Spurred by Big Data, Video Surveillance Market to Grow Through 2025
According to a study by TMR Research, a provider of customized market research and consulting services to business entities, rising awareness of safety and security is resulting in greater demand for video surveillance systems across the world. The global market for video surveillance is largely benefitting from the burgeoning demand for IP cameras due to their declining prices and improving functionalities. Moreover, the organization continued in a press release, with the massive amount of data generated every day, the implementation of the cloud technology is increasing, which in turn is working in favor of the market.
The need for high bandwidth for data transfer, on the other hand, is creating a dent in the global demand for video surveillance systems. Besides this, the violation of privacy due to these systems is attracting high criticism from people across the world, which in turn is negatively impacting the market. Nevertheless, the incorporation of big data video analytics and Internet of Things (IoT) in video surveillance is likely to provide a significant boost to the growth of the market in the near future.
Several governments worldwide are acknowledging video surveillance for its role in reducing crime and ensuring social stability. They are enacting laws that mandate the deployment of video surveillance systems. For instance, the government of China in May 2015 announced that by 2020, all their key public areas will be covered with video surveillance cameras. Similarly, Germany passed a law in March 2017 that will promote the deployment of video surveillance in stadiums, stations, and shops and also allow police to wear body cameras.
Video surveillance systems have higher adoption rate across large enterprises. To make it popular across all sizes of enterprises, several companies are focusing towards developing systems that are SMEs-centric. A case in point is Comcast Business, which launched a video surveillance platform, SmartOffice for small to medium-sized businesses (SMBs) in March 2017.
Asia Pacific will command a substantial share in the market throughout the forecast period. Improving economic conditions, surging crime incidents and rapid urbanization are translating into the greater uptake of video surveillance systems in the region. Early adoption of novel technologies such as wireless connectivity and megapixel cameras coupled with rapid advancements is also fueling the growth of APAC. Moreover, the declining prices of IP cameras and the domicile of key players are promoting the adoption of these systems in the region. All these factors together are likely to help the region in experiencing healthy growth during the same period.
Key players in the global video surveillance market are paying high attention to product launches to stay ahead. They are investing large sums in research and development activities to expand their product portfolio. Some of the prominent vendors in the market are Axis Communications AB, Hangzhou Hikvision Digital Technology Co. Ltd., Zhejiang Dahua Technology Co. Ltd., Bosch Security Systems Inc., Hanwha Techwin Co. Ltd., Honeywell Security Group, NICE System Ltd., Panasonic System Networks Co. Ltd., Pelco by Schneider Electric, and Infinova Corporation.
To learn more about the report, visit www.tmrresearch.com/sample/sample?flag=B&rep_id=2273.