IP Video Surveillance Market Research Report – Global Forecast till 2023
Market Research Future (MRFR), in its new research report, states that the global IP video surveillance market is lucrative and expected to grow exponentially by 2022, recording a striking CAGR throughout the forecast period 2015-2022. MRFR also predicts that the IP video surveillance market might reach approximately USD 25.46 billion by 2023_ registering approximately 12.42% CAGR throughout the period.
Drivers and Restraints
The IP video surveillance is a cutting edge of surveillance technology. The IP video surveillance is connected to a wireless network in which video surveillance can be installed virtually anywhere without cabling. The past decade has observed significant growth in IP video surveillance. Increasing demand for real-time video access, advancement in IP-based technology, the rising requirements of public safety, and the need for reducing the complexity of cabling are driving IP video surveillance. Furthermore, emerging smart city projects will create opportunities for market players during the forecast period.
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The global IP Video Surveillance market is analyzed on the basis of component and application. Based on the component, the IP video surveillance market is bifurcated into hardware and software. The hardware component comprises of monitors, cameras, and servers. The software component comprises of video analytics and video management. The further hardware segment is divided into monitors, cameras, and servers. And the software segment is categorized as video analytics and video management. The hardware segment accounted for the largest market share in the past few years and is slated to record a market value of USD 6,138.91 million during the forecast period. The software segment is the second-highest valued segment and is poised to register a high CAGR of 15% during the forecast period.
ON the basis of application, the IP Video Surveillance market has been segmented into retail monitors, government, BFSI, healthcare, manufacturing, and others.
The global IP Video Surveillance market, on the basis of the region, is segmented into four major regions, namely, North America, Europe, Asia Pacific, and Rest of the World. As compared to other regions, the IP Video Surveillance market in North America is expected to observe significant growth and hold the largest market share during the forecast period. U.S and Canada are poised to drive the growth of the North American IP video surveillance market owing to the presence of a large number of established market players. North America also has well-established infrastructure, which enables the higher penetration of devices and ultimately provides better connectivity. The increasing the need for innovations and advancements in technology are other major factors accountable for the growth of the IP Video Surveillance market.
In the global IP Video Surveillance market, Asia Pacific is anticipated to exhibit a relatively faster adoption at the highest CAGR during the review period as compared to other regions owing to the enhanced growth of telecommunication and IT infrastructure, emerging economies, and technological advancement in IP video surveillance in the region.
The major market players operating in the global market as identified by MRFR are Hangzhou Hikvision Digital Technology Co., Ltd (China), Microsemi Corporation (US), Bosch Security Systems Inc. (Germany), Netgear, Inc. (the US), Cisco Systems, Inc. (the US), Panasonic System Networks Co., Ltd. (Japan), Axis Communications AB. (Sweden), Avigilon Corporation (Columbia), D-Link Corporation Incorporated (Taiwan), Genetec Inc. (Taiwan), The Infinova Group (US), and Geovision Inc. (Taiwan).
The major market players are expected to invest heavily in research and development activities for the smooth incorporation of latest technological advancements in their products. Moreover, the market is poised to witness profitable business strategies such as mergers, joint ventures, acquisitions, partnerships, among others, which are expected to sustain the competitive dynamics of the market over the review period.
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Global IP Video Surveillance Market Research Report: Information by Component (Hardware and Software), by Application (BFSI, Government, Manufacturing, Healthcare, Retail and others), by Region – Forecast till 2023
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