According to a report by the market research company Reportbuyer, the North America video surveillance market is expected to grow at a CAGR of 17.1 percent for the forecast years of 2017-2025 and is estimated to be worth $35 billion by 2025.
The report lists three reasons for the growth: a growing implementation of security solutions by the commercial sector, falling prices of cameras and a shift from analog to IP cameras have all acted as major drivers for the expansion of the market. The report predicts the growing preference among users for IP-based systems in the coming years.
The hybrid service market is also predicted to grow fast during the forecast period at a CAGR of 24.89%.
Another driver of the growth in video surveillance as a service (VSaaS) market is the increasing number of application in commercial, industrial and residential sectors, the report noted. Of these, the commercial application is expected to lead the VSaaS market during the forecast years.
The residential application is also expected to grow faster at a CAGR of 16.66 percent because of the security concerns among owners regarding increasing number of criminal activities, thefts and unauthorized access in residences. However, factors such as asymmetric Internet speed connections, lack of awareness among end users, integration issues, and privacy and security concerns may inhibit the market growth in this region.
To download the full report, visit www.reportbuyer.com/product/4976569.