- Worldwide, the Video Surveillance and VSaaS market is growing at a CAGR of 17.2% in revenue terms for the estimated period from 2019 to 2027
- North America dominated the global market in 2018 owing to the developed economy and the presence of major market players in the region.
- Based on the type, the IP-based video surveillance and VSaaS segment contributed to a major share in the global market in 2018.
The surge in technological innovations coupled with rising government focus on security & safety is projected to drive the video surveillance and VSaaS market throughout the forecast period from 2019-2027.
The growing adoption of IP-based VSaaS services and the rise in the use of video surveillance for regulation & control are some other factors expected to enhance the market demand in years to come. In 2018, Asia Pacific and North America had a significant share in the global video surveillance and VSaaS market.
The video surveillance and VSaaS market was valued at US$ 43.38 Bn in 2018 and expected to grow at a CAGR of 17.2% during the forecast period from 2019 to 2027.
The rising video analytics market along with the growing adoption of surveillance systems in numerous industries (such as transpiration, retail outlets, business organizations, government buildings, hospitality, and others) is another major factor expected to drive the market over the forecast period.
The video analytics market estimated at around $3.0 Bn in 2018 and anticipated to reach over $9 Bn by 2024 at a CAGR of more than 21.5% during the forecast period. The surge in product launch by manufacturers is further anticipated to enhance market demand. For instance, In December 2019, Robert Bosch GmbH launched new IP 3000i Series Cameras. The newly launched cameras come with enabled essential video analytics that is expected to increase its video surveillance and security features.
Presence of a large number of regional as well as domestic players in the global video surveillance and VSaaS market are making the global market highly fragmented. Strategic partnerships, acquisitions, mergers, and collaborations are anticipated to be the major strategies followed by key market players.
In April 2019, Honeywell Security Group integrates Intel Vision products in its MAXPRO security platform. The integration will enable Artificial Intelligence capabilities to video surveillance and video security. In September 2018, Hangzhou Hikvision Digital Technology Co., Ltd. partners with Videonetics for technology integration in its security products and solutions. In this partnership, Videonetics IVMS (Intelligent Video Management Software) integrates with the Hangzhou Hikvision Digital Technology Co., Ltd. network cameras that will enhance the video security and surveillance capabilities.
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Key Market Movements
North America dominated the global market in 2018 due to the developed economy and the presence of major market players in the region. Developed infrastructure and early technological adoption are some other factors responsible for the substantial share.
In 2018, Asia Pacific had significant share and expected to grow at a rapid pace in years to come owing to growing infrastructural development coupled with the rising deployment of video cameras in the region. India, China, Indonesia and other emerging economies of Asia Pacific are projected to be the major contributors.
Based on the type, the IP-based video surveillance and VSaaS segment contributed to a major share in the global market in 2018. Rapid technical advancements and surge in innovative IP-based product launches are the major factors for segment dominance.
New product development coupled with acquisitions, and strategic collaborations are projected to be the key strategies by the major players
List of Companies Covered: Honeywell Security Group, Hangzhou Hikvision Digital Technology Co. Ltd., Robert Bosch GmbH, Cisco Systems Inc., Pelco Inc., Genetec Inc., Mobotix AG, FLIR Systems Inc., Panasonic System Networks Co. Ltd., D-Link Systems Inc., GeoVision Inc., Agent Video Intelligence Ltd., Axis Communications AB, NETGEAR Inc., Canary Connect Inc. and Homeboy Inc.
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