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Public safety demand driving video surveillance market

Public safety demand driving video surveillance market

FREMONT, Calif.—The global video surveillance market's estimated growth is targeted at $77.21 billion by 2023, according to BIS Research's market intelligence report, “Global Video Surveillance Market - Analysis and Forecast, 2018-2023.” At the base year of this study, 2017, the market was calculated at $32 billion, with a CAGR of 16.14 percent expected between 2018 and 2023.

Supporting these increases is the rising demand for IP cameras, video content analytics (VCA) and Video Surveillance as a Service (VSaas), and security manufacturers should reciprocate by offering highly efficient, time-saving surveillance systems at an affordable price. Consumers are also demanding more physical security as seen by a proliferation of installed IP camera-based surveillance systems across global communities.

Governmental efforts are a major market driver for the European market with “increasing funding, a rising interest in the adoption of advanced technology equipment, in addition to projects such as SURVEILLE, funded by the European Union's Seventh Framework Programme, among others,” CEO of BIS Research, Faisal Ahmad, told Security Systems News. Specific to Germany and the United Kingdom, Ahmad attributed the rise in video surveillance to recent events such as train station assaults in Cologne, and the London Bridge and Berlin attacks.

Zeroing in on North America, including the United States, Canada and Mexico, the video surveillance market size is projected to reach $26.16 billion in 2023, with the “expected highest CAGR of 16.57 percent as compared to Asia-Pacific, which is projected to witness a CAGR of 16.51 percent,” Ahmad said. This growth gives system integrators ample and various market opportunities. Ahmad credits rising public safety issues and the strong push for border security in the U.S. as issues surging this demand with no evidence of market saturation in sight.

“When we talk about market saturation, it is clearly understood that the demand for security and surveillance never goes out of the picture,” explained Ahmad. “As the technology progresses, there comes a need to replace the existing infrastructure and use the new one, just like analog cameras are being fully replaced by IP cameras.”

Although saturation isn't an issue, Ahmad mentioned privacy issues, threat to data integrity and an increased burden of data storage on government agencies as potential market inhibitors, but these are balanced by market drivers: reduced reliance on physical security and increasing government initiatives to improve public safety.

“As the video surveillance market evolves and is accepted more from the consumer end,” Ahmad explained, “the demand for higher bandwidth and a stronger network connection pose to be a major challenge.”

Integrators and manufacturers should focus on the major technological trends prevailing in the video surveillance industry as well as the actions of key vendors within the video surveillance ecosystem, identified as Hikvision, Axis Communication, Dahua, Huawei, FLIR and Hanwha Techwin by Ahmad. According to BIS, trends include:
• Gait recognition being in the limelight as of late due to its unique feature of identifying a person through walking style;
• IC Realtech and the use of Ella, the company's machine learning (ML) and artificial intelligence (AI) system; and
• An increasing demand for intelligent transportation.

“The use of multi-sensor cameras [which are trending in the market and replacing standard cameras], body-worn cameras and drones in security surveillance are some key trends pertaining to North America specifically,” said Ahmad.

The video surveillance market is and, based on BIS Research, will continue to witness wide consumer acceptance and demand in various applications — VSaaS, VCA, real-time analytics and more in the coming years.


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