The increasing adoption of internet of things application is boosting the video surveillance market growth. It is required to meet the demand of advanced security solution. For the smart city project, the video analytics are extensively used for smart buildings, traffic management, retail & logistic operations among others. The video surveillance offers high quality image which could help in tracking and monitoring behavior of the people, traffic, and other activities very quickly. The video analytics are used for face recognition, behavioral analytics, and illicit action prediction among other factors. The smart city project requires technological advanced video surveillance solution for providing real-time information, monitoring traffic, and others.
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Increasing adoption of smart city is another driving factor in the growth of Video Surveillance market. The smart city project provides smart warnings such as intelligent traffic alert, and disaster warning and allows quick access to events and incidents. The increasing demand of biometric applications, video management and internet of things are some of the key factors which are propelling the video surveillance application across the world.
The market for global Video Surveillance is segmented on the basis of component and applications. Based on component segments, video surveillance market is segmented as hardware, software and services. Hardware components accounts for highest market share and is estimated to grow with 17% CAGR. Cameras, monitor, and storage systems are the different components comes under hardware part of video surveillance. Cameras are the most essential part of the video surveillance that are used for monitoring areas by capturing videos. These cameras are attached to encoders, and analog gateway network modules for sharing and routing the services on surveillance network. Video inputs, a video decoder, an audio codec, display & motion controllers, and video compression/decompression are the different parameters deals with components of a camera.
Video surveillance are used in variety of applications, including infrastructure, commercial, institutional, Defense, and residential. Due to the wide range of features, video surveillance or security cameras are common in every industry now a days. Traffic monitoring, public safety, parking monitoring and vehicle safety, event security, and employee safety, are some other applications of video surveillance.
North America leads the market for global Video Surveillance market. The technical advancements in the region and developed network architecture and high adoption rate of surveillance equipment are the factors that are driving North America in lead position. Europe bags the second place in the market for global Video Surveillance followed by Asia Pacific. The improvement in network infrastructure and increasing adoption of cloud based services by industries which there by expected to fuel the market growth in the region.
Some of the key players in the market are Zhejiang Dahua Technology Co., Ltd. (China), Axis Communications AB (Sweden), Bosch Security Systems Inc. (U.S.), Hangzhou Hikvision Digital Technology Co., Ltd. (China), FLIR Systems Inc. (U.S.), Honeywell Security Group (U.S.), Avigilon Corporation (Canada), Pelco (U.S.), Panasonic System Networks Co., Ltd. (Japan), Hanwha Techwin Co., Ltd. (South Korea) and NICE System Ltd. (Israel).
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