According to The Insight Partners’ research, the Surveillance Camera Market to 2027 – Global Analysis and Forecast by Type (Analog Cameras and IP Cameras); Product Type (Dome Cameras, Bullet Cameras, Box Style Cameras, PTZ Cameras, Thermal Cameras, and Others); End User (BFSI, Government & Defense, Commercial, Manufacturing & Construction, Healthcare, Logistics & Transportation, Residential, and Others); and Geography”, the surveillance camera market is estimated to reach US$ 45.93 Bn by 2027 from US$ 21.82 Bn in 2018.
Geographically, APAC region holds the largest share followed by the North America and Europe region in the surveillance camera market for the current year. The countries in the Asia Pacific, such as China, India, South Korea, Vietnam, and Singapore, are prone to terrorist activities and civil unrest misconduct, which is leading the regions to develop, manufacture, procure and implement technologically enriched video surveillance systems. Among the countries in Asia Pacific, China dominated the market due to increased research and development of video surveillance systems, and the presence of established companies and tier 2 and tier 3 companies in the region. The adoption rate of video surveillance cameras among countries in the Asia Pacific led the region to grow at a prime rate during the forecast period.
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In the global video surveillance industry, there are various future trends which are projected to boost the adoption of surveillance cameras across diverse industry verticals. Some of the prominent trends include artificial intelligence based end-to-end security solutions, cybersecurity features, cloud based solutions, privacy management, and vertical specialized solutions. The integration of technologies such as artificial intelligence, cloud, and internet of things into existing and upcoming surveillance equipment and solutions to meet the challenging demands customers is fuelling the future growth of global surveillance camera market. Artificial intelligence (AI) and deep learning (DL) are playing increasingly more important roles in the surveillance camera market and offer significant benefits over conventional video analytics. Advancements in AI is expected to boost surveillance cameras by enabling footage to be constantly monitored and instantly analyzed.
The artificial intelligence facilitates in monitoring, feeding the captured imageries and alerting the guards in case of suspicious activities in and around the workstations. Also, AI is used in video surveillance cameras for wide range of applications such as facial recognition, motion detection, license plate reading, and counting people in retail stores or shopping malls among others. With the usage of artificial intelligence, the end users are capable of leveraging specific analytics data that helps in actionable intelligence for various functions. The automated surveillance is booming through the new machine learning techniques offering CCTV cameras the capability to spot troubling behavior without human supervision. The IT companies and the surveillance systems manufacturers are working together to develop advanced AI-based security cameras for wide range of video surveillance applications.
The market for surveillance camera has been segmented on the basis of type, product type, end user, and geography. Based on type, the market is segmented into analog and IP cameras. Based on product type, the surveillance camera market is segmented into dome cameras, bullet cameras, box style cameras, PTZ cameras, thermal cameras, and others. The market is further segmented on the basis of end users into BFSI, government & defense, commercial, manufacturing & construction, healthcare, logistics & transportation, residential, and others.
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Significant rise in adoption of IP cameras
The security and surveillance industry has emerged over the years, and the trend is driving from physical security to video-based security and surveillance with the support of camera technology. The shift is majorly driven by factors such as increased safety and time, cost-efficiency, and convenience of the end-user. Moreover, video surveillance systems offer various benefits to its users, such as better work productivity, remote monitoring, traffic management, protection against theft, and also help in collecting evidence in legal cases. During the initial stage of video surveillance technology, the analog cameras were being utilized significantly; however, the industry is foreseeing a change with the increased acceptance and adoption of IP-based cameras. The major advantage of IP cameras over the conventional cameras is the advantage of transferring captured imageries or data directly over the internet, in a fraction of second. IP cameras are either centralized that need Network Video Recorder (NVR) for monitoring recordings, or decentralized where the camera recordings can be stored in any of the remote or local storing devices. Further, the utilization of Wi-Fi is available with the IP cameras to transfer data instantly. Additionally, the option for installing numerous video analytics software in these cameras for automatic analysis of the imageries by the cameras is also rising the interest among the various end-users.
The List of Companies – Surveillance Camera Market
The major companies operating in surveillance camera market include Canon Inc., Dahua Technology Co., Ltd, FLIR Systems, Inc., Hangzhou Hikvision Digital Technology Co., Ltd., Hanwha Techwin Co., Ltd., Honeywell International Inc., Panasonic Corporation, Pelco Corporate, Robert Bosch GmbH, and The Infinova Group among others. among others. There are various other players operating in this market which were studied and analyzed during the course of this study.
In 2019, The Bosch start-up Security and Safety Things (SAST) announced its vision for a revolutionary IoT platform in the security camera segment. SAST aimed to offer a B2B-software ecosystem within the security camera market. The SAST-related App Store further allowed developers to build applications on an open software standard, and to market them via the SAST App Store, similar to app stores for smartphone applications.
In 2019, Honeywell received contract from the Egyptian government to provide a city-wide surveillance system for the new capital which the government is building outside Cairo. Under this contract, Honeywell aims to deploy the security and surveillance systems as part of the first phase of the capital in collaboration with its partner MTI.
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