Global Video Surveillance Equipment Growth Surged in 2017
Increased government spending and private sector spending on replacing equipment in retail and commercial installations contributed to hefty growth in the video surveillance market, says IHS Markit.
LONDON — The world market for professional video surveillance equipment grew by 9.3% last year, according to new findings from IHS Markit. This compares to a growth of 3.9% in 2016 and just 1.9% in 2015.
IHS Markit contributes the growth to increased government spending on equipment to fight crime and terrorism, as well as private sector spending on replacing equipment in retail and commercial installations.
While the global demand for security cameras increased rapidly in 2017, averaged prices continued to fall. However, revenue continued to grow in most countries, the top ones being Brazil and India.
An increase in demand for security cameras is expected in 2018, but a slightly lower of level of price erosion is also forecast. The combination of these factors is said to lead to 10.2% growth in the video surveillance equipment market, which will reach $18.5 billion in 2018.
Other key findings include:
- The top 15 vendors accounted for 62% of global revenue in 2017.
- 62% of all security cameras shipped in 2017 were network cameras.
- Though deep learning-enabled recorders and servers, a new category this year, are an important element in powering what many expect to be the next generation of video analytics using artificial intelligence, they accounted for just 1% of global market revenues in 2017.
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