(MENAFN- Straits Research)
Introduction
Video surveillance solutions work as security tools that help to keep a check on crime and ensure safety of people and property. There was a subtle but meaningful shift in the public perception of video surveillance between 2015 and 2018. Nowadays, video surveillance finds application in elderly care and home nursing, municipality, agencies, educational institutions, mass transportation centers, financial institutions, and utility plants. Additionally, businesses in every sector face challenges in protecting their customers, employees, and assets while working to reduce operating costs, improve productivity and increase profit as well as enhance customer satisfaction.
Segmental Insights
The video surveillance market has been segmented on the basis of type, component, and industry vertical.
On the basis of type, the video surveillance market has been segmented into analog and IP based. The IP based segment is expected to register the highest CAGR over the forecast period. This can mainly be attributed due to the shifting consumer preference from analog video surveillance to IP based video surveillance.
By component type, the market has been segmented into hardware, software, and services. Among these, the hardware segment is likely to hold the largest market share over the forecast period. Reduced pricing and ongoing innovation are expected to surge the adoption of video surveillance systems around the globe.
On the basis of industry vertical, the video surveillance market has been segmented into commercial, industrial, residential, defense, and others. The commercial sector is projected to grow at the highest rate as compared to its counterparts, as the demand for video surveillance has been observing an upward trend in the retail sector, malls, and entertainment centers.
Regional Insights
North America is anticipated to lead the video surveillance market over the forecast period. Growing implementation of security solutions by the commercial sector, declining camera prices and shift from analog to IP cameras are key drivers for market expansion in this region.
Europe is projected to witness significant growth in the video surveillance market with increasing demand for premium security surveillance systems such as high-resolution and real-time analytics from governments, security agencies and the business sector.
Asia Pacific is slated to witness significant growth in the video surveillance market with rising security concerns and government initiatives that aim to address them. Real-time access, video analytics and affordability of IP surveillance systems are some the factors that are expected to favorably impact market growth in the years to come.
The LAMEA region is expected to grow at a considerable rate in the video surveillance market. Increasing security spending, coupled with growing security concerns, has been contributing to market growth to an extent.
Competitive Players
Hikvision
Dahua
Axis Communications
Samsung Electronics Co.
Bosch Security Systems
FLIR (US)
Honeywell Security Group
Infinova
Pelco
BCD Video
Schneider Electric
Panasonic
Tandy
Uniview
Zicom.
Recent Developments
July 2022 - Samsung Electronics Co . launched the Samsung Newsroom in Singapore, which will serve as the official Samsung Electronics news source for local consumers and media.
July 2022 - Schneider Electric SE launched its omnichannel retail outreach called Schneider Electric SE Retail Pavilion in India.
Segmentation
By Type
Analog
IP
Hybrid
By Component
Hardware
Camera
Monitors
Storage Devices
Others
Software
Services
By Vertical
Commercial
Retails Stores & Malls
Data Centers & Enterprises
Banking & Finance Building
Hospitality Centers
Warehouses
Others
Industrial
Defense
Residential
Government
Healthcare Buildings
Educational Buildings
Religious Buildings
Government Buildings
Others
Others
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