Security Camera Market to Reach $2.68B in 2020, Forecast Predicts
APAC is expected to hold the largest market share by 2020.
The worldwide security cameras (IR illuminator) market is projected to reach $2.68 billion in 2020, growing at a CAGR of 8.8%, according to a new forecast. The IR illuminator market reached $1.75 billion in 2015.
Security issues in developing countries, reduction in ASP for IP cameras and acceptance of IR illumination for better vision are the major causes of market growth.
The applications segment of the security cameras market has been further segmented into applications like border security, city infrastructure, commercial, industrial, institutional and residential areas. The application segment of city infrastructure is expected to grow with a double digit CAGR as the government bodies are investing heavily to prevent the destruction of city infrastructure like railways, airways, bridges and roadways.
APAC is expected to hold the largest market share by 2020 for IR illuminator market. The availability of highly advanced cameras at low cost due to competitive market is driving the acceptance of surveillance cameras in domestic applications. The governments of developing countries like India and China are spending huge amounts of money to protect critical infrastructure and assets which are essential for the development of the country, thus providing an impetus to the security camera market.
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