IoT, drones to drive wireless video surveillance market
LONDON—The wireless video surveillance market will grow across the globe, according to market research firm Technavio, and IoT and drones will play a big role in that growth.
“The global wireless video surveillance market is close to 21 percent CAGR [from] 2014 to 2019,” Technavio senior industry analyst, Amrita Choudhury told Security Systems News. Technavio estimated the global market’s 2014 value at $399 million, rising to about $1.05 billion in 2019.
The Americas, including North America and Latin America, will see growth rates close to that, nearing a 20 percent CAGR. In Technavio’s projections, the Americas region, which it says started at $175 million in 2014, will hit $447 million by 2019. Mexico will be the strongest player in this market, she said, specifically using these solutions to monitor universities, museums and parks.
Despite this growth, “We expect that the market share for Americas would decline up to 2019,” she said, dropping from 44 percent of the global market in 2014 to 42 percent in 2019. This slight change is caused by slight market saturation, Choudhury said.
The Asia/Pacific region is growing the fastest, she said, at 27 percent CAGR.
“I think one of the biggest technologies that we see [in this market] is the Internet of Things,” she said. More connected devices are being used in wireless video surveillance applications. Choudhury said these connected devices represent an opportunity for North American installers looking at the wireless video market.
Wireless video surveillance in drones, used in areas like parks or around monuments, will also be a trend in the market, Choudhury said.
Additionally, drone cameras will get better, with “more clarity, the pixel quality or the focus would increase, and I think the prices of these devices will also drop, to an extent, in the next five years,” Choudhury said.
Understanding—and underestimating—the needs of data storage space as well as how long data should be stored is a challenge for end users in this market, she said.
The report also cites a “lack of professional expertise” as a challenge in the market, specifically with cloud integration. “The shift from on-premise storage to cloud could be one of the hindrances for the professionals who are actually [installing] the solutions,” Choudhury said. Training specifically on the cloud would be the best way to combat this.
Another challenge will be privacy concerns about camera placement and video data storage, she said. However, she does not believe this will not be a major constraint to market growth.
Key venders are Axis, Bosch Security Systems, Cisco and Hikvision, according to Choudhury.