Technavio, a tech-focused market research firm, has published a new report on the global Wireless Video Surveillance market, which is expected to grow at a CAGR of close to 21% during the forecast period 2017-2021. The market researchers have segmented the wireless video surveillance or WVS market into three key geographical regions: The Americas accounting for 43.24% of the market in 2016 , the APAC countries 33.18% and the EMEA regions 23.58%.
Analysts found that in the Americas, the US government has augmented its budget for the deployment of defence and security systems in the country. The US Federal Energy Regulatory Commission is adopting certain standards for the safety of critical infrastructure in the Americas. Therefore, there is increased adoption of the security cameras among commercial, residential, utilities, and government sectors in the Americas to protect people and property.
The WVS market in the EMEA is witnessing growth in Europe due to the imposition of government regulations such as the European Data Protection Directive. The demand for the security systems among commercial and government sectors is increasing in Europe because of increased security concerns. Besides this, the oil and gas industry has the highest demand for surveillance cameras due to the increasing number of thefts in the industry.
The governments in APAC countries, due to security concerns, have made the implementation of CCTV cameras mandatory in public places. Moreover, the emergence of retail chains in India will drive the market for better security systems. APAC is an emerging region for global trading and tourist activities, and this further propels the need for advanced wireless cameras in the region. Several factors, such as increased government spending, growing awareness, and an increase in private sector spending, are accelerating the demand for WVS systems in the APAC countries.
