GAITHERSBURG, Md. – The global video surveillance market was worth $16.5 billion in 2014 and is forecast to reach $63.2 billion by 2022, growing at a compound annual growth rate (CAGR) of 18.2%, according to Stratistics Market Research Consulting.
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Rising security concerns in all regions, smart phone applications, compatibility with existing networks and advanced embedded processing speeds for real-time monitoring are fueling the market growth of video surveillance, according to the research firm, based here. Among several factors viewed as hindering market growth: growing privacy fears, demand for higher bandwidth and cybersecurity concerns.
IP-based video surveillance is expected to grow at a CAGR of around 25% during the forecast period, 2014-2022, due to increasing demand for surveillance cameras. Hardware dominated the video surveillance market with more than 85% of share among the global market. Cameras held the major share for video surveillance hardware. Increasing functionalities, open architecture and reduced cost of ownership are the factors fueling the hardware market growth.
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North America is the leading regional video surveillance market, accounting for more than 32% of the global share. The United States commanded the largest share among the North American region. Asia Pacific is expected to witness significant growth rate due to growing demand for smart imaging of everything and rapid growth in gross domestic product (GDP).
