of high-definition cameras, and the need for physical security are the major factors cited in the report as being the driving factors for the growth of the video surveillance market.
Based on hardware, software, and service, the hardware segment is expected to lead the video surveillance market between 2017 and 2022. Hardware comprises the major part of video surveillance systems and includes cameras, monitors, and storage solutions, among others. Hardware products for video surveillance have become technologically advanced and affordable. Growing safety and security concerns, rising crime rates, and increasing terror attacks are some of the factors driving the growth of the camera sub segment of the hardware arena. Continuously decreasing prices of cameras have resulted in an increase in the adoption of surveillance cameras across the globe. With the increasing use of cameras, the servers, storage devices, and monitors sub segments of the hardware area are also growing at a significant rate.
Based on verticals, the commercial segment is expected to grow at a high CAGR between 2017 and 2022. The high demand for security systems from large and small retail businesses is increasing to reduce robbery and inventory loss. In the commercial sector, financial institutions and banks prefer video surveillance systems to provide security to buildings, maintaining cash management, and monitoring customer and staff activities. This enhances security parameters and is driving the commercial segment of the video surveillance market.
According to the researchers, the APAC region is expected to lead the video surveillance market during the forecast period. The growth can be attributed to the adoption of new technologies (cloud services and analytics technologies) and security systems to protect economy and infrastructure from criminal activities and terror attacks. Thus, a decline in the prices of IP cameras and the presence of big players are the factors that are expected to drive the video surveillance market in the region.
