Video Surveillance System is a kind of system which has the capabilities to capture videos and images that can be further compressed, sent and stored over a wide communication network. These systems are considered highly durable and can be used in almost every environment. The rising needs of security and surveillance is a prime factor which is instigating the adoption of video surveillance across the numerous end-user industries. These video surveillance solutions are affordable and cost-effective methods of surveillance in comparison with the conventional method which is one of the key factors supporting the growth of the market. The burgeoning requirements for monitoring the activities over an area is also anticipating the demand for these surveillance solutions significantly. Furthermore, the rising concerns regarding the safety of the general public is also leading to the increased adoption of these solutions, thereby adding up to the growth of the market throughout the forecast period. Therefore, the cost-effectiveness coupled with the durability of these systems along with the rising security concerns are the major factors anticipated to positively impact the market size over the forecast period.
The burgeoning security concerns is bolstering the growth of the market
One of the major factors which is driving the growth of this market is the rising concerns regarding the safety of public coupled with the growing number of cases associated with thefts, terrorist attacks, and other crimes which is fueling the adoption of video surveillance solutions. In addition, the rising penetration of unmanned drones for surveillance purposes is also expected to drive the growth of the market during the next five years. Furthermore, the cost benefits on the utilization of video surveillance and a considerable reduction in the cost of monitoring as compared with traditional methods is also amplifying the adoption of video surveillance solutions across the numerous industries is also adding up to the significant growth of the market.
Furthermore, a surge in the level of terrorist activities and a growing number of cases related to fraud, theft and physical violence is also projected to drive the market for video surveillance for the coming years. In addition, for mitigating different levels of security threats and the continued regional tension is also leading to the high spending by the government of numerous countries for the adoption of these advanced monitoring solutions is also positively impacting the growth of the market. For instance, according to the British Security Industry Authority (BSIA), the UK government installed over 5.9 million cameras at various locations which included hospitals, schools, and various public places.
Investment in smart cities is also projected to boost the growth of the market
The rapid urbanization in various developing economies such as India, China, and Indonesia is leading the high adoption of technology for the development of smart cities is one of the major prime factors which is considered to expand the adoption of video surveillance solutions during the forecast period and beyond. The rising government initiatives towards the investment in smart cities such as the Make in India project launched by the government of India, in which the government has identified 99 cities which will be converted into smart cities, the Saudi Vision 2030, UAE Vision 2021 and UAE Vision 2023 that include the construction of new hotels, airports, and metros which would add up to the requirement of video surveillance solutions is also projected to boost the growth of the market during the coming years.
Product launches and Collaborations in the Video Surveillance Market
The key players in the market are investing heavily in the collaborations, R&D for the development of state-of-art Information and Communication Technology(ICT) solutions to cater to the growing needs of the various end-users also shows the potential for the video surveillance market growth during the forecast period. For instance, in December 2019, smart video security solutions for general surveillance applications by introducing a range of IP 3000i cameras. In addition, Bosch was selected as a scalable security solution provider for one of Europe’s largest architectural projects, Port Praski which occupied an area of around 38 hectares. The company was selected to provide fire detection systems, a site-wide building management platform and video security. Similarly, the company entered into a partnership with DroneShield Ltd a leading company offering drone detection and mitigation solutions, for utilizing Bosch’s video surveillance solutions with DronShield’s products and together offering an integrated system for drone detection.
Moreover, in September 2019, Hikvision, a globally leading company that offers video surveillance products and solutions announced the signing of a deal with Scylla Technologies Inc., a company dealing in protective intelligence. The main aim of the deal was to explore the opportunities for the integration of AI technologies for surveillance solutions.
The healthcare applications to show robust growth in the adoption of these solutions
The burgeoning requirements for patient safety and the growing investments by healthcare providers in the adoption of the latest technology for the enhancement of the quality of services and treatment is one of the key factors which is projected to the high adoption of these solutions across the healthcare settings. The stringent government regulations regarding video surveillance for effecting monitoring is significantly driving adoption across the healthcare sector.
Asia Pacific to grow substantially
The North American region is anticipated to hold a decent share in the market on account of a well-established infrastructure and the early adoption of technology. Furthermore, the presence of well-established industries in the region such as the high-tech healthcare industry and a highly secure transport sector also support the growth of the market in this region. The Asia Pacific region is expected to show good growth opportunities owing to investment in smart cities in countries such as India coupled with rapid urbanization and industrialization and rising investments by industry players for the adoption of these video surveillance solutions majorly for security optimization.