Video Surveillance & VSaaS Market Size Worth $48.95 Billion By 2020
The Global video surveillance & VSaaS market size is expected to reach USD 48.95 billion by 2020, according to a new study by Grand View Research, Inc. Growing number of security concerns on a global level coupled with increased investment in sophisticated surveillance network development is expected to drive the market. Increased demand for traffic surveillance and intrusion detection is also expected to propel market growth over the next six years.
Technological advancement has led to the development of improved surveillance cameras and related devices. Declining IT costs and centralized data management are expected to positively impact the video surveillance & VSaaS market. Privacy concerns associated with public surveillance may restrain market growth. Implementing big data analytics solutions is expected to provide viable growth opportunities to companies operating in the market. Mobile video surveillance allows real-time data viewing, which presents growth potential to the video surveillance market.
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Further key findings from the study suggest:
- IP-based systems are expected to gain market share over the forecast period, which can be attributed to benefits such as superior image resolution and integrated analytics engines. Demand for analog systems is expected to remain robust in the price-sensitive consumer segment.
- Hardware accounted for majority of the market share in 2013, and is expected to remain the leading component segment over the forecast period. Key hardware products include cameras, recorders and storage devices; need for efficient security in public venues and sporting events is expected to drive global surveillance cameras demand. The services segment that includes hosted, managed, and hybrid services is expected to witness high growth over the next six years.
- Transportation and retail are expected to remain the major application segments over the forecast period. Need for traffic regulation and controlling theft and vandalism activities in public transport are expected to drive market growth. Video surveillance proves effective for deterring crime and curbing business losses, which is expected to fuel the retail segment.
- North America was the largest regional market in 2013, and is characterized by the presence of several industry participants. Asia Pacific is expected to gain market share over the forecast period; this is mainly due to growing installation of surveillance devices in China and India, along with increased infrastructure spending in the region.
- Key market players include Hikvision Digital Technology, Axis Communications, Honeywell, Cisco, Bosch Security, etc. Companies enter into strategic alliances and focus on product innovation in order to gain market share. Focus on providing VSaaS solutions and investing in emerging markets are other strategic initiatives.
About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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