Report: IP Video Market to Soar to $57 Billion by 2020
|The global market for IP video and VSaaS is expected to grow more than 44 percent annually and reach $57.3 billion in 2020, according to a new report by Allied Market Research that should be music to integrators’ ears.|
The global market for IP video surveillance and VSaaS is expected to grow to $57.3 billion annually over the next six years. Of that total, North America is expected to be the highest revenue-generating segment at $18.7 billion.
This is according to a new report by Allied Market Research (AMR), titled “IP Video Surveillance and VSaaS Market (Technologies, Applications, Services, Geography) — Industry Analysis, Trends, Share, Opportunities and Forecast.”
Supporting these projections is SDM’s “State of the Market: Video Surveillance,” a special report to be published in February. Six in 10 dealers and integrators surveyed for the report rated the current state of the video surveillance market “excellent/very good.” As a result, and not surprisingly, a majority of dealers and integrators have high expectations for their 2014 sales. You can read the full state of the market report in the February issue of SDM and online at SDMmag.com.
The AMR report also hearkens back to an earlier report by IHS, which identified 10 video trends to watch in 2014. Many of the technologies IHS identified as having high growth potential were named by dealers and integrators in the SDM report as well.
AMR attributes the sector’s favorable potential to the IP surveillance market’s evolutionary phase in developing companies and the active replacement of analog with IP systems in developing countries. Increasing awareness of the benefits of IP-based surveillance systems, favorable regulatory impositions and rising security concerns are the key factors AMR said will catalyze the growth of IP surveillance over the next six years.
AMR expects the IP surveillance hardware market to be the highest revenue-generating segment with estimated revenues of $24.3 billion by 2020. Additionally, the firm expects the government and high-security segments to adopt IP surveillance systems at a faster pace during the analysis period, growing at a CAGR of 39.2 percent from 2013 to 2020, while banking and financial institutions are expected to be the highest revenue-generating segment. Each of these segments was also cited as a potential growth market by dealers and integrators in SDM’s “State of the Market Report.”