Video Surveillance USD 75.64 Billion by 2022

Video Surveillance – Must have security system growing expeditiously
Implementation of video analytics, increased installation of video surveillance systems, usage of cloud-based services for centralized data, use of high-definition cameras, and the need for physical security are the major factors driving the growth of the video surveillance market.

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The video surveillance market is projected to reach USD 75.64 Billion by 2022, at a CAGR of 15.4% between 2017 and 2022. The growth of this market can be attributed to the increasing demand for IP cameras, owing to their better functionality and reduced cost, use of cloud services to store large amounts of data, and increasing installation of surveillance systems for security reasons.

Based on hardware, software, and service, the hardware segment is expected to lead the video surveillance market between 2017 and 2022. Hardware comprises the major part of video surveillance systems and include cameras, monitors, and storage solutions, among others. Hardware products for video surveillance have become technologically advanced and affordable.

Based on vertical, the commercial segment is expected to grow at a high CAGR between 2017 and 2022. The high demand for security systems from large and small retail businesses is increasing to reduce robbery and inventory loss

The APAC region is expected to lead the video surveillance market during the forecast period. The growth can be attributed to the adoption of new technologies (cloud services and other analytics technologies) and security systems to protect economy and infrastructure from criminal activities and terror attacks.

Major players in the video surveillance market are Axis Communications AB (Sweden), Bosch Security Systems Inc. (U.S.), Zhejiang Dahua Technology Co., Ltd. (China), Hangzhou Hikvision Digital Technology Co., Ltd. (China), FLIR Systems Inc. (U.S.), Honeywell Security Group (U.S.), Avigilon Corporation (Canada).