Improvements in technologies for recording and transmission have opened up several revenue opportunities for mobile video surveillance devices, especially in the transit bus, police vehicles and rail markets across the world. These technology developments have extended the scope of mobile video surveillance to include monitoring and training drivers to improve performance.
New analysis from Frost & Sullivan entitled "Opportunities in the World Mobile Video Surveillance Market", finds that the market earned revenues of US$615.4 million in 2008 and estimates this to reach $1.55 billion by 2015.
Mobile video surveillance's growing popularity in security and nonsecurity applications presents new opportunities for solution providers. The need for security in public transport systems will offer additional impetus for the uptake of mobile video surveillance technology.
"Video as evidence provides higher safety for passengers and better accountability for transit authorities by minimizing false liability claims," said Archana Rao, Frost & Sullivan Senior Research Analyst. "The ability of these solutions to improve operational efficiency apart from providing safety and security will ensure a steady stream of investments in the market."
The mobile video surveillance market has been fairly insulated from the economic downturn, thanks to regulations and the need to curtail vandalism, crime and false litigations. However, it could take a hit from the low awareness of its benefits, especially in developing countries, and end users' price sensitivity.
"Failure to see video surveillance as a proactive tool to avert crime and enhance operational efficiency hampers adoption, particularly in the cost-sensitive school bus and taxi cab segments," Rao said. "Educating end users about the ROI is critical for success in this cost-conscious market."
With falling prices, mobile video surveillance technology is expected to see a much faster adoption in lucrative segments, such as school bus and taxi cabs.
Emerging market participants can survive only if they establish a strong relationship in the value chain and offer solutions at a competitive price. Companies can also gain an edge by leveraging their existing expertise to tap opportunities in more promising mass-transit and police vehicle applications and other regions.