The security market has been witnessing growth, fueled by increasing urbanization and security consideration. Video surveillance is an inherent component of security, and the ecosystem comprises cameras, hardware, software, storage and services. These systems play a significant role in identifying unlawful activities and offer public safety besides aiding law enforcement activities. Progressive advancement in technology has resulted in a transition from analog cameras to digital integrated systems with high image resolution capabilities.
In addition to video surveillance, video surveillance as a service (VSaaS) is also gaining traction. VSaaS primarily involves recording of the video in the cloud as opposed to legacy techniques of on-premise recording. Adoption of VSaaS solutions and increasing demand for required equipment such as IP (internet protocol) cameras is expected to give impetus to the market over the next few years. The proliferation of surveillance cameras has resulted in the generation of very large data sets which need to be managed effectively using big data capabilities among others. Inadequate storage systems as well as high costs incurred due to cloud services are expected to restrain market growth. Additionally, since these devices and associated hardware are susceptible to physical damage, installation in public places proves to be risky. Legal requirements set in place to monitor activities in certain areas with the help of surveillance equipment may act as a sizable opportunity for market participants.
Analog cameras accounted for majority of the overall market in 2012; however, they are expected to lose market share with growing availability of high resolution cameras and video analytics capabilities. Video surveillance can be used in numerous locations to enforce security, such as in residential areas, retail stores, government and educational buildings, hospitality industry, etc. North America occupied the largest market share in 2012, with increasing installations of video surveillance equipment for traffic monitoring and migration from analog to enhanced systems. Asia Pacific is expected to grow at a considerable rate over the forecast period on account of growing security concerns. Key participants include Hikvision Digital Technology Co., Ltd., Honeywell Security Group, Axis Communications AB, Panasonic Corporation, Zhejiang Dahua Technology Co. Ltd., Cisco Systems, Inc., and Bosch Security Systems among others.
This report, by Grand View Research, takes a closer look at the video surveillance industry, providing a holistic perspective on market dynamics, trends, supply and demand. The report deep-dives into the market and segments it on multiple levels and providing key insights on a macro as well as micro level. The study aims at providing granular information, regarding estimates and forecasts for key components including hardware, software and services, as well as applications including residential, commercial and industrial. The report also provides the same level of information for key regional markets.
This research report analyzes various factors which have been driving and inhibiting the global video surveillance market in the past. In addition, the report analyzes the impact of each driver and restraint on the market growth, which forms the base for market forecast. The report also showcases the opportunities available in the market which may act as future drivers for the market.