The global video surveillance system market size was around USD 99 Million in 2020 and is projected to expand at a CAGR of 44% during the forecast period, 2021 – 2028. The growth of the market is attributed to the increasing requirement for physical security solutions coupled with the use of cloud-based services.
A video surveillance system is a surveillance system that captures images and videos that can be compressed, stored, or sent even over communication networks. It can use in any environment. Security and surveillance are required for most of the organizations worldwide. Governments, enterprises, financial institutions, and healthcare organizations are expected to have a certain level of security and monitoring measures.
IP security cameras send their signals over a network allowing greater information transfer than an analog signal sent to a digital video recorder (DVR). Network cameras are wireless and still work through a network, and are used in big departmental stores, food chains, malls, factory, and workshops, among others to keep a check of the activities.
Market Trends, Drivers, Restraints, and Opportunities:
- Growing concerns regarding public safety and security is anticipated to drive the market growth.
- Expanding adoption of advanced surveillance by the government sector, and growing awareness about the same among manufacturers to install optimum IP surveillance systems are anticipated to spur the growth of the market.
- Increasing demand for security applications, including video surveillance to monitor and record borders, ports, transportation infrastructure, corporate houses, educational institutes, public places, and buildings is expected to propel the market growth.
- Rising demand for wireless and spy cameras is excepted to boost the market growth during forecasted period.
- Growing adoption of IP cameras is expected to positively impact the growth of market.
- Technological advancements in big data, Internet of Things (IoT), and cloud-based services is excepted to fuel the market growth during the forecast period.
- High investment cost and lack of professional expertise in handling IP cameras can hinder the market growth.
- Increasing government funding for the development of smart cities is expected to offer lucrative opportunities to the video surveillance market.
Scope of the Report
The report on the global video surveillance system Market research report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Video surveillance system Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Hardware [Camera {Analog, IP Cameras, Hybrid} and Storage], Software [Video Analytics and Video Management Software], And Services [VSaaS]), Applications (Commercial, Infrastructure, Institutional, Industrial, Defense, and Residential)
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Regional Scope
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North America, Latin America, Europe, Asia Pacific, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Honeywell Security Group, Bosch Security Systems Incorporated, Samsung Group, Schneider Electric SE, and Panasonic Corporation
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Global Video surveillance system Market Segment Insights
Software segment to accounts considerable market share
Based on types, the market is divided into hardware, software, and services. The hardware segment is further segmented into camera and storage. The software segment is segregated into video analytics and video management software. The services segment is further segmented into VSaaS. The software segment is anticipated to account for a considerable market share in the projected timeline. Video analytics enhances video surveillance systems by performing the tasks such as real-time event detection, post-event analysis, and extraction of statistical data, which reduces manpower cost and increases the effectiveness of the surveillance system operation. Technological advancements in artificial intelligence (AI) and increasing requirement for new innovative products to tackle the security crisis at every level are expected to propel the market segment growth.
Infrastructure segment to expand at a high CAGR
On the basis of applications, the global video surveillance system market is segmented into commercial, infrastructure, institutional, industrial, defense, and residential. The infrastructure segment is anticipated to expand at a high CAGR during the forecast period. Rising demand for security solutions in public transportation, city surveillance, public places, and utilities is driving the segment growth. City surveillance application of infrastructure vertical is the most prominent area for the video surveillance market. Increasing investments by governments of various countries to increase safety levels in public places is stimulating the growth of the market segment.
Asia Pacific to dominate market
In terms of regions, the market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the market. Heavy investments in smart city projects and increasing number of security threats and concerns in China, Japan, India, and South Korea, are excepted to propel the market growth in the region. Growing awareness about safety and security solutions across various verticals, including commercial, infrastructure, and public places is driving the growth of the video surveillance market in the region. Moreover, rising incidence of theft and terrorist attacks is driving the regional market growth.
Segments
Segments Covered in the Report
The global video surveillance system market has been segmented on the basis of
Types
- Hardware
- Software
- Video analytics
- Video management software
- Services
Applications
- Commercial
- Infrastructure
- Institutional
- Industrial
- Defense
- Residential
Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Players
- Honeywell Security Group
- Bosch Security Systems Incorporated
- Samsung Group
- Schneider Electric SE
- Panasonic Corporation
Competitive Landscape
Key players operating in the global video surveillance system market includes Honeywell Security Group, Bosch Security Systems Incorporated, Samsung Group, Schneider Electric SE, Panasonic Corporation.
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