DALLAS — The video surveillance system and service market is expected to reach $36.3 billion by 2018, according to a new report by MarketsandMarkets.com, a global market research and consulting company.
The report defines and segments the video surveillance system and service market on the basis of a detailed analysis and forecasting of the global revenues for system types. It also identifies driving and restraining factors for the video surveillance system and service market along with the help of analysis of trends, opportunities, and challenges.
Technological advances and the increased use of cloud services are the major driving factors in the video surveillance market, according to the report. The uses of hosted video solutions are providing end users with cost effective solutions that are easy to deploy due to limited requirement of infrastructure.
The market is likely to witness a large growth in IP video surveillance by 2018, according to the report. Infrastructure sector and commercial sector is showing strong growth when compared to other sectors like institution, and residential.
The growth of video surveillance system and service market is higher in geographic regions like North America due to the increased use of video surveillance system by government agencies and in retails; and in Asia Pacific due to the developments in China and India.
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