According to a new market research report published by Acute Market Reports, the global market for video surveillance equipment and services amounted to US$ 15 billion in 2015 and is expected to expand with CAGR by 10.1 per cent from 2016 to 2024.
The market for video surveillance equipment and services has been driven primarily by an increasing need to secure various buildings, sites and premises. With increasing security threats and increasing crime and terrorist attacks, there has been a growing need for public security and protection. In order to ensure law enforcement and public protection, it has become imperative for various government bodies and businesses to deploy video surveillance systems within and around the premises. Other factors, such as technological advancements in cameras and rising applications in video analytics, have opened up new avenues in the global market for video surveillance.
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End-use industries, including banking and finance, commercial, government, residential, retail, hospitality, and sports and events, make use of video surveillance systems to enhance public safety and security. Factors such as declining network or IP camera costs and an increase in video surveillance as a service (VSaaS) have further fueled the growth of the global market for video surveillance worldwide. In addition, technological advances in thermal cameras, motion detection cameras, and day-to-night cameras have led to increased market adoption in various high-end sectors, such as the United States, the United Kingdom, Germany, France, Japan, South Korea and China, among others.
Some of the factors limiting the growth of the market for security cameras included lack of consumer technological awareness and high initial costs. Despite declining network camera costs, customers in most developing countries have yet to deploy video surveillance solutions on their premises. Moreover, a lack of technological awareness among consumers has led to a limited popularity of video surveillance systems among different business owners in emerging markets. However, with the rise of cheaper cameras and growing adoption of video surveillance as a service (VSaaS), the overall video surveillance market is expected to witness a strong demand in the following years. Thereby, the overall video surveillance market is expected to witness strong growth across the world during the forecast period.
The video surveillance equipment and services market is highly consolidated in most of the developed regions in the world. The video surveillance equipment and services market includes numerous providers in the video surveillance ecosystem including equipment manufacturers, network providers, software providers and system integrators, among others. Thereby, the market in most of the developed countries has been witnessing price-based competition leading to increased strain on the video surveillance equipment and service providers. Video surveillance providers have been engaged in providing customized solutions for various end-use industries to better meet end-users requirements. Thereby, the market is expected to witness rise of innovative applications which would further enable end-users to provide enhanced security and draw valuable insights from the surveillance videos through video analytics.
- Video surveillance as a service (VSaaS) gaining market share across the world
- Increasing use of video analytics such as facial recognition, behavior analysis, and event prediction, among others
- Rise of integrated applications delivering increased value to the end-users
- Growing interest in crowdsourcing video surveillance solutions
- Increasing use of advanced cameras including thermal cameras, multi-megapixel cameras, super low-light cameras, and panoramic cameras, among others
You can get the sample copy of this research by Acute Market Reports here: https://www.acutemarketreports.com/sample-request/58351
Report Scope by Segments
By Component Type
By End-use Industry Type
- Market Analysis
- Banking and Finance
- Sports and Events
- Others (Education, Healthcare, Manufacturing & Industrial, and Energy & Utilities)
By Geography Segment
• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India,Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)
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