Global CCTV Turnover to Reach $US71.28B by 2022, APAC Growing Fastest
A MarketsandMarkets research report forecasts the global video surveillance market to be worth $US71.28 billion by 2022, growing at an estimated CAGR of 16.56 per cent.
The video surveillance market in APAC is expected to grow at the highest CAGR among its peers between 2016 and 2022. The reason for this growth in APAC is adoption of new technologies (cloud services and video analytics) and the installation of security systems to protect economy and infrastructure from criminal activities and terror attacks. Reduction in IP camera prices and the presence of big players are other factors that will drive video surveillance system growth.
According to MarketsandMarkets, between segments, the market for the commercial sector is expected to grow at the highest CAGR between 2016 and 2022. Highlights in the commercial sector include increasing demand for security systems in large and small retail businesses to reduce robbery and inventory loss. Increasing defence and investigative capability in the face of terrorism is another driver of the CCTV in the APAC commercial market.
Meanwhile, MarketsandMarkets says the length and complexity of the titles of its industry reports have grown 300 per cent over the past 5 years as the title of this report: “Video Surveillance Market by System (Analogue, IP), Component (Camera, Monitor, Server, Storage Device, Software), Service (VSaaS, Maintenance), Application (Infrastructure, Commerical, Institutional, Defense, residential), and Geography — Global Forecast to 2022”, clearly attests. ♦