Over the last few years, rising security concerns, along with the need for highly efficient and time-saving surveillance system at an affordable price in several industry verticals gave rise to the video surveillance systems. Further, the surveillance system is extensively used in various areas such as parks, stadiums, hospitals, retail outlets, and banks, among others. According to the market intelligence report by BIS Research titled, ‘Global Video Surveillance Market-Analysis and Forecast (2017-2023)’, the market is expected to reach at a niche level by the end of 2023, registering a CAGR of 12.9% during the forecast period. This tremendous growth is attributed to the rising demands for Video Content Analytics (VCA), and Video Surveillance as a service (VSaaS), incorporation of artificial intelligence in video surveillance systems, increasing demands for intelligent transportation systems, and integration of surveillance with technologies such as drones and body-worn cameras.
The application areas for the video surveillance system have increased steadily over the past five years. This increase can be primarily attributed to the growing penetration of connectivity solutions and the trend to deploy integrated solutions across the end-user applications. Furthermore, the rising needs for safety and security of infrastructure as well as of the population have facilitated the escalation of surveillance systems, among the consumers. However, the lack of standardization, high initial costs, and the threat to data integrity are expected to hamper the growth of the market in the future. Also, the existing security personnel are not familiar with the concepts of networking and related aspects. Hence, the market is experiencing a lack of skilled professionals that could manage both the operation and software problems in a surveillance system.
With the rapid technological advancements in cloud computing and video surveillance software, the surveillance market has transformed, in comparison to the previous decade. Further, the growth of the market is expected to escalate in the forthcoming period owing to the introduction of new IP-based digital technologies, as it allows the consumers to convert their local broadband connection into the home surveillance system. These cameras provide several benefits such as low cost and high durability as compared to the traditional analog cameras. The incorporation of video surveillance is higher in countries such as United States, China, Brazil, and United Kingdoms, due to the large size of the market and rising awareness about the surveillance systems. At present, the Asia-Pacific is dominating the market, at the global level, accounting for approximately 43% of net revenue generated by the video surveillance equipment software and services and is expected to continue leading the market during the forecast period.
BIS Research has conducted an extensive research on the global video surveillance market and compiled the observation and insight in this report. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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