The growing technical advancement in public and private infrastructure has propelled the demand for connected safety and solutions especially in public places. It is gaining demand in wearable technology and body-worn video surveillance applications. For instance, the body-worn camera solution are widely used among the people which offers safety management solution to gather video evidence. It is integrated with existing applications, business workflows and environments and offers rich video experiences. The companies are investing in manufacturing the video surveillance integrated with 4K technology due to its cost effective surveillance solution among various sectors including retail, transportation, financial and commercial industries. The real-time analysis of video streams and recorded footage becomes the vital evidence to any kind of threats. In 2016, Panasonic Corporation unveils its video surveillance solutions including fixed security, mobile and body-worn cameras to optimize public safety.
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With the technological advancement of 3D virtualization, the video surveillance with motion sensors, camcorders, access controls, fire detectors, alarms and others, has become integral part of public safety. It allows the companies to manage and respond towards an incident quickly, and reduces the risk of errors and false alarm. In 2015, Zetron, had announced a new, advanced video surveillance and security solution which is best suited for both private and public-safety applications. It allows the video recording to be digitally watermarked and stored for evidentiary purposes. It is basically offering solution to customers who oversee and protect schools, government buildings, warehouses, parking lots, and other sensitive facilities. Hence, the video surveillance is gaining demand to meet the rising security demand for public safety.
The Video Surveillance Market is segmented on the basis of component and applications.
- By component, the video surveillance market is segmented into software, hardware, and services. Of these, the hardware component is predicted to dominate the market, surpassing a valuation of USD 15 billion revenue in 2016. The segment is presumed to attain a CAGR of 17% by 2023.
- By application, the video surveillance market is segmented into commercial, infrastructure, defense, institutional, and residential. Of these, while the infrastructure segment dominates the market, the residential segment is estimated to expand with a CAGR of 21%.
Some of the key players in the market are Zhejiang Dahua Technology Co., Ltd. (China), Axis Communications AB (Sweden), Bosch Security Systems Inc. (U.S.), Hangzhou Hikvision Digital Technology Co., Ltd. (China), FLIR Systems Inc. (U.S.), Honeywell Security Group (U.S.), Avigilon Corporation (Canada), Pelco (U.S.), Panasonic System Networks Co., Ltd. (Japan), Hanwha Techwin Co., Ltd. (South Korea) and NICE System Ltd. (Israel).
Geographically, the video surveillance market spans across Europe, North America, Asia Pacific, and Rest of the World (RoW).
Considering the global scenario, North America leads the global video surveillance market, mainly due to the technical advancements the region is experiencing. The surging awareness associated with security and safety is further propelling the growth of the video surveillance market in the region. Following the 9/11 terror attack in the U.S., there has been a notable demand for security and surveillance systems. The Memphis Police Department recently teamed up with Hangzhou Hikvision Digital Technology to deploy security solutions and ensure the safety of Memphis residents.
The Asia Pacific is predicted to expand at the fastest rate as industries are embracing cloud-based services. The growth has been further accelerated by the improvements made in network infrastructure. The use of security cameras is predicted to witness an upsurge as APAC contains economies with an increasing manufacturing base. As terrorist attacks are high possibility in this region, the video surveillance market can find tremendous growth opportunities. The increased security concerns in China and India are likely to dictate the growth trajectory of the regional market. China uses next-gen speed cameras to detect speedy drivers. These cameras are integrated with AI, which can differentiate by identifying minute differences between cars. Facilitated with AI, the camera system is a part of the Sky Net, which is a part of China’s anti-corruption program. Such advancements are likely to elevate the scope for the video surveillance market in the region.
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- Technology Investors
- Research/Consultancy Firms
- Cloud Service Providers
- Security Service Providers
- Managed Service Providers
- Cloud Storage Providers
- Infrastructure Providers
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