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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