by Brianna Crandall — April 6, 2016—For those facilities managers who are keeping an eye on security and surveillance trends, according to a new market research report from MarketsandMarkets, the global video surveillance market is expected to be worth USD 71.28 billion by 2022, at an estimated compound annual growth rate (CAGR) of 16.56%, with growth led by software and services.
Software, services to lead market
The market for the service segment is expected to grow at the highest CAGR between 2016 and 2022. Cloud services and video surveillance as a service (VSaaS) play an important role in the video surveillance system, according to the report.
Software components include video analytics and video management software. Also, the use of neural networks and algorithms in the biometric surveillance system is a part of the software component. Advancements in software technologies and networking services are expected to lead the video surveillance market.
Commercial sector to grow at highest CAGR
The market for the commercial sector is expected to grow at the highest CAGR between 2016 and 2022. The demand for security systems in large and small retail businesses is increasing to reduce robbery and inventory loss.
In the commercial sector, financial institutions and banks highly recommend video surveillance systems to provide security to the buildings, maintain cash management, and monitor customers and staff activities. This enhances security parameters and drives the surveillance system market for the commercial sector, according to the report.
APAC expects highest growth worldwide
The video surveillance market in APAC is expected to grow at the highest CAGR among its peers between 2016 and 2022. The reason for this growth is adoption of new technologies (cloud services and other analytics technologies) and security systems to protect the region’s economy and infrastructure from criminal activities and terror attacks, according to the report.
Thus, the reduction in Internet protocol (IP) cameras prices and the presence of big players are the factors expected to drive the video surveillance system market in this region.
Key players
The key players in the ecosystem of the video surveillance market profiled in this report are Axis Communications AB (Sweden); Bosch Security Systems (USA); Zhejiang Dahua Technology Co., Ltd. (China); Hangzhou Hikvision Digital Technology Co., Ltd. (China); FLIR Systems Inc. (USA); Honeywell Security Group (USA); Avigilon Corporation (Canada); PELCO by Schneider Electric (USA); Panasonic System Networks Co., Ltd. (Japan); Samsung Techwin Co., Ltd. (South Korea); Nice Systems, Limited (Israel); and Infinova Corporation (USA).
This research report categorizes the global video surveillance system market based on component and service, system, application, and region. This report describes the drivers, restraints, opportunities, and challenges with respect to the video surveillance system market.
An analysis according to Porter’s five forces has been included in the report with a description of each of the forces and their respective impact on the video surveillance system market.
The 192-page Video Surveillance Market, by System (Analog, IP), Component (Camera, Monitor, Server, Storage Device, Software), Service (VSaaS, Maintenance), Application (Infrastructure, Commercial, Institutional, Defense, Residential), and Geography – Global Forecast to 2022 report is available for purchase from the company’s Web site.
