The global video surveillance and VSaaS components market will see tremendous growth over the coming years, in the face of increased demand, according to a new report.
The global video surveillance and VSaaS components market will see tremendous growth over the coming years, in the face of increased demand, according to a new report.
According to BCC Research, market will grow from US$19.5 billion in 2015 to $50 billion in 2020 with a compound annual growth rate (CAGR) of 20.7 percent for the period.
“The global video surveillance and VSaaS components market was valued at $17 billion in 2014 and is expected to grow at a compound annual growth rate (CAGR) of 20.7 percent to reach an estimated $50 billion in 2020,” the report said. “Hardware dominated the video surveillance and VSaaS market in 2014 in terms of revenue share, reaching $12.6 billion. Increasing demand for cameras and monitors are key drivers of this segment.”
The report added that video surveillance is becoming more and more popular with a number of establishments using it to better equip themselves for emergencies and in dealing with security issues. User applications of video surveillance systems include residential, retail, business organizations, transportation, government buildings, hospitality, industrial and educational institutions.
“Globally, governments are investing heavily in video surveillance equipment to counter the risks of terrorism,” the report said. “Critical infrastructure such as government-funded installations around public infrastructure, roads, airports, and maritime and defense are being brought under surveillance. Video surveillance can also help identify suspects. Advanced analytics and facial recognition technology are enabling better surveillance as it links the findings to driver licenses.”
In the executive summary of the report, the research firm goes on to explain a video surveillance system as an assembly of different components that may vary depending on the sophistication of the system used. These include cameras, recording/control units and output interfaces. In addition, most systems are also equipped with storage, encoders, interface and management software.