As the global community faces increased threats against it, developed and emerging nations alike are seeking the security benefits of video surveillance systems. BCC Research reveals in its new report that the demand for improved video surveillance solutions is driving huge growth in the global market for video surveillance and video surveillance as a service (VSaaS).
In this report, the global video surveillance and VSaaS market includes hardware, software and services. Video surveillance hardware includes cameras.
The global market for video surveillance and VSaaS components should reach $19.5 billion and $50 billion in 2015 and 2020, respectively, reflecting a five-year CAGR of 20.7%. Hardware dominated the video surveillance and VSaaS market in 2014 in terms of revenue share, reaching $12.6 billion. Increasing demand for cameras and monitors are key drivers of this segment.
Originally, video surveillance was an analog system. However, with technological advances and the introduction of information technology (IT) in video surveillance, Internet Protocol (IP)-based systems are increasingly being used. This technology shift from analog video surveillance systems to IP-based systems is a key market driver, along with increasing awareness for security measures.
Given the shift from analog to IP-based video surveillance, the latter should grow at a faster pace and garner maximum market share during the forecast period. The increased demand for IP-based video surveillance systems, in turn, will spur big demand for video surveillance software, video management software, and video analytics.
“IP surveillance systems have better flexibility and scalability features compared to closed-circuit television (CCTV) and conventional surveillance systems. Analog systems are expandable only to a specific limit,” explains BCC Research analyst Harilal Agnani. “For example, only a limited number of cameras can be added to an existing infrastructure. However, IP surveillance systems are creating better opportunities for end users willing to focus on multilevel or multisite business expansions. For this reason, organizations are expected to prefer IP surveillance systems over analog systems. The IP systems also offer better coverage, recording and archiving for longer durations, as well as zooming and tilting and real-time recording.”
The Global Video Surveillance and VSaaS Market (SAS015C) examines market trends, issues and factors that impact the market. The report also identifies growth drivers, revenue types, market opportunities, along with revenues projections through 2020.
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today’s major industrial and technology sectors, including emerging markets. For more than 40 years we’ve helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world’s greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email email@example.com.