Increase in need for safety in risk-prone areas, transition from analog surveillance to IP cameras, and integration of IoT in surveillance cameras drive the global video surveillance market. However, high investments, scarcity of skilled professional in handling IP cameras, and surge in privacy concerns hinder the market growth. On the other hand, trend of smart cities development and rise in adoption toward spy and hidden cameras create new opportunities in the coming years.
According
to the report, the global video surveillance
industry garnered $42.94 billion in 2019, and is estimated
to reach $144.85
billion by 2027, growing at a CAGR of 14.6% from 2020 to
2027.
Covid-19 scenario
- Countries such as China, India, Israel,
Singapore, and others have been utilizing mass surveillance tools to track
spread COVID-19 and quarantined patients.
- Strict video surveillance at hotspots and
containment zones with the help of drones and CCTV cameras will play an
important role in maintaining law and order during lockdown.
- Many experts have questioned the privacy and
security of data collected from various video surveillance tools.
The IP surveillance segment to
maintain its lead position by 2027
Based on system type, the IP
surveillance segment accounted for the largest market share in 2019, holding
more than half of the global video surveillance market, and is estimated to
maintain its lead position during the forecast period. This is attributed to
surge in adoption of network cameras. However, the hybrid surveillance segment
is estimated to maintain the highest CAGR of 17.5% from 2020 to 2027, owing to
increase in hybrid recorder demand.
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The commercial segment to
maintain its dominant share during the forecast period
Based
on application, the commercial segment accounted for nearly one-fourth of the
global video surveillance market in 2019, and is projected to maintain its
dominant share during the forecast period. This is due to increase in demand
for safety in commercial spaces. However, the infrastructure segment would grow
at the fastest CAGR of 18.7% from 2020 to 2027, owing to emergence of remote
monitoring.
Asia-Pacific to dominate, North America to follow
Based
on region, Asia-Pacific accounted for nearly half of the global video
surveillance market in 2019, and is estimated to maintain its
dominant position by 2027. Moreover, this region is estimated
to maintain the highest CAGR of 16.7% from 2020 to 2027. This is attributed to
increase in security concerns, trend of smart city development, and
urbanization in the countries such as India. However, North America contributed
the second-highest market share in 2019, and will maintain its position by
2027.
Market players grabbing the
largest pie
- HKVISION, Ltd.
- Bosch Security System
- Honeywell Security Group
- Dahua Technology
- FLIR
- Panasonic
- Avigilon
- Axis Communication
- Infinova
- Pelco
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