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$ 38.8 Billion to reach video surveillance equipment and service market by 2024

By Credence Research

Video Surveillance Equipment and Services Market (component – hardware, software and services) – Development, future possibilities, competitive analysis and forecast 2016 – 2024″, global video surveillance equipment and service market stood at US $ 15 billion in 2015 and estimated Expanding with a CAGR of 10.1% from 2016 to 2024.

Market Insights  

Video surveillance equipment and service markets have been mainly driven by increasing the need for securing various buildings, sites and premises. With increasing security threats and increasing cases of crime and terrorist attacks, there has been an increasing need for public safety and security. To ensure law enforcement and public safety for various government bodies and businesses, it has become mandatory to deploy video surveillance systems in and around the premises within and around the premises.

Other factors such as technological advancements in cameras and growing applications in video analytics have opened new ways to the video surveillance market worldwide. End-use industries including banking and finance, commercial, government, residential, retail, hospitality, and sports and events use video surveillance systems to provide public monitoring and security. Deteriorating costs of network or IP-based cameras and the emergence of video surveillance in the form of a service (VSAS) have further boosted the overall video surveillance market worldwide. In addition, the technical advancements in the thermal cameras, speed detection cameras, and day/night cameras have developed in various high-end areas like US, UK, Germany, France, Japan, South Korea, and China, among others.

Some factors that limit the development of the security cameras market included lack of technical awareness among consumers and high initial costs. Despite the decline in the cost of network cameras, in most developing countries, customers are not yet to deploy video surveillance solutions in their premises. Apart from this, due to lack of technical awareness among consumers, there has been limited popularity of video surveillance systems among various business owners in emerging markets. However, after the increase of cheap cameras and adoption of video surveillance as a service (VSAS), the overall video surveillance market is expected to have a strong demand in the coming years. The overall video surveillance market is expected to grow stronger throughout the world during the forecast period.

Credence Research is a worldwide market research and counseling firm that serves driving organizations, governments, non-legislative associations, and not-for-benefits.

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