Asia Pac IP Video Market Growing At 44.3 Per Cent
THE IP video market in Asia Pacific is expected to grow the highest compound annual growth rate (CAGR) of 44.3 per cent from 2013 to 2020, according to Allied Market Research (AMR).
The report titled “IP Video Surveillance and VSaaS Market (Technologies, Applications, Services, Geography) – Industry Analysis, Trends, Share, Opportunities and Forecast, 2012 – 2020,” says the global IP video and video surveillance as a service (VSaaS) market will reach $57.3 billion in 2020 as more organizations switch from analogue systems to IP-based solutions, notes that increasing awareness regarding the benefits of IP-based surveillance systems, favourable regulatory impositions and rising security concerns are the key factors expected to catalyse the growth of IP surveillance market.
Meanwhile, North America is expected to experience highest share in IP surveillance market by 2020, with AMR predicting that the continent would be the highest revenue generating segment with a value of about $US19 billion in 2020. AMR analysts expect the government and higher security segments to adopt IP surveillance systems at a faster pace, growing at a CAGR of 39.2 per cent from 2013 to 2020. Banking and financial institutions are forecast to be the highest revenue-generating segment within the application market, while the IP surveillance hardware market is expected to be the highest revenue-generating segment with estimated revenues of $24.3 billion by 2020.