Video Surveillance Market Demand, Scope and Strategic Outlook 2020-2025
The evolution in video surveillance technologies has significantly changed the overall surveillance industry in terms of providing increased safety, cost-effectiveness, and convenience to the users. The video surveillance industry is expected to go through a metamorphic phase involving an unprecedented period of innovation and disruption. The video surveillance market, as a whole, is growing at a significant rate and is expected to reach a substantial level by 2025. The video surveillance industry is more than 30 years old, with the last two decades experiencing technological advancements from analog closed-circuit television (CCTV) to digital network video surveillance systems. Advanced video surveillance systems are easy to install and maintain, provide remote monitoring capabilities, and offers longer retention for recorded video footage with consistency in image and video quality. According to BIS research analysis, the digital universe is expected to double every three years and is expected to reach 40 trillion gigabytes. Thus, to handle such a large amount of data, new technologies will be required to integrate into video surveillance systems for efficient operations.
One of the major factors that has led to the increasing adoption of these video surveillance systems has been the rise of IP camera-based solutions. This can be attributed to the fact that it allows the users to convert their local broadband connection into a home surveillance system. These cameras provide several benefits compared to traditional analog cameras, such as low cost and high durability. Further, IP cameras provide high-resolution images and wide-angle video capturing feature and also allows authorized access to live and recorded video footage on smartphones and tablets. One of the major benefits of using IP surveillance systems has been cloud storage, which makes the video surveillance system more effective. With the rise of built-in wireless connection, the IP cameras have become subtle and discreet, avoiding unnecessary attention. Since these cameras run on Wi-Fi signals, the problem of interference or loss of network in the transmission wires has been eliminated.
With the arrival of video content analytics (VCA) and video surveillance as a service (VSaaS), the video surveillance industry is expected to grow at a robust rate. VCA facilitates the effective extraction of structured information through automatic analysis of the data stream or the images from the closed-circuit television (CCTV). The recognition software includes facial recognition and automatic number plate recognition systems, which are used specifically for identifying people and vehicles, respectively. With VSaaS, the camera’s video footage is recorded remotely which is triggered by a motion detection feature. Whenever an event is detected, the video images of that particular event are stored on the servers, and the client is alerted of the same through text messages and emails. Emails that are sent contain the images of the event, allowing the person to access the situation; thus, providing an enhanced security system.
Germany generated the maximum revenue amongst all the European countries. The country accounted for $1.54 billion in 2019, which is projected to reach $2.28 billion by 2025 at a CAGR of 10.37%. The increasing funding from the government, rising interest in the adoption of advanced technology equipment, along with the implementation of projects such as SURVEILLE (funded by the European Union’s Seventh Framework Programme), and EU funded Standards Based Approach to Video Archive Search and Analysis (SAVASA), are some of the major market driving factors for the video surveillance industry.
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In the Middle East & Africa video surveillance market, Saudi Arabia accounted for the largest share in 2019 and is projected to witness the highest CAGR during the forecast period. The increasing government spending to have a continuous monitoring on the construction projects, the growing popularity of IP based surveillance systems, and rising residential and commercial consumers are some of the factors driving the video surveillance market in Saudi Arabia.
The prominent players in the video surveillance market adopted product launches, partnerships, collaborations and contracts, and other strategies to expand their business. The companies are also involved in some of the other developments that include mergers and acquisitions, facility expansion, product upgradation, and funding to develop advanced mechanisms for video surveillance systems. Due to the intensive competition, the video surveillance industry requires manufacturers to constantly innovate and develop cost-effective solutions with the existing and forthcoming industry standards for various applications.