IP Video Surveillance and VSaaS Market Expected to Reach $61.3 Billion by 2022: Allied Market Research
Internet protocol (IP) video surveillance refers to networked and digitized video monitoring. It is also referred as an advanced version of traditional, closed-circuit CCTV cameras.
Portland(04 Oct 2016)
According to a new report published by Allied Market Research titled “IP Video Surveillance and VSaaS Market - Opportunities and Forecast, 2016–2022,” the global IP video surveillance and VSaaS market is expected to reach $61.3 billion by 2022. North America is anticipated to account for the highest share of the overall market revenue during the forecast period (2016 – 2022). The Asia-Pacific region is expected to witness the fastest CAGR during the forecast period and account for 25% share of the overall market revenue by 2022.
For More Details: IP Video Surveillance and VSaaS Market
The market by type comprises hardware, software, cloud-based solutions and services. The IP surveillance hardware segment occupied a prominent share of the overall market in 2015. However, the service segment is expected to grow at the fastest CAGR of 23.6% from 2016 to 2022, owing to increasing demand of VSaaS and the increasing requirement of system maintenance and update amongst the users. The software segment is anticipated to witness a CAGR of 19.3% from 2016 to 2022, owing to the rising demand of advanced video management and video analytics solutions in various industry verticals.
Based on application areas, the IP surveillance and VSaaS market is segmented into banking & financial sector, retail, healthcare, government & higher security, manufacturing & corporate, residential, entertainment & casino, and others. The government & higher security segment is expected to adopt IP surveillance system at the fastest pace during the analysis period and is anticipated to exhibit a prominent CAGR of 18.8% from 2016 to 2022. The growth would be supplemented by increasing usage of video security solutions at government organizations, public places, and others.
New product launch is one of the prominent strategies adopted by players in order to meet customer demands across various industries. Video management software solution providers consistently launched innovative video surveillance and video management software solutions with an improved user interface and advanced video management capabilities to outperform their competitors. For example, surveillance software technology of Genetec was designed to cater to the requirements of intelligence agencies. Moreover, companies have strengthened their distribution channels by partnering with leading distributors in home as well as foreign markets to gain competitive advantage. For instance, Axis Communication AB partnered with reputed distributors to strengthen its distribution network in emerging markets. Similarly, NBM distributors, a distribution partner of Mobotoix AG, enabled it to widen its distribution network in the U.K.
KEY FINDINGS OF THE STUDY
- North America would account for the largest share of the overall market during the forecast period
- The government & higher security application segment is expected to witness fastest adoption of IP surveillance during 2016 - 2022
- The Asia-Pacific market is anticipated to exhibit the highest CAGR of 22.1% during the forecast period
- The hardware segment, that comprises IP camera, monitors and storage hardware sub-segments, is anticipated to account for the largest share of the overall market throughout the forecast period
- The service segment is likely to achieve the fastest growth during 2016 - 2022, owing to increasing demand of VSaaS and increasing requirement of system maintenance and updating amongst the users
Key players profiled in this report include Avigilon Corporation, Axis Communication AB, D-Link Corporation, Genetec, March Networks, Milestone Systems, Panasonic Corporation, Mobotix AG, GeoVision Inc., and Arecont Vision.
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