CHICAGO, April 8, 2020 /PRNewswire/ -- According to the new market research report "Video Surveillance Market by System, Offering (Hardware (Camera, Storage Device, Monitor), Software (Video Analytics, Video Management System) & Service (VSaaS)), Vertical (Commercial, Infrastructure, Residential), and Geography - Global Forecast to 2025", published by MarketsandMarkets™, the Video Surveillance Market is expected to grow from USD 45.5 billion in 2020 to USD 74.6 billion by 2025, at a CAGR of 10.4%. Increasing concerns about public safety and security has spurred the growth of video surveillance market, other driving factors include growing adoption of IP cameras, and rising demand for wireless and spy cameras. Rising trends of artificial intelligence and deep learning is important factor to drive the market during forecast period.
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Video surveillance hardware segment to hold largest share of the market
The hardware segment consists of cameras, monitors, storage devices, and accessories. The growth of the hardware segment is attributed to the increasing use of cameras in various security-related applications. Rising security concerns across various applications, the shift towards adoption of IP cameras, government initiatives to provide more secure environments, increasing smart city projects, technological advancements in cameras, and the availability of low cost cameras are driving the growth of video surveillance hardware market.
Cameras is important component of hardware segment. Technological advancements have resulted in highly specialized surveillance cameras that can be programmed to zoom-in scan items such as harmful equipment. Technological advancements resulted in the availability of a variety of surveillance cameras, such as those with high resolution and better quality, cameras with more than 5 mega-pixels, body worn, mobile or spy cameras, ultra-low-light cameras, panoramic 360-degree cameras, robust outdoor cameras for harsh climates, cameras for sensitive environments, and those with integration capabilities for various applications such as people counting or retail management. These cameras fulfill the varying requirements of end users, hence driving the video surveillance market.
Infrastructure application to grow at highest CAGR during the forecast period
Infrastructure vertical includes applications such as transportation and city surveillance, public places and utilities. Increasing needs for providing secured environment in public places is major driving factor of the market. The video surveillance market across transportation and city surveillance applications is expected to grow at the highest CAGR during the forecast period. Transportation is one of the leading applications for IP video surveillance systems in the infrastructure vertical. Railway stations, bus stands, and public transport are highly prone to terrorist attacks, thefts, and other security threats. Therefore, there is an increasing demand for IP video surveillance systems in the transportation application, as these systems help provide high-quality images that can help determine security threats. In developed countries, the demand for IP video surveillance systems for infrastructure-related applications is high. The growth of cities and towns in developed countries has led to the requirement for surveillance in public areas. Increasing smart city projects particularly in developing countries and need for security systems in public places has driven the video surveillance market in city surveillance application which is further expected to provide opportunity during the forecast period
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APAC to grow at a highest CAGR for video surveillance market during the forecast period
The market for video surveillance is expected to witness an upsurge in APAC owing to the increased security concerns in APAC countries such as India and China. The governments in countries such as China and India have started to invest heavily in video surveillance systems owing to the increased security concerns. The emerging nations are working toward improving infrastructure and city surveillance, which is further expected to lead to the high growth of the video surveillance market. Rising demand for video surveillance systems from verticals such as commercial facilities such as retail, banking & finance, hospitality and city surveillance drives the growth of market. APAC is likely to continue to hold the largest market size and expected to be the fastest-growing region in the video surveillance market owing to heavy investments in smart city projects. The growing penetration of new technologies such as video analytics, artificial intelligence to further provide opportunity for the market.
Major players in the video surveillance market are Hikvision (China), Dahua Technology (China), Axis Communications (Sweden), Bosch Security and Safety Systems (Germany), Hanwha Techwin (South Korea), Avigilon, a Motorola Solutions Company (Canada), FLIR Systems (US), Honeywell Commercial Security (US), Panasonic i-PRO Sensing Solutions (US), Pelco (US), Agent Video Intelligence (US), CP Plus (India), Genetec (Canada), Huawei Technologies (China), NEC (Japan), Nice Systems (Israel), Qognify (US), Tiandy Technologies (China), VIVOTEK (Taiwan) and Zhejiang Uniview Technologies (China)
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