Global Video Surveillance Market Forecast to Exceed $US39B by 2023
CCTV markets growing globally, APAC growing fastest
GLOBAL video surveillance markets are expected to reach an estimated $39.3 billion by 2023, increasing at a compound annual growth rate (CAGR) of 9.3 per cent, with APAC growing fastest, according to a new report by researchandmarkets.com.
The future of the global video surveillance market looks promising with opportunities in the commercial, government, transportation and residential sector, according to the report. The major growth drivers cited for the market include increasing awareness for safety and security, increasing crime rate and growing adoption of IP security cameras.
Emerging trends, which have a direct impact on the dynamics of the video surveillance industry, include advanced 360-degree camera technology, utilization of software-as-a-service (SaaS) platforms, and enhanced camera capabilities for video management systems.
IP surveillance systems are expected to remain the largest solution type and are also expected to witness highest growth due to growing development of smart city and smart home applications. Additionally, technological innovations, real-time access, integration of wireless technologies, video analytics, and affordability are factors driving the growth of the IP camera market.
The commercial segment is expected to remain the largest end-use market and witness the highest growth over the forecast period due to increasing demand in hotels, banks and retail enterprises. Expansion of financial institution coupled with increasing need for building security and monitoring customer and staff activities further spurred the growth for video surveillance.
Asia Pacific is expected to remain the largest market and is also expected to witness the highest growth over the forecast period. Market drivers include an increasing number of hotels and financial institutions, along with small- and medium-enterprise growth in China, India and other emerging nations.