Pune, India, April 09, 2019 (GLOBE NEWSWIRE) -- Video surveillance market is witnessing exponential growth due to increasing demand in wearable video surveillance applications. According to the recently published report by Market Research Future (MRFR), the video surveillance market is projected to register a robust CAGR of 18.73% during the assessment period of 2017 to 2023. The demand for video surveillance technology is significantly influenced by the increasing adoption of the internet of things (IoT) application for better monitoring. Wearable video surveillance systems offer safety management solutions to gather video evidence and hence, are influencing major market growth for video surveillance systems. Burgeoning technical advancements in public and private infrastructure are likely to mushroom demand for connected safety solutions, pushing the video surveillance market. Additionally, integration of video surveillance with existing applications and business workflows has provided a rich video experience, further propelling advancements of the market.

Multiple companies are estimated to invest more in the manufacturing and research & development of video surveillance systems using 4K technology integration, driving higher economies of scale. Therefore, a cost-effective application is boosting demand for video surveillance systems in multiple sectors such as retail, financial, transportation, and commercial enterprises. Furthermore, with rapid innovation in 3D virtualization, video surveillance systems integrated with motion sensors, camcorders, alarms, fire detectors, and access control are observed to form an integral part of public safety. Such advancements allow companies to reduce their response time and eliminate risks, due to which an exponential rise in the demand for video surveillance systems is evident. Moreover, the adoption of smart city initiatives by various developing economies across the globe is influencing a need for better video surveillance systems, driving higher growth of the market.

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Market Segmentation

In the latest Market Research Future report, the analysis has been made by segmenting the market on the basis of components and applications. Based on components, the market is segmented into hardware, software, and services. The hardware segment is anticipated to account for the largest video surveillance market share during the assessment period. The hardware segment is further sub-segmented into cameras, monitors, and storage systems. The hardware segment is anticipated to record a 17% CAGR during the aforementioned forecast period.

Based on application, the global video surveillance market is segmented into infrastructure, commercial, institutional, defense, and residential. The infrastructure segment is likely to dominate the video surveillance market throughout the forecast period. Whereas, the residential segment is projected to witness the fastest market growth during the same timeline, with a robust CAGR of 21%.

Infrastructural Improvements in Network to Drive Video Surveillance Market in Asia Pacific

North America is anticipated to dominate the global Video Surveillance Market. Technical advancements in the region along with a developed network architecture is motivating a higher adoption of surveillance equipment, hence, driving the market. Europe is projected to possess the second largest market share for video surveillance systems during the review period, with Asia Pacific in the third position. Improvements in network infrastructure, rising awareness towards safety and security, especially in public places and a burgeoning adoption of cloud-based services among various sectors are foreseen to influence significant market growth for video surveillance systems in Asia Pacific.

Key Players

The video surveillance market boasts the presence of many impressive players. The recent MRFR report contains the profiling of these noteworthy players including 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).

Latest Industry News

April 2019: IDIS, a leading global security company, will celebrate five years at ISC West International Security Exhibition in Las Vegas. IDIS will showcase the IDIS Total Surveillance Solution with specific emphasis on cybersecurity, facial recognition, and deep learning analytics, along with solutions for the retail and banking sectors. A detailed review of IDIS’s latest technology releases is also set to take place at the exhibition. Further, the official launch of the IDIS Compact Solution and upgraded IDIS HD-TVI will take place at the exhibition, including a showcasing of other core surveillance offerings by IDIS.

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March 2019: CyberExtruder announced its partnership with Hanwha Techwin for the integration of Aureus 3D, a solution that enables 3D facial recognition based on video analysis. CyberExtruder is a developer of facial recognition applications, seeking to incorporate its 3D facial recognition solution into the surveillance and security industry. Hanwha Techwin, a video surveillance specialist, agreed to team up with CyberExtruder to embed their video surveillance systems and to offer an AI-driven biometric technology with 3D facial recognition based on video analysis.

Related Reports

IP Video Surveillance market: By Component (Hardware, Software), By Hardware (Cameras, Monitors and Servers), Software (Video Analytics and Video Management), Application (BFSI, Government, Manufacturing, Healthcare, Retail), – Global Forecast till 2023. The global IP Video Surveillance market is expected to grow at a CAGR of approximately 12% during the forecast period 2017-2023.

https://www.marketresearchfuture.com/reports/ip-video-surveillance-market-2929

Video Surveillance as a Service Market, By Component (Hardware, Software / Analytics), By Service (Hosted, Managed) and By Application (Industrial, Commercial, Infrastructure and Residential) - Forecast 2022. The global video surveillance as a service market is expected to reach at USD ~2.7 billion with ~19% of compound annual growth rate.

https://www.marketresearchfuture.com/reports/video-surveillance-as-a-service-market-2329

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