The global wireless surveillance market is set to see strong growth in the coming years.
The global wireless surveillance market is set to see strong growth in the coming years on increased consumer shift towards digital systems, lower camera prices and increased security concerns.
According to a report from Technavio, the market will reach US$1,505.64 million, at a CAGR of more than 21 percent from 2017 to 2021.
“IP cameras are finding wide adoption in the video surveillance sector due to their affordability, flexibility, scalability, ease of installation. These cameras can evolve with the customer’s needs and can be easily integrated with existing security devices,” said Amit Sharma, one of the lead analysts at Technavio for IT security research.
IP cameras deliver not only superior video streams, but also offer multi-level user access control, and prevent third-party manipulation. The use of IP cameras has increased extensively in facilities such as stadiums, city surveillance projects, and hotels, thereby driving market growth, according to Technavio.
The report also pointed out that the selling price of the security solutions has been decreasing with the increased prevalence of technologies like cloud storage. The total cost for setting up security systems has reduced, thus increasing the number of end-users opting to adopt these systems. The more affordable pricing has mainly increased the number of consumers from the small-scale businesses and residential segments of the market. The fall in prices in the market is facilitated by the intensely competitive vendor environment, leading to growth in the overall market.
Then there is also the environment and political instability that has been plaguing several regions across the globe. A notable instance is the recent attack on French magazine Charlie Hebdo's office in Paris, where video footage of the attacks was captured by the cameras that were installed in the premises. The videos captured helped the police in identifying the criminals.
“Stringent regulations have been passed to increase security by installing security systems. Wireless video surveillance equipment have been installed in public locations such as hypermarkets, hospitals, airports, railway stations, hotels, and malls to ease security concerns,” Sharma added.