Knowledge Sourcing Intelligence announces the publication of a new report on “Video Surveillance Market – Forecast from 2020 to 2025” to their offering.
Video Surveillance Market is poised to reach stratospheric heights due to the rise in activities of criminal nature resulting in security breaches leading to substantial losses.
According to the report, the video surveillance market is expected to reach US$82.137 billion by 2025, from US$33.928 billion in 2019.
The factors that are influencing the growth of the video surveillance market
The solutions pertaining to video surveillance are employed to carry out the monitoring of activities of an individual or a group of individuals in a particular area. The increasing adoption of the enhanced video surveillance system of advanced nature by entities belonging to both public and private sectors has also necessitated the growth of IP surveillance systems, which expected to provide and additional thrust to the video surveillance market. This estimated growth will be further augmented by the profusion of multi-brand-retail stores around the world coupled with a plethora of infrastructural spending that necessitates the installation of video surveillance solutions. Within the ambit of this subset of video monitoring solutions, VSaaS systems are also included which is expected to be further driven by the increasing awareness about the benefits of video surveillance software such as easy retrieval of video information, enhanced system health management, and improved video content analysis. Another factor that is expected to drive this market is the customer base that is spread across the entire globe and is associated with a variety of sectors across the globe which is expected to facilitate the proliferation of low-cost video surveillance solutions and increased rate of adoption. Another aspect is the increasing accessibility to unmanned flying drones by enterprises and individuals alike are expected to push the market to healthy growth.
The other aspect that is expected to drive the market growth is the growing rate of incidences of destruction and vandalism and properties, security breaches as well as terrorist activities. This has necessitated the expeditious budget allocation of various government agencies across the globe. For example, in January 2020, it was reported that Rs. 250 crores were allotted to Indian Railways form the Nirbhaya fund to facilitate the video surveillance system installation. Another salient aspect is that the demand for video surveillance installation camera albeit being high in nations like Japan, South Korea, the UK, the USA, and in the major portion of Western Europe, the demand is restricted to mostly replacement as compared to the demand for new installations from the APAC region. The other factor that is expected to catapult this market is the capabilities of video analytics software like detection, classification, and tracking of predefined objects and behavior patterns that is often bundled with manufacturers of video surveillance systems and offered to the consumers at competitive prices. This further adds to the benefit of automating the process monitoring allowing the proactive detection of events in real-time. The price of the software can be set individually i.e. distinct from the hardware product or embedded with the equipment wherein the software is generally amortized in the price of the equipment. Leading Chinese equipment vendors such as Hikvision, Dahua Technology Co., Ltd and Huawei Technologies Co., Ltd. are known to offer surveillance products integrated with video analytics and are gradually transitioning to deep learning bases technologies endeavoring in providing more advantages to the consumers.
Besides, small and medium-size business is also expected to occupy a healthy share of the market due to their increasing investment capabilities in loss prevention measures that also stems from the need to monitor productivity that will aid them in streamlining of operations as well as prevent loss caused due to system failure and the likes. For example, in July 2020 Dahua Technology, a globally leading provider of IoT solutions with video surveillance capabilities had reportedly announced the launch of two kits pertaining to HDCVI and video intercom that will be sold as sperate products and five new IP camera kits. Reportedly designed to provide an out-of-the-box solution these kits can offer a simplified solution ultimately benefiting users with a high-quality product at a cost-effective price. Additionally, the market players offering video surveillance solutions also provide additional services like advanced project consulting, configuration and security evaluations, installation support, wireless network design, among others.
The major players covered as part of the report are Axis Communication AB,Bosch Security Systems, Canon Inc.,Cisco Systems,Geovision Inc.,Honeywell International, Inc., Infinova Corporation, Johnson Controls, Motorola Solutions, Inc. and Pelco, among others.
View a sample of the report or purchase the complete study https://www.knowledge-sourcing.com/report/global-video-surveillance-market
In this report the video surveillance market has been segmented based on the following: