The video surveillance market is expected to reach US$71.3 billion by 2022, at an estimated compound annual growth rate of 16.56 percent between 2016 and 2022, according to a recent report released by MarketsandMarkets.
The video surveillance market is expected to reach US$71.3 billion by 2022, at an estimated compound annual growth rate of 16.56 percent between 2016 and 2022, according to a recent report released by MarketsandMarkets.
Increasing security threats, criminal activities, and thefts were cited by the report as some of the growth drivers. Advancements in video surveillance applications such as cloud services, network cameras, big data analytics, and other technologies have also expanded the scope of the video surveillance market for wider application in different sectors.
An IP video surveillance system dominates the market since the price of high-image quality-based IP cameras prices reduce and use of IP cameras dominate analog cameras. Also, the implementation of video surveillance software with IP systems is easy and the portability of storage space for data storage increases its use in all sectors. These factors are likely to grow the video surveillance market for IP systems at a high CAGR.
Regions and markets covered by the report include North America, Europe, Asia-Pacific, and Rest of the World (RoW). According to the report, the market in APAC is expected to grow at the highest CAGR between 2016 and 2022, with the reasons being high adoption rates of new technology, large number of market players, and growing security threats.
Product Adopted:Others