PORTLAND, Ore. – The global IP video surveillance and VSaaS market is expected to reach $57.3 Billion by 2020, according to a new report by Allied Market Research (AMR).
North America is projected to experience the highest revenue generating segment with a value of $18.74 billion in 2020. Asia Pacific is expected to grow with the highest compound annual growth rate (CAGR) at 44.3% during the analysis period, 2013-2020.
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The IP surveillance market is undergoing an evolutionary phase in developing countries where analog systems are being actively replaced by network-based systems. Increasing awareness regarding the benefits of IP-based systems, favorable regulatory impositions and rising security concerns are also key growth drivers.
“IP surveillance systems are widely accepted in developed markets and the adoption rate is expected to increase in developing markets such as Asia-Pacific,” states AMR Analyst Bryan Olson. “Government and higher security segment is expected to adopt IP surveillance system at a faster pace during the analysis period, growing at a CAGR of 39.2% from 2013 to 2020.”
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Banking and financial institutions are expected to be the highest revenue generating segment within the application market. The IP surveillance equipment market is expected to be the highest revenue-generating segment with estimated revenues of $24.3 billion by 2020.
