According to a new market research report published by Credence Research “Video Surveillance Equipment and Services Market (Component – Hardware, Software and Services) – Growth, Future Prospects, Competitive Analysis and Forecast 2016 – 2024”, the global video surveillance equipment and services market stood at US$ 15 Bn in 2015 and is estimated to expand with a CAGR of 10.1% from 2016 to 2024.
The complete report is available at http://www.credenceresearch.com/report/video-surveillance-equipment-and-services-market
The video surveillance equipment and services market has been primarily driven by increasing need to secure various buildings, sites and premises. With rising security threats and increasing instances of crime and terror attacks, there has been a growing need for public safety and protection. It has become imperative for various government bodies and businesses to deploy video surveillance systems within the premises and around the perimeter to ensure law enforcement and public protection. Other factors such as technological advancements in cameras and rising applications in video analytics have opened up new avenues in the overall video surveillance market across the world. End-use industries including banking and finance, commercial, government, residential, retail, hospitability, and sports and events make use of video surveillance systems to provide enhanced public safety and security. Factors such as declining cost of network or IP-based cameras and rise of video surveillance as a service (VSaaS) have further fuelled the growth of the overall video surveillance market across the world. In addition, technological advancements in thermal cameras, motion detection cameras, and day/night cameras have led to its increasing adoption in various high-end sectors in the developed market such as the U.S., UK, Germany, France, Japan, South Korea and China, among others.
Some of the factors restricting the growth of security cameras market included lack of technological awareness among consumers and high initial costs. Despite declining costs of network cameras, customers in most of the developing countries are yet to deploy video surveillance solutions on their premises. In addition, lack of technological awareness among consumers has led to limited popularity of video surveillance systems among various business owners in the 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