Video surveillance market to grow to 68.34B USD by 2023

Northbrook, Il (USA)

According to the latest research report from Marketsandmarket, the video surveillance market is estimated to grow from USD 36.89 Billion in 2018 to USD 68.34 Billion by 2023, at a CAGR of 13.1% between 2018 and 2023. The increasing concerns for public safety and security, growing adoption of IP cameras, and growing demand for DIY and spy cameras are cited as the key factors driving the video surveillance market growth.

The researchers report that the growth of the IP video surveillance systems market is mainly due to the shifting preference from analogue to IP systems. The key advantages of IP systems include enhanced image quality, high scalability, easy installation, and remote accessibility with network-based models. These systems can be integrated with the existing IP network, and they provide the basic platform for software such as video analytics, VMS, and cloud storage. The market for IP video surveillance systems is expected to grow at a rapid pace in the near future owing to technological advancements in IP cameras as well as in the storage device industry.

The growth in safety and security concerns, the rise in the crime rate, and the increase in the number of terror attacks are some major factors driving the growth of the market for cameras used for video surveillance. The continuous decrease in the prices of cameras has resulted in the increased adoption of surveillance cameras across the world, which, in turn, created the significant demand for storage solutions and monitors.

The commercial vertical is expected to dominate the video surveillance market during the forecast period. Under this vertical, commercial areas such as enterprises and data centres, banking and finance buildings, hospitality centres, retail stores and malls, and warehouses are considered. The rising demand for video surveillance systems in retail stores and malls, enterprise and data centres, and banking sectors is driving the growth of this market.

Marketsandmarkets believes that the Asia Pacific area is the fastest-growing region in the video surveillance market owing to heavy investment in building new and improving existing infrastructure. The market for video surveillance systems and services in Asia Pacific is likely to continue to grow significantly at a high rate in the near future. The use of security cameras is expected to increase in APAC countries as these are emerging economies with a growing number of manufacturing bases, and the terrorist attack is a strong possibility. Moreover, the market for video surveillance is expected to witness an upsurge in APAC due to the increased security concerns in APAC countries such as India and China.

Some of the major players in the video surveillance market that are covered in this latest research report inlcude Hikvision, Dahua, Axis Communications, Bosch Security Systems, Flir (US), Avigilon, Hanwha Techwin, Honeywell Security Group, Infinova, Pelco, BCD Video, CP Plus, Nice Systems, Panasonic, Tiandy, Uniview Vivotek, and Zicom.


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