Increase in requirement for safety in areas of high risk, surge in transition from analog surveillance to IP cameras, and integration of IoT with surveillance cameras drive the growth in the global video surveillance market.
PORTLAND, Oregon, July 8, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, 'Video Surveillance Market by System Type (Analog Surveillance, IP Surveillance, and Hybrid Surveillance), Component (Hardware, Software, and Services), and Application (Commercial, Military & Defense, Infrastructure, Residential, and Others): Global Opportunity Analysis and Industry Forecast, 2017–2025.' According to the report, the global video surveillance market garnered $28.18 billion in 2017, and is estimated to garner $87.36 billion by 2025, witnessing a CAGR of 14.2% from 2018 to 2025.
Increase in requirement for safety in areas of high risk, surge in transition from analog surveillance to IP cameras, and integration of IoT with surveillance cameras drive the market growth. However, high initial cost required for investment hinder the growth in the market. On the other hand, advent of smart cities and rise in urbanization create new opportunities in the industry.
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IP surveillance segment to maintain its lead position throughout the forecast period
Based on system type, the IP surveillance segment held the major share in terms of revenue in 2017, accounting for more than half of the total market share. This segment is expected to maintain its lead position throughout the forecast period. This is due to advanced solutions for surveillance such as transmission in less bandwidth, ease in installation, and avoidance of interference offered by them. On the other hand, the hybrid surveillance segment is estimated to register the highest CAGR of 17.3% from 2018 to 2025, owing to cost effectiveness in installation and maintenance of these cameras, versatility, and environment friendliness. The research also analyzes the analog surveillance segment.
Hardware segment to maintain its dominance by 2025
Based on component, the hardware segment contributed the highest revenue in 2017, accounting for nearly three-fourths of the total share, and is expected to maintain its dominance by 2025. This is attributed to recent developments in hardware components and replacement of analog surveillance systems. However, the software segment would grow at the highest growth rate, with a CAGR of 16.7% from 2018 to 2025. This is due to access to real-time monitoring and its ability to take inputs from multiple sensors such as motion detection, facial recognition, and others.
Asia-Pacific to offer lucrative opportunities
Asia-Pacific held the largest market share in 2017, accounting for more than two-fifths of the total share, and is expected to maintain its leadership status by 2025. Moreover, this region is estimated to grow at the highest CAGR of 16.1% throughout the forecast period. It is a lucrative region, owing to adoption of technologically advanced security systems. The research also analyzes North America, Europe, and LAMEA regions.
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Leading market players
Key market players analyzed in the research include HKVISION, Ltd., Honeywell Security Group, Bosch Security System, FLIR, Dahua Technology, Avigilon, Panasonic, Infinova, Axis Communication, and PELCO.
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