The Global Market for Network Cameras and Video Analytics is Projected to Reach US$41.1 Billion by 2024

Growing Concerns over Security to Drive Demand for Network Cameras and Video Analytics, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market size, share and demand forecasts on the global Network Cameras and Video Analytics market. The global market for Network Cameras and Video Analytics is projected to reach US$41.1 billion by 2024, driven by increasing concerns over security, rising awareness, legislation of safety mandates and technological advances. 

Video surveillance market continues to rise worldwide, driven by the strong underlying growth driver – the rising concerns over safety and security to life, public or privately owned assets, residential buildings and commercial facilities. Lending traction to growth is the growing number of terrorist attacks, rising incidents of armed attacks at public places, schools, etc., and rising criminal activities worldwide. Additional usage scenarios of video surveillance such as monitoring ongoing activity in buildings, offices and production facilities to gather crucial information for improving operational efficiencies are also expected to drive adoption. Of the various options available for video surveillance, Network Camera Based Video Surveillance system (NCVSS), which employs advanced IP/network cameras and video analytics, is gaining widespread popularity. Higher quality of videos and more accurate results produced by network cameras represent the key benefits that contribute to growing demand for network cameras.

Despite higher initial costs to the installer, high and consistent video quality in real time, transmission over long distances, elimination of subsequent digitization, lower wiring requirements, connectivity to multiple network devices and long-term cost benefits are some of the benefits that are expected to drive adoption of network cameras and video analytics. The emergence of advanced video analytics that enable computerized processing, analysis and automation of video analysis, and generation of meaningful and relevant information from videos feeds is driving demand for these software solutions and contributing to overall growth in the market. Further influencing growth in the market is the perpetuity of upgrades and retrofits in addition to new installations, driven by improvements in camera specifications such as image/video quality, particularly with respect to image resolution. Expanding applications into previously unexplored or underserved markets is also expected to provide ample opportunities for growth.  

Technological advances are playing an indispensable role in advancing the market. Technology has moved forward integrating video with IP networks, analytics, access control and remote storage, indicating a brighter future for the market driven by enhanced capabilities. The rise of HD-compliance cameras with 1080p 25/30 frames-per-second, capabilities of panoramic cameras, and the emergence of 4K cameras are driving new installations and constant upgrades in the market. Technological advances are also contributing to decline in prices of video surveillance equipment leading to commoditization of cameras, which in turn is driving volume growth through higher penetration among cost-conscious customers particularly in emerging markets. With increasing amount of video feed driven by growing installations of cameras, video analytics is expected to gain further importance going forwards and benefit from integration of artificial intelligence, more so with deep learning.

As stated by the new market research report on Network Cameras and Video Analytics, the US represents the largest market worldwide. Being economic superpowers, US and Europe have always been the most prominent targets for terrorist attacks and therefore, have invested considerably in advanced security technologies, making them the largest regional markets for Network Cameras and Video Analytics. While installations in these market continue to rise driven by technological advances and replacement demand, emerging markets are expected to emerge as growth engines given the increasing maturity of developed markets. Asia-Pacific represents the fastest growing market worldwide, with a CAGR of 23.6% through the analysis period. IP Cameras represent the largest product type, while video analytics are projected to spearhead growth going forwards. Security/Surveillance remains the major end-use application, with government and retail sectors representing the major end-use markets.

Major players profiled in the report include ADT Security Services, Agent Video Intelligence, Axis Communications AB, Bosch Security Systems, Canon Inc., Cisco Systems Inc., Dahua Technology Co. Ltd., Exacq Technologies, Genetec Inc., Hangzhou Hikvision Digital Technology Co. Ltd., Hanwha Techwin Co. Ltd., Honeywell International Inc., IC Realtime LLC, MOBOTIX AG, Panasonic Corporation, Pelco Inc., SightLogix Inc., Verint Systems Inc., Viasys Intelligent Video Analytics, VIVOTEK Inc. and Zhejiang Uniview Technologies Co., Ltd. among others.

The research report titled “Network Cameras and Video Analytics: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for Network Cameras and Video Analytics in value terms for all major geographic markets such as United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World. The report also analyzes the market by product types: IP Cameras and Video Analytics Software; and by the following applications: Security/Surveillance and Others. End-use sectors analyzed include Banking & Financial, Government, Retail, Transportation and Others.

For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.

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Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.

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