Allied Market Research reports IP Video Surveillance and VSaaS market to reach $57.3 Billion by 2020
The new market research report titled "IP Video Surveillance and VSaaS Market (Technologies, Applications, Services, Geography) - Industry Analysis, Trends, Share, Opportunities and Forecast, 2012 - 2020", published recently by Allied Market Research. As per the market study, the global IP Video Surveillance and VSaaS market is expected to reach $57.3 Billion by 2020. North America is expected to experience highest share in IP Surveillance market by 2020. Asia Pacific is expected to grow with highest CAGR 44.3% during analysis period 2013-2020. North America would be the highest revenue generating segment with a value of $18,741.6 million in 2020.
IP Surveillance market is undergoing an evolutionary phase in developing countries therefore promising significant potential. In case of developed countries, the analogue surveillance systems are being actively replaced by IP surveillance systems. Increasing awareness regarding the benefits of IP based surveillance system, favourable regulatory impositions and rising security concern are the key factors expected to catalyse the growth of IP Surveillance market during the forecast period. Penetration of internet protocol in surveillance has created a long lasting impact on the overall surveillance industry.
"IP Surveillance system is widely accepted in developed markets and the adoption rate is expected to increase in developing markets such as Asia-Pacific," states AMR analyst Bryan Olson. Government and higher security segment is expected to adopt IP surveillance system at a faster pace during the analysis period, growing at a CAGR of 39.2% from 2013 to 2020. Banking and financial institutes are expected to be the highest revenue generating segment within the application market. IP surveillance hardware market is expected to be the highest revenue-generating segment with estimated revenues of $24.3 billion by 2020.
IP Surveillance system serves better flexibility and scalability features in comparison to the CCTV and conventional surveillance systems. Analogue systems are expandable only to a specific limit: for instance, only limited number of cameras can be added to the existing infrastructure. However, IP surveillance system is creating better opportunity for end-users willing to focus on multi-level or multi-site business expansions. For this reason, organisations are expected to prefer IP surveillance systems over analogue systems.
The report encapsulates company
IP surveillance system is configured with advanced technology such as video motion detection, frame rate control, automatic brightness control, internal storage memory, and remote-zoom facility. From another perspective, rising security concern and technological advancements throughout the globe is acting as a strong driving force for the market. IP surveillance systems integrated with video analytics enable high level of intelligence, therefore enhancing security. Such systems are evidencing higher adoption rates in security sensitive segments such as airports, casinos and so on.
IP surveillance systems are directly connected to the internet and this makes the system and associated sensitive data, vulnerable to hackers. Technological innovations are expanding the application areas of the surveillance systems anywhere from healthcare setups to public places. This is perceived to cause major concerns with respect to privacy of individuals especially in countries such as North America and Europe where the privacy laws are comparatively stringent.
This report segments the IP surveillance market based on products, applications and geographies. This report encapsulates company profiles of ten leading companies dealing in IP Surveillance systems namely, Avigilon Corporation, Axis Communication AB, D-Link Corporation, Genetec, March Networks, Milestone Systems, Panasonic Corporation, Mobotix AG, GeoVision Inc. and Arecont Vision.
Along with the benefits of IP surveillance systems, the public needs to be educated about the privacy issues related to monitoring. This can be done by educating the public on issues such as general norms and objectives of deploying surveillance systems, existing privacy laws, penalties and method of reporting for any breach of surveillance and privacy laws etc. This will instill confidence among the public.