June 29, 2020
According to the research report titled ‘Global IP Video Surveillance and VSaaS Market Size study with COVID-19 Impact, by Type (Hardware, Software, Cloud-Based Solutions, and Services), by Application (Banking & Financial Sector, Retail, Government & Higher Security, Manufacturing & Corporate, Residential, Entertainment, Healthcare and Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global IP video surveillance & VSaaS market generated revenues worth USD 20.9 billion in the year 2019 and is expected to record a growth rate over 12.9% during 2020-2026.
For the uninitiated, a video surveillance system acquires videos and images that can be stored, compressed and transferred over communication networks.
Rapid advancements in machine learning technology along with increasing utilization of AI (artificial intelligence) in video surveillance and VSaaS are key factors augmenting the market growth. Shifting preference towards IP surveillance cameras over analog devices and rising integration of IoT technologies in surveillance systems are further aiding the market expansion.
Increasing business-centric activities such as innovative product launches and strategic alliances among major players is favoring the market scenario. In April 2019, for instance, Axis Communications AB introduced an all-in-one product combining door communication and video surveillance system called Axis A8207-VE, which is further integrated with RFID (radio frequency identification) reader for controlling access. Additionally, focus towards safety in high risk areas is also stimulating the industry outlook. However, high capital investment and insufficient expertise while handling IP camera systems may act as restraining factors to the overall market growth.
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As per type, IP video surveillance & VSaaS industry is divided into services, cloud-based solutions, software and hardware. Whereas, based on application landscape, the market is split into healthcare, entertainment, residential, manufacturing & corporate, government & higher security, retail, banking & financial sector, and others.
Regionally, North America accounts for a substantial share in worldwide IP video surveillance and VSaaS industry and is predicted to expand momentously during the forecast period. On the other hand, industry analysts claim that Asia-Pacific market is poised to acquire significant returns in the forthcoming years.
The major companies formulating the competitive scenario of IP video surveillance & VSaaS market are Pelco (Schneider Electric), Panasonic Corp., The Infinova Group, Honeywell Security (Honeywell International Inc.), D-Link Corp., Dahua Technology Co. Ltd., Bosch Security Systems GmbH (Robert Bosch GmbH), Axis Communications AB, Hangzhou Hikvision Digital Technology Co. Ltd. and Avigilon (Motorola Solutions) among others.