The increasing need for security is driving the growth of the global video surveillance market. The video surveillance market is expected to grow from US$11.5 billion in 2008 to $37.7 billion in 2015 at a CAGR of 20.4 percent from 2010 to 2015.
Cameras, storage, servers, encoders and software are the major components of a video surveillance system. The camera accounted for almost 47 percent of the total video surveillance market in 2008 and is expected to grow at a CAGR of 21.1 percent from 2010 to 2015. The software market is expected to grow at the fastest rate with a CAGR of 21.7 percent from 2010 to 2015 owing to the introduction of video analytics which makes the video surveillance system intelligent. The market for storage is expected to grow at a comparatively lower rate owing to the introduction of Video surveillance as a service. The players of video surveillance market as well as IT industries have together introduced the concept of cloud computing in this market. Video surveillance is now offered as a service to the end users. The desired location is monitored with the help of cameras and the recordings are stored by the service providers which eliminates the need for storage at each site.