The video surveillance system market is expected to grow by approximately 16 percent in the coming future. The rise in the security threats and crime rate across the globe is stimulating the growth of the video surveillance market.
The video surveillance system market is expected to grow by approximately 16 percent in the coming future. The rise in the security threats and crime rate across the globe is stimulating the growth of the video surveillance market.
The key factors driving the video surveillance and the video surveillance as a service (VSaaS) market include development of data centers, IT cost suppression by major corporates, new technologies and features, like field of view (FOV) and IOT (internet of things), along with the need for consolidated application and data management.
Due to the rising need for surveillance cameras with improved video quality, the demand for IP-based video surveillance systems is increasing, worldwide. Cameras held the largest share from the video surveillance hardware market, while hardware covered around 85 percent of the total video surveillance and VSaaS market. Further, the market is undergoing substantial growth in demand for video analytics solutions and cloud-based surveillance solutions.
Currently, VSaaS is used in institutional, infrastructural, commercial, industrial, and residential applications. Storage of enhanced data for GSM evolution (EDGE), intelligent business services, and mobile device access are some of the opportunities anticipated to open new prospects. Geographically, North America, and Europe dominate the global video surveillance and the VSaaS application market. High growth is expected from Asia-Pacific countries such as Japan, China, and India, owing to the constant demand for VSaaS in this region.
On the other side, corporate and bandwidth protocols, high infrastructure cost and network security are the major challenges in the growth of the global video surveillance and the VSaaS market. The Asia-Pacific region is anticipated to grow at a tremendous rate, due to the increasing consciousness of video surveillance, growth of technology, and the constant increasing need for cloud services, as a preference for efficient application and data management.
Some of the major competitors in the market include Hikvision Digital Technology, Honeywell International, Dahua Technology, Canon India, and Robert Bosch GmbH, and Pelco.