Global Video Surveillance Market Growing 15.4% Annually, Report Says
The market value for video surveillance equipment and services is forecast to top $75 billion by 2022.
DUBLIN, Ireland – The global video surveillance market is estimated to be valued at $75.6 billion by 2022, according to a forecast by Research and Markets, based here.
The report segments the market by analog, IP, biometrics, hardware (camera, monitors, servers, storage devices), software (video analytics, VMS) and service (VSaaS, installation and maintenance), as well as by vertical and region.
The video surveillance market is estimated to be increasing at a compound annual growth rate (CAGR) of 15.4% (2017-2022). The growth of the market can be attributed to the increasing demand for IP cameras, owing to better functionality and reduced cost, use of cloud services to store large amounts of data, and increasing installation of surveillance systems for security reasons.
Based on hardware, software and service, the VSaaS segment is expected to grow at the highest CAGR between 2017 and 2022. The market is driven by the increasing importance of VSaaS in various applications due to its benefits of remote access and management, among others. As video feeds are stored in the cloud, customers can access and manage them using a desktop, a laptop or a Web-enabled mobile device. This adds an unprecedented flexibility to the video surveillance system.
A Glance at Vertical Markets
Based on vertical, the commercial segment accounted for the largest share of the video surveillance market in 2016, followed by the infrastructure segment. The need for security and safety of retailers, franchise stores and mall owners has resulted in the creation of safe zones using video surveillance to provide safety, monitor inventory and property and reduce criminal activities.
In the commercial sector, financial data, buildings, ATMs, bank branches and other assets require high security, which is an important part of the economic growth. The hospitality segment is also expected to provide several growth opportunities to the video surveillance system providers. This is expected to fuel the demand for the video surveillance market in hospitality.
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