Pune, India -- (SBWIRE) -- 02/14/2018 -- Market Scenario:
Regionally, Asia Pacific accounted for the largest market share from countries such China, Japan, and China among others. The reason is attributed to growing incidence of terrorist attacks and thefts. Simultaneously, increasing awareness about security systems such as alarm, biometrics, video surveillance is expected to grow the video surveillance market at fast pace. However, Asia Pacific is expected to grow over the forecast period, 2017-2023.
The global Video Surveillance Market can be bifurcated as component, application, and region. Based on component, the market is segmented into hardware, software and service. The hardware segment is further bifurcated into cameras, monitor, and storage system. The applications covered by the video surveillance include infrastructure, commercial, institutional, defense and residential. Geographically, the market is segmented into North America, Europe, Asia Pacific and Rest of the World. The regional segment is further bifurcated into U.S., Canada, Mexico, UK, France, Germany, China, Japan and India.
The factors contributing to the growth of the video surveillance market are growing adoption of technology and increasing need of security due to increasing incidence of crimes.
Furthermore, factors such as digital video surveillance are very convenient to install for security purpose. Digital video surveillance systems also gives high quality images and videos. However, high cost of the devices and need of high storage capacity storage are the factors hampering the growth of the overall market.
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The global video surveillance market is highly competitive. Various established international brands, domestic brands and as well as new entrants form a competitive landscape. The key players are nonstop increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. The video surveillance market is highly competitive due to the presence of several large vendors.
The global video surveillance market is expected to reach approximately USD 81.29 billion by the end of 2023 with 15.29% CAGR during forecast period 2017-2023.
Business expansion and partnership & collaboration are strategies taken on by the industry leaders so that they can expand their business extensively in the potential markets. The key players in the Video Surveillance Market are: Zhejiang Dahua Technology Co.,Axis Communications AB (Sweden), B Ltd. (China), Hangzhou Hikvision Digital Technology Co., Ltd. (China), (South Korea), Nice Systems, Limited (Israel), and Infinova Corporation (U.S.). FLIR Systems Inc. (U.S.), Honeywell Security Group (U.S.), Avigilon Corporation (Canada)
On the basis of component, the market can be segmented into hardware, software and service. The hardware segment is further segmented into cameras, monitor, and storage system. Out of these, hardware segment accounted for the largest market share.
On the basis of application, the market can be segmented into infrastructure, commercial, institutional, defense and residential. Out of these, commercial segment accounted for the largest market share majorly due to the increasing demand from small and medium business enterprises, retail stores, and shopping mall to reduce criminal activities.
On the basis of region, the market can be segmented into North America, Europe, Asia-Pacific and Rest of the world. Asia Pacific region accounted for the largest market share majorly due to the large and fast technology adoption. High disposable income coupled with easy affordability of security devices such as walkie talkie, biometrics, security alarm systems, and video surveillance market in Asia Pacific. Adoption of video surveillance to protect economy and infrastructure from criminal activities and terror attacks is expected to drive the video surveillance market at fast pace.
Regional Analysis of Video Surveillance Market:
Asia-Pacific region has been the dominating the global video surveillance market since the past couple of years and will be growing in a similar fashion over the forecast period by 2022. This high growth is attributed to the high level of security concerns and increasing adoption of such systems. This growth is highly attributed to the rising security demands for public safety and also in the commercial sector for business intelligence. Significant increase in the terror groups' activities as across the globe beckons the need of increased security for the common individuals. Additional measure taken by institutes and individuals resulting in high demand for security systems to reduce robberies and theft is inducing demand in this market. This growth is primarily attributed to the vast deployment of video surveillance equipments and projects in India and China among others. With the U.S. being one of the fastest adopters of technologies, North America constitutes the biggest market share after Asia-Pacific.
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- Device manufacturers
- Network Operators
- Government Agencies
- Security Agencies
- End-user sectors
- Communication operators
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