Market Research Future published a research report on “Global IP Video Surveillance Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Research Future (MRFR), in its new research report, states that the global IP video surveillance market is lucrative and expected to grow exponentially by 2022, recording a striking CAGR throughout the forecast period 2015-2022. MRFR also predicts that the IP Video Surveillance Market might reach approximately USD 25.46 billion by 2023_ registering approximately 12.42% CAGR throughout the period.
Drivers and Restraints
The IP video surveillance is a cutting edge of surveillance technology. The IP video surveillance is connected to a wireless network in which video surveillance can be installed virtually anywhere without cabling. The past decade has observed significant growth in IP video surveillance. Increasing demand for real-time video access, advancement in IP-based technology, the rising requirements of public safety, and the need for reducing the complexity of cabling are driving IP video surveillance. Furthermore, emerging smart city projects will create opportunities for market players during the forecast period.
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The major market players operating in the global market as identified by MRFR are Hangzhou Hikvision Digital Technology Co., Ltd (China), Microsemi Corporation (US), Bosch Security Systems Inc. (Germany), Netgear, Inc. (Ticker: NTGR) (the US), Cisco Systems, Inc. (Ticker: CSCO) (the US), Panasonic System Networks Co., Ltd. (Japan), Axis Communications AB. (Sweden), Avigilon Corporation (Columbia), D-Link Corporation Incorporated (Taiwan), Genetec Inc. (Taiwan), The Infinova Group (US), and Geovision Inc. (Taiwan).
The major market players are expected to invest heavily in research and development activities for the smooth incorporation of latest technological advancements in their products. Moreover, the market is poised to witness profitable business strategies such as mergers, joint ventures, acquisitions, partnerships, among others, which are expected to sustain the competitive dynamics of the market over the review period.
The global market for IP video surveillance market has been segmented into components and applications.
Based on the component, the global IP video surveillance market has been segmented into hardware, software, and services. The hardware segment is classified as cameras, monitors, and servers. And the software segment is classified as video analytics and video management. The hardware segment held the largest market share in 2016, with a market value of USD 6.138.91 million over the projected period. The software was the second-highest valued segment and is projected to have a high CAGR of 15.0% during the forecast period. The IP video surveillance system consists of three primary devices, including a camera, monitor, and storage system. Some other accessories are also used in IP video surveillance systems like surveillance camera lens, USB, and surveillance camera housing. IP cameras are an important part of the IP video surveillance used to monitor areas by capturing videos. A video decoder decodes digital video and audio from a video encoder or a network camera into analog signals that can then be used by analog monitors, like regular TV sets and video switches. Video surveillance software is another critical component of every surveillance system. Video surveillance software allows users to manage the camera and record settings, view multiple cameras feeds, and set tampering and motion detection alerts. Video analytics algorithms are low-complexity algorithms that analyze video streams in real-time and provide prompt, actionable information to make surveillance systems more predictable, precise, and efficient. VMS software allows users to manage the camera and record settings, view multiple cameras feeds, and set tampering and motion detection alerts.
By application, the global IP video surveillance market has been segmented into BFSI, government, manufacturing, healthcare, retail, and others.
Region-wise, the global IP video surveillance market has been segmented into Asia-Pacific, North America, Europe, and the rest of the world.
North America held the most substantial market value of USD 4,331.15 million in 2016; the market is predicted to post a CAGR of 11.19% during the forecast period. North America dominates the market as end-users are well aware of the latest technical developments and are rapidly investing in the adoption of the latest services in the region.
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