Portland.OR, April 26, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the U.S. video surveillance market was accounted for $8.29 billion in 2019, and is estimated to reach $23.60 billion by 2027, growing at a CAGR of 13.9% from 2020 to 2027.
Increase in demand for safety in high-risk areas, integration of IoT in surveillance cameras, and growth in transition from analog surveillance to IP cameras have boosted the growth of the U.S. video surveillance market. However, initial installation investments and large data storage problems hinder the market growth. On the contrary, rise in adoption of spy and hidden cameras and development of smart cities are expected to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The demand for video surveillance increased during the pandemic to monitor the Covid-19 cluster in the high-risk areas.
- However, the restrictions on international trade hampered the supply chain which resulted into scarcity of raw materials. This created a huge supply-demand gap.
- Simultaneously, as the second wave of the virus has hit the world yet again, the market is expected to take time to recover.
The U.S. video surveillance market is segmented on the basis of component, application, and customer type.
Based on component, the market is divided into solution, service, and connectivity technology. The solution segment held the largest share in 2019, accounting for nearly four-fifths of the market. However, the service segment is estimated to register the highest CAGR of 17.0% during the forecast period.
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On the basis of application, the market is categorized into commercial, military & defense, infrastructure, residential, and others. Based on commercial segment held the lion’s share in 2019, contributing to nearly one-fourth of the market. However, the infrastructure segment is projected to portray the highest CAGR of 17.9% during the forecast period.
Based on customer type, the market is divided into B2B and B2C. The B2B segment accounted for the largest share in 2019, holding more than three-fourths of the market. However, the B2C segment is estimated to manifest the highest CAGR of 15.9% during the forecast period.
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The U.S. video surveillance market report includes an in-depth study of the major market players such as Bosch Security System, HKVISION, Ltd., Dahua Technology, Honeywell Security Group, Panasonic, FLIR, Infinova, Avigilon, Axis Communication, and Pelco.
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