SecurityWorldMarket

24/03/2016

Healthy growth rate for surveillance market to 2022

Hadapsar, India

According to a new market research report on the video surveillance market the global forecast by 2022 is expected to reach USD 71.28 Billion with an estimated CAGR of 16.56%.

Analysts from Marketsandmarkets have found that demand for the software and service element of the market is expected to lead the way and grow at the highest rate with cloud services and video surveillance as a service (VSaaS) playing an increasingly important role in the video surveillance system - including video analytics, video management software and the use of neural networks and algorithms for the biometric component within a growing number of surveillance systems. The advancement in software technologies and networking services are predicted to lead the video surveillance market.

The market for the commercial sector is expected to grow at the highest CAGR between 2016 and 2022. The high demand for security systems in large and small retail businesses is increasing to reduce robbery and inventory loss. In the commercial sector, financial institutions and banks highly recommend video surveillance systems to provide security to the buildings, maintain cash management, and monitor customers and staff activities. This enhances security parameters and drives the surveillance system market for the commercial sector.

Geographically, the video surveillance market in the APAC region is expected to grow at the highest rate over the period covered by the report. The reason for this growth, according to researchers, is the adoption of new technologies (cloud services and other analytics technologies) and security systems to protect the region's economy and infrastructure through criminal activities and terror attacks. Thus, a reduction in IP cameras prices and the presence of big players are the factors which should drive the video surveillance system market in this region.

The key players in the ecosystem of the video surveillance market profiled in this report are Axis Communications AB (Sweden), Bosch Security Systems (U.S.), Zhejiang Dahua Technology Co., Ltd. (China), Hangzhou Hikvision Digital Technology Co., Ltd. (China), FLIR Systems Inc. (U.S.), Honeywell Security Group (U.S.), Avigilon Corporation (Canada), Pelco by Schneider Electric (U.S.), Panasonic System Networks Co., Ltd. (Japan), Samsung Techwin Co., Ltd. (South Korea), Nice Systems, Limited (Israel), and Infinova Corporation (U.S.).


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