According to a new market report by Transparency Market Research, the global video surveillance and VSaaS market is expected to reach a value of US$42.81 billion by 2019, growing at a CAGR of 19.1% from 2013 to 2019. By system, IP-based video surveillance is expected to grow rapidly at a CAGR of 24.2% during the forecast period.
According to a new market report by Transparency Market Research, the global video surveillance and VSaaS market is expected to reach a value of US$42.81 billion by 2019, growing at a CAGR of 19.1% from 2013 to 2019. By system, IP-based video surveillance is expected to grow rapidly at a CAGR of 24.2% during the forecast period. Growing installations of IP cameras and need for mobile surveillance with better video quality are driving the demand.
By components, the hardware market was valued at $9.49 billion in 2012 and is expected to grow at a CAGR of 17.3% during the forecast period. It consists of surveillance cameras, recorders and storage, encoders and monitors. Recorders and storage held the largest share of 37% in 2012 of the total hardware market, followed by surveillance cameras with 32% share, but is expected to lose share in the coming years due to growing preference of cloud-based storage (VSaaS). Also, the share of surveillance cameras is expected to increase to around 46% by 2019, owing to growing popularity of IP cameras that offer better video quality and come with built-in recorders.
Among end-user application areas, transportation — comprising city surveillance, public transit, railways, highways and airports — is the largest segment. This segment accounted for around 15% share of the total market in 2012 and is expected to grow at a CAGR of 21.2% during the forecast period from 2013 to 2019. Other important applications for video surveillance and VSaaS include residential, retail, hospitality, stadiums and health care.
In terms of geography, North America was the largest market in terms of revenue generation in 2012, accounting for around 35% share, followed by APAC at around 31%. APAC is expected to be the fastest growing market during the forecast period, growing at a CAGR of 23.4% and registering a market size of $17.12 billion by 2019.