According to a new market report published by Lucintel, the future of the global video surveillance market looks promising with opportunities in the commercial, government, transportation, and residential sector. The global video surveillance market is expected to reach an estimated $39.3 billion by 2023 and it is forecast to grow at a CAGR of 9.3% from 2018 to 2023. The major growth drivers for this market are increasing awareness for safety and security, increasing crime rate, and growing adaptation of internet protocol (IP) cameras.
In this market, analog, IP, and biometric system based video surveillance systems types are used for safety and security in the various end use industries. Lucintel forecasts that IP surveillance system is expected to remain the largest system type, and is 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 the factors driving the growth of the IP camera market.
Within the video surveillance 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 due to the increasing number of hotels, banking & financial institutions along with small and medium enterprise growth in China, India and other emerging nations.
Emerging trends, which have a direct impact on the dynamics of the industry, include advanced 360-degree camera technology, utilization of Vizsafe platform services, and enhanced camera capabilities for Video Management Systems. Hangzhou Hikvision Digital Technology Co., Ltd., Zhejiang Dahua Technology Co., Ltd, Bosch Security Systems, Honeywell International Inc., and Axis Communication among others are the major video surveillance providers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed the global video surveillance market by product and services , system, end use industry, and region and has come up with a comprehensive research report entitled “Growth Opportunities in the Global Video Surveillance Market 2018-2023: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global video surveillance market by product and services, system, end use industry, and region as follows:
By System Type [$M shipment analysis from 2012 to 2023]:
By Product and Services Type [$M shipment analysis from 2012 to 2023]:
By End Use Industry [$M shipment analysis from 2012 to 2023]:
- Banking & Finance
By Region [$M shipment analysis for 2012 – 2023]:
- North America
- United States
- United Kingdom
- Asia Pacific
- South Korea
- The Rest of the World
This 195-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link…… or firstname.lastname@example.org.
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com