SAN FRANCISCO – The global video surveillance and video surveillance as a service (VSaaS) market is expected to reach $48.95 billion by 2020 due to the growing number of security concerns, as well as an increased investment in sophisticated surveillance network development, according to a new study by Grand View Research.
The report also predicts increased demand for traffic surveillance and intrusion detection to propel market growth within 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.
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However, privacy concerns associated with public surveillance may restrain market growth, according to the research analyst. Implementing big data analytics solutions is expected to provide viable growth opportunities to companies operating in the market. Furthermore, mobile video surveillance could potentially help market growth because it allows real-time data viewing,
Although Grand View Research anticipates demand for analog systems to remain robust in the price-sensitive consumer segment, the report notes that IP-based systems are expected to gain market share over the forecast period due to benefits such as superior image resolution and integrated analytics engines.
Hardware 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, as the need for traffic regulation and controlling theft and vandalism activities in public transport are expected to drive market growth.
The report also notes Hikvision, Axis Communications, Honeywell, Cisco and Bosch Security Systems as the key players in the video surveillance market because they enter into strategic alliances and focus on product innovation to gain market share. These companies also focus on providing VSaaS solutions and investing in emerging markets as other strategic initiatives.
For more information, visit grandviewresearch.com.
