IP Video Surveillance can be defined as a type of digital camera which is connected through a surveillance so that it becomes easy to send and receive data through computer and internet. IP video surveillance offers a number of benefits over the traditional analog CCTV such as better picture quality, content can be easily compressed for storage and data can be stored in any geographical location.
The factors contributing to the growth of the IP Video Surveillance Market are increasing implementation of video analytics, increasing demand for installation of video surveillance, usage of high-definition cameras and growing need for security. Also, features such as scalability, flexibility and reliability are boosting the demand of the IP video surveillance market. However, factors such as need for storage capacity, growing demand for high resolution pictures and privacy issues are hindering the growth of the IP video surveillance market.
Geographically, North-America accounted for the largest market share in the global IP Video surveillance market, whereas Asia-Pacific is expected to grow at a fast pace over the forecast period, 2017-2023.
The global IP video surveillance market is expected to reach approximately USD 63 billion by the end of 2023 with 20% CAGR during forecast period 2017-2023.
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IP Video Surveillance market Segmentation:
The global IP Video Surveillance market is segmented by component and application. By component the market is segmented into hardware and software. The hardware component consists of cameras, monitors and servers. The software component consists of video analytics and video management. By application segment the market consist of BFSI, government, manufacturing, healthcare, retail and others.
The key players in the global IP Video Surveillance Market include- Avigilon (Canada), Axis Communications. (Sweden), D-Link (Taiwan), Genetec Inc. TM. (Canada), The Infinova Group (U.S.), Bosch Security Systems Inc. (U.S.), Hangzhou Hikvision Digital Technology Co., Ltd. (China), Panasonic Corporation (Japan), GeoVision Inc (Taiwan) among others.
Market Research Analysis:
North America is estimated to account for the largest share of the market, whereas Asia-Pacific market is projected to grow at the fastest rate during the forecast period. The North American market is witnessing rapid growth due to technological advancements and increasing demand for efficient telecom platforms across different industry verticals in this region. U.S. holds majority of the market share both in terms of revenue as well as adoption of cable in providing greater bandwidth.
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