The
video surveillance & VSaaS market is expected to reach USD 48.95 billion by
2020. Growing number of security concerns on a global level coupled with
increased investment in sophisticated surveillance network development is
expected to drive the market. Increased demand for traffic surveillance and
intrusion detection is also expected to propel market growth over the next six
years.
Technological
advancement has led to the development of improved surveillance cameras and
related devices. Declining IT costs and centralized data management are
expected to positively impact the video surveillance & VSaaS market.
Privacy concerns associated with public surveillance may restrain market
growth.
Implementing
big data analytics solutions is expected to provide viable growth opportunities
to companies operating in the market. Mobile video surveillance allows
real-time data viewing, which presents growth potential to the video
surveillance market.
Further
key findings from the study suggest:
IP-based
systems are expected to gain market share over the forecast period, which can
be attributed to benefits such as superior image resolution and integrated
analytics engines. Demand for analog systems is expected to remain robust in
the price-sensitive consumer segment.
Hardware
accounted for majority of the market share in 2013, and is expected to remain
the leading component segment over the forecast period. Key hardware products
include cameras, recorders and storage devices; need for efficient security in
public venues and sporting events is expected to drive global surveillance
cameras demand. The services segment that includes hosted, managed, and hybrid
services is expected to witness high growth over the next six years.
Transportation
and retail are expected to remain the major application segments over the
forecast period. Need for traffic regulation and controlling theft and
vandalism activities in public transport are expected to drive market growth.
Video surveillance proves effective for deterring crime and curbing business
losses, which is expected to fuel the retail segment.
North
America was the largest regional market in 2013, and is characterized by the
presence of several industry participants. Asia Pacific is expected to gain
market share over the forecast period; this is mainly due to growing
installation of surveillance devices in China and India, along with increased
infrastructure spending in the region.
Key
market players include Hikvision Digital Technology, Axis Communications,
Honeywell, Cisco, Bosch Security, etc. Companies enter into strategic alliances
and focus on product innovation in order to gain market share. Focus on
providing VSaaS solutions and investing in emerging markets are other strategic
initiatives.
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