IP video surveillance or Internet Protocol video surveillance uses both network and digitized video technology for surveillance monitoring purposes. Commonly used in the form of closed circuit television or CCTV, IP video surveillance is a standard in security solutions. Market Research Future’s investigation of the market has found that the global IP video surveillance market is expected to grow at a CAGR of 12% during the review period from 2017 to 2023. It is estimated that the growth of the market at this rate will likely lead to a market evaluation of USD 25 Bn by the end of 2023. IP cameras are essentially webcams or other surveillance devices which transmit surveillance footage over the internet. This means that surveillance can be accessed remotely.
The remote access that IP video surveillance provides is a key feature, and the fact is a key driver of the market. The rise of crime rates across the globe due to a high population and increasing awareness regarding advanced surveillance technology is driving the demand for IP video surveillance. Moreover, The increasing demand for the installation of video surveillance in public areas of housing complexes, in enterprises, and small businesses are also expected to drive the market. High definition cameras are increasingly available in the market and advancements in video surveillance have resulted in sophisticated IP video surveillance equipment. IP video surveillance is often found to be reliable as it cannot be easily tampered with, making it a more secure option. Moreover, IP video surveillance is easily scalable and flexible thus aiding the rising demand for IP video surveillance. With a rising implementation of video analytics and rising demand for appropriate security measures in public areas is expected to drive the growth of the market.
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However, as this type of video surveillance is delivered over the internet, it may face security issues such as hackers tampering with the stream among others. Moreover, the need for increased storage capacity is also expected to hinder market growth. However, further development of IP video surveillance is expected to be key to the development of new opportunities in the market.
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.
The global IP video surveillance market has been segmented on the basis of component, application, and region. Component has been segmented into hardware and software. Hardware has been further segmented into cameras, monitors, and servers. The software segment has been sub-segmented into video management and video analytics. The hardware segment has the dominant share of the market, while the software segment is growing at the highest CAGR of 15.01% during the assessment period.
Applications have been segmented into BFSI, manufacturing, healthcare, retail, government, and others. Among these, the retail segment is expected to lead the market over the forecast period and grow at a CAGR of 13% during the review period.
North America established itself as the largest market in the global IP video surveillance market. The region has a high adoption of advanced technology solutions such as IP video surveillance. The presence of fierce competition among IP camera vendors in the region combined with rising demand for security is expected to drive the regional market. Moreover, the region has a high number of developed economies with high disposable incomes.
The Asia Pacific is another notable regional market due to the rapid adoption of advanced solutions in emerging economies. The region has economies like India, China, and Japan that are heavily populated with growing safety concerns, thus driving the regional market.
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