Market Research Future (MRFR) expects the Global IP Video Surveillance Market size to reach USD 25.46 Billion with a 12.42% CAGR from 2017 to 2023 (forecast period). There has been a significant rise in IP video surveillance over the last decade. Increased demand for real-time video access, advancement in IP-based technology, growing public safety requirements, and the need to minimize the complexity of cabling are driving IP video surveillance. Furthermore, emerging smart city projects will generate opportunities for market players during the forecast period.
The industry is expected to undergo a slight slowdown in the current year as a result of the global outbreak of a novel coronavirus pandemic. Manufacturing activities are at a standstill due to labor shortages and work-from-home initiatives. This led to a drop in demand from the end-use industries.
Increasing Security Concerns
Public safety is the main priority in the world. Public safety agencies are investing in a wide variety of emerging technologies to ensure efficiency. This includes smart applications that securely link radio networks to users carrying smartphones and other devices, video monitoring devices that can be worn to enhance security and accountability for officers and civilians, as well as purpose-built mobile applications to enhance the management of daily workflows. With rising crime rates, anti-social behavior, and terrorist attacks, the government has adopted new technologies and strategies to ensure public safety and security. It has become crucial to improve the system, respond to devastating attacks, and find safe, cost-effective, and practical solutions. This feature adds momentum to market growth and creates lucrative opportunities for IP video surveillance.
The IP video surveillance system includes three primary devices, such as a camera, monitor, and storage system. Some other accessories are also used in IP video surveillance systems, such as surveillance camera lens, USB, and surveillance camera housing. IP cameras are a vital part of the IP video surveillance that is used to monitor areas by capturing videos. A video decoder decodes digital video and audio from a video encoder or a network camera to analog signals that can then be used by analog monitors, such as standard TV sets and video switches.
Increasing trends toward the development of smart cities
There is an increasing trend of urbanization around the globe. In India and various parts of Asia Pacific, the adoption of the Internet of Things (IoT) forms the foundation for smart city development. Smart cities depend on the integrated use of IoT, Big Data, and other technologies to generate actionable insights and better decision-making. From smart meters to smart homes, the benefits IoT offers is the quality of the information it collects and the service it delivers. Video-based smart city applications include traffic control and traffic monitoring. Surveillance cameras can monitor the movement of vehicles and humans on the roads and provide data on congested areas, foot traffic counts, peak-time traffic, vehicle counts, and can even influence traffic control systems that drive the growth of the video surveillance industry. These analytical data form the basis for smart city initiatives. With the rise in innovations among CCTV manufacturers, technology can be used for other purposes. Citizens will be able to track parking spaces in their area and allow traffic authorities to guide traffic on the most effective routes. These features of the video surveillance system in the development of smart cities provide lucrative opportunities for the development of the IP video surveillance industry.
Increase in privacy concern
The use of video surveillance cameras has risen significantly in recent years. Advanced video surveillance cameras are fitted with technologies that allow users to transfer data in an effective and efficient manner. Nevertheless, this feature potentially compromises the privacy of the situation that has been tapped or recorded. Various malicious activities are being conducted through the seamless transfer of video recordings and clips to unauthorized users. This can be detrimental to the privacy of an individual who allows his or her activity to be tapped.
Global IP Video Surveillance Industry has been segmented into Components and Applications.
By component, the global IP video surveillance market has been segmented into hardware, software, and services.
By application, the global market has been divided into BFSI, government, manufacturing, healthcare, retail, and others.
North America to lead the global market with the highest market share
North America earned the highest market value of USD 4 331.15 million in 2016; the market is set to post a CAGR of 11.19% over the forecast period. North America is expected to dominate the market for IP video surveillance during the forecast period as end-users are well aware of the latest technological developments and are expeditiously investing in the adoption of the latest services in the region.
The global IP video surveillance industry is moderately competitive. Companies operating in the market must continue to improve their products in order to retain a sustainable competitive edge over their competitors and to provide product differentiation.
In May 2019, Bosch introduced a new product, FLEXIDOME IP starlight 8000i fixed dome camera, designed to simplify the video security process. This product integrates with a smart camera, including functions like pan, tilt, roll, and zoom (PTRZ). (PTRZ). It also has higher resolution and frame rate, increased light sensitivity, and excellent dynamic ranges, all help to identify individuals or objects for evidence.
This research report explores key drivers, constraints, and challenges in the global IP video surveillance industry, regional and segment revenue estimates and assessments. The base year is 2017; the forecast period is 2017-2023. The segmentation of the market is described in the following manner.
|Market Size||USD 25.46 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Hangzhou Hikvision Digital Technology Co. Ltd (China), Microsemi Corporation (US), Bosch Security Systems Inc. (Germany), Netgear Inc. (the US), Cisco Systems Inc. (the US), Avigilon Corporation (Columbia), Panasonic System Networks Co. Ltd. (Japan), Genetec Inc. (Taiwan), Axis Communications AB (Sweden), D-Link Corporation Incorporated (Taiwan), The Infinova Group (US), Geovision Inc. (Taiwan)|
|Key Market Opportunities||The government has adopted new technologies and strategies to ensure public safety and security.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The market is supposed to earn USD 25.46 Bn by 2023 increasing from USD 11.22 Bn in 2016.
North America accounted for the highest market share in 2016 and was valued at USD 4,331.15 Mn. It is estimated to strike 11.19% CAGR by 2023.
This report suggests that the market is supposed to expand at 12.42% CAGR.
The software segment is assessed to mark 15% CAGR over the forecast period.
Increasing crime rate, adoption of better network technologies, rising government projects, etc. are supposed to emerge as the driving factors of the market.
Hardware and software are the two segments of the market based on component.
Some of the end-user industries are - BFSI, Manufacturing, Healthcare, Government, and Retail, among others.