Video Surveillance Market to Reach $71.28B by 2022, Market Report Forecasts
The report, conducted by MarketsandMarkets, predicts the market to grow at an estimated CAGR of 16.56%.
A new market research report forecasts the video surveillance market to be worth $71.28 billion by 2022 at an estimated CAGR of 16.56%. The study was conducted by MarketsandMarkets.
The market for the service segment is expected to grow at the highest CAGR between 2016 and 2022. Cloud services and video surveillance as a service (VSaaS) play an important role in the video surveillance system. Software components include video analytics and video management software. Also, the use of neural networks and algorithms in the biometric surveillance system is a part of software component. The advancement in software technologies and networking services would lead the video surveillance market.
The market for the commercial sector is expected to grow at the highest CAGR between 2016 and 2022. The high demand for security systems in large and small retail businesses is increasing to reduce robbery and inventory loss. In the commercial sector, financial institutions and banks highly recommend video surveillance systems to provide security to the buildings, maintain cash management and monitor customers and staff activities. This enhances security parameters and drives the surveillance system market for the commercial sector.
The video surveillance market in APAC is expected to grow at the highest CAGR among its peers between 2016 and 2022. The reason for this growth is adoption of new technologies (cloud services and other analytics technologies) and security systems to protect its economy and infrastructure through criminal activities and terror attacks. Thus, reduction in IP camera prices and the presence of big players are the factors which would drive the video surveillance system market in this region.
The report is titled, “Video Surveillance Market by System (Analog, IP), Component (Camera, Monitor, Server, Storage Device, Software), Service (VSaaS, Maintenance), Application (Infrastructure, Commerical, Institutional, Defense, residential), and Geography — Global Forecast to 2022.”
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