Video Surveillance Market Regional Outlook Opportunity Assessment and Potential of the Market by 2027 | Impact of COVID-19

 Market Highlights:

Video surveillance systems are the security tools that help reduce crime and protect people and property. There are different Video Surveillance systems available in the market according to the customers’ specific needs and budgets, from large commercial enterprises to home security platforms, from simple camera systems for small offices and businesses to complex solutions for urban traffic management systems. There are two types of video surveillance systems including analog and digital video surveillance system. As compare to analog video surveillance, digital video surveillance systems are easy to install and provide high quality video or images.

The Video Surveillance Market is anticipated to grow at a high speed in the years to come. The market value was USD 28.52 billion in the year 2016. The mobile video surveillance market value is anticipated to reach up to USD 80 billion over the forecast period (2020-2023), with a CAGR of about 18.73%.

Growing concern about public safety due to the dangerous incidences like terrorist attacks the importance of video surveillance in securities increased. The factors such as growing disposable income of people can afford video surveillance as in home security. Video surveillances are also used in different industries like oil and gas, pharmaceutical, construction, communication etc. Furthermore, booming IT infrastructure is expected to boost the growth of the Video Surveillance Market over the forecast period, 2017-2023.

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On the basis of component, the market can be segmented into hardware, software and service. The hardware segment is further segmented into cameras, monitor, and storage system. Out of these, hardware segment accounted for the largest market share.

On the basis of application, the market can be segmented into infrastructure, commercial, institutional, defense and residential. Out of these, commercial segment accounted for the largest market share majorly due to the increasing demand from small and medium business enterprises, retail stores, and shopping mall to reduce criminal activities.

Key Players

Some of the key players in the market are Zhejiang Dahua Technology Co., Ltd. (China), Axis Communications AB (Sweden), Bosch Security Systems Inc. (U.S.), Hangzhou Hikvision Digital Technology Co., Ltd. (China), FLIR Systems Inc. (U.S.), Honeywell Security Group (U.S.), Avigilon Corporation (Canada), Pelco (U.S.), Panasonic System Networks Co., Ltd. (Japan), Hanwha Techwin Co., Ltd. (South Korea) and NICE System Ltd. (Israel).

Regional Analysis:

On the basis of region, the market can be segmented into North America, Europe, Asia-Pacific and Rest of the world. Asia Pacific region accounted for the largest market share majorly due to the large and fast technology adoption. High disposable income coupled with easy affordability of security devices such as walkie talkie, biometrics, security alarm systems, and video surveillance market in Asia Pacific. Adoption of video surveillance to protect economy and infrastructure from criminal activities and terror attacks is expected to drive the video surveillance market at fast pace

Asia Pacific is also be the fastest growing region for the video surveillance market due to the increasing security awareness coupled with high security installation at shopping mall, government offices. North America is second largest region for the video surveillance market.

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