Market Scenario
The video surveillance market is anticipated to garner a CAGR of 18.73% during the forecast period (2017-2023), Market Research Future (MRFR) unveils in a new detailed report. A video surveillance system is capable of capturing videos and images, which can be stored, compressed, and sent over communication networks. Security applications like video surveillance have witnessed a dramatic increase in its demand to monitor ports, borders, corporate houses, public places, corporate houses, transportation infrastructure, and others.
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Global Video Surveillance Market: Segmental Analysis
The Video surveillance industry is segmented on the basis of component and applications.
By component, the video surveillance market is segmented into software, hardware, and services. Of these, the hardware component is predicted to dominate the market, surpassing a valuation of USD 15 billion revenue in 2016. The segment is presumed to attain a CAGR of 17% by 2023.
By application, the video surveillance market is segmented into commercial, infrastructure, defense, institutional, and residential. Of these, while the infrastructure segment dominates the market, the residential segment is estimated to expand with a CAGR of 21%.
Regional Frontiers
Geographically, the video surveillance market spans across Europe, North America, Asia Pacific, and Rest of the World (RoW).
Considering the global scenario, North America leads the global video surveillance market, mainly due to the technical advancements the region is experiencing. The surging awareness associated with security and safety is further propelling the growth of the video surveillance market in the region. Following the 9/11 terror attack in the U.S., there has been a notable demand for security and surveillance systems. The Memphis Police Department recently teamed up with Hangzhou Hikvision Digital Technology to deploy security solutions and ensure the safety of Memphis residents.
Competitive Dashboard
The prominent players dominating the global video surveillance market include Axis Communications AB (Sweden), Zhejiang Dahua Technology Co., Ltd. (China), Hangzhou Hikvision Digital Technology Co., Ltd. (China), Bosch Security Systems Inc. (U.S.), Honeywell Security Group (U.S.), FLIR Systems Inc. (U.S.), Pelco (U.S.), Avigilon Corporation (Canada), Hanwha Techwin Co., Ltd. (South Korea), Panasonic System Networks Co., Ltd. (Japan), and NICE System Ltd. (Israel).
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