Report: Global Video Surveillance Market to Be Worth $64B by 2020
A rise in terrorist activities is cited as a main market driver, fueling a CAGR of almost 23%.
LONDON – The global video surveillance market is forecast to reach $64 billion by 2020, growing at a compound annual growth rate (CAGR) of almost 23%, according to market research firm Technavio, based here.
“Rising instances of criminal activities in government organizations and enterprises are driving the video surveillance systems market worldwide,” says Amrita Choudhury, lead analyst at Technavio for IT security research. “Advances in technology in the market are prompting organizations to invest in video monitoring solutions to keep a check on people and their behavior. The use of video surveillance is increasing in the retail sector because of a rise in the number of pilfering cases, which leads to inventory shrinkage.”
Technavio’s lead ICT research analysts have identified the following four factors that will drive the global video surveillance market:
- Shift from analog to IP cameras
- Increased demand for wireless network infrastructure
- Adoption of cloud-based services
- Rise in terrorist activities
As a reaction to terrorist activities, large enterprises and government agencies are increasingly installing video surveillance equipment in their premises in attempts to curb criminal activities and control hostile situation, according to the report. Stringent regulations have also been passed by countries to increase security by installing video surveillance solutions in public locations such as large markets, hospitals, airports, railway stations, hotels and malls.
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