Video Surveillance System (Camera, Storage, Monitor, Software & Services) Market Size: Global Analysis & Forecast - 2014 to 2020

After almost three decades of the dominance of analog video surveillance systems, the market will soon be transformed to follow the paradigm of IP/network based systems. The enabling features of IP based systems over their analog counter parts are primarily the high resolution output and declining hardware and software prices. However, it will not be for another two years that the market will witness a wide scale adoption of IP based systems since, majority of the existing surveillance systems are entirely analog and switching will prove to be a costly affair for the owners.

IP based video surveillance systems will open doors for a host of industry verticals ranging from cloud storage solution to service providers and storage vendors to mega-pixel and HD camera vendors. In addition to the compelling features in terms of output images/video that IP systems provide, the cost of cabling is considerably reduced in comparison to the analog counterparts. Video analytics and video management software have further spurred the demand for video surveillance systems among the consumers. With the aid of such software, intelligent video surveillance systems are gaining popularity in the market, especially in retail outlets and public areas.

The key enabling driver to the growth of video surveillance market is the rising concern of public and personal safety. The recent attacks of terrorism and crimes have led to the rising importance of video surveillance systems in security systems. Moreover, the parallel evolution of smart homes and building automation have surged the demand of smart video surveillance systems, in the related security installations.

There is no doubt that the market has many driving forces which will contribute in the mushrooming demand of video surveillance systems, but there are certain restrains that could be plaguing the video surveillance market in the coming years. For example, the changing trend to IP based video surveillance systems will present the need of high capacity storage solutions, because of the ability of continuous monitoring and high quality output. Moreover, as the world becomes more and more networked, the integrity of the recorded data could be compromised. Hence, lack of standardization and data surveillance laws continue to be the pain points for the market. Also, the existing security personnel are not familiar with the concepts of networking and related aspects.  Therefore, the market is experiencing a lack of skilled professionals that could manage both the operation and software problems in a surveillance system.

The video surveillance equipment market deals with cameras, monitors, and storage. The primary component of video surveillance equipment is the camera. In the past six decades, since the first analog camera was developed, the market has witnessed many technological breakthroughs enabling better quality, more cost-effective, and reliable security systems. With the introduction of thermal and panoramic cameras in the commercial market, it is expected that the equipment market will witness strong growth in the coming years.

FIGURE 1
Global video surveillance software & services market value ($ Billion), 2014-2020

Source: BIS Research

The segment of video surveillance software and services market provides a detailed market study of the major types of video surveillance software-video analytics and VMS and Video Surveillance as a Service (VSaaS). The video analytics market is still at the nascent stage and hence currently has a very application specific approach in the market. The current major application is surveillance, but entertainment and visual communication applications have started witnessing growth lately. The Video management software (VMS) serves as an important tool to record and view live video footage from multiple surveillance cameras for both IP and analog cameras with an encoder. It also helps in monitoring alarms, controlling cameras and retrieving recordings from an archive. The video surveillance software market is expected to grow at an estimated CAGR of 19.25% from 2014 to 2020.

Using software as a service is set to revolutionize the video surveillance industry thanks to the features of cost savings and ease of management of such services. Video Surveillance as a Service (VSaaS), also called hosted or managed video surveillance, presents big opportunities for new companies venturing their way in the video surveillance market and also for the traditional vendors providing analog cameras and VMS. The market is still in evolving stage for VSaaS, but will grow at a healthy CAGR of over 32% from 2014 to 2020.

The application areas for video surveillance systems have increased steadily over the past five years. This increase can be primarily attributed to the increasing penetration of connectivity solutions and the trend to deploy integrated solutions across end user applications. Also, the rising need for safety and security of infrastructure and people has further facilitated the proliferation of surveillance systems among the consumers.

With a meticulous approach, the market study has identified APAC as the leading region in the global video surveillance ecosystem market accounting for almost 32% of the net revenue generated by the video surveillance equipment, software, and services, and is expected to continue with its dominance during the forecast period as well. However, ROW including regions like Latin America, Middle East, and Africa are likely to grow at the highest CAGR during the same time. Europe is also anticipated to be a promising market with explosive demands expected from the U.K., Germany and other European nations.

FIGURE 2
Video surveillance market value, by geography ($billion), 2014-2020

Source: BIS Research

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