The video surveillance market was valued at USD 36.89 billion in 2018 and is expected to reach USD 68.34 billion by 2023, at a CAGR of 13.1% during the forecast period.
How will growing government and stakeholder funding for developing smart cities and employing city surveillance solutions prove to be an opportunity for the video surveillance market?
Nowadays, cities need innovative solutions to overcome long-term challenges such as controlling traffic flows, managing waste, meeting energy efficiency targets, controlling security breaches, and managing city surveillance owing to rapid urbanization. The governments in developing economies, including China and India, are focusing on developing smart cities, through huge government and stakeholder funding, to curb the long-term challenges arising due to the growing urbanization. Video surveillance can be used efficiently for traffic monitoring, operations monitoring, law enforcement, vandalism deterrence, and remote and mobile monitoring applications. Thus, the governments across the world, especially in developing nations, are concentrating to invest more in video surveillance through projects such as smart cities and city surveillance.
For instance, the Singapore government has deployed CCTV cameras under the smart city project at various public places including subway stations, airports, side streets, traffic signals, and others. Also, under the smart city project, in September 2017, the Indian government is planning to deploy a large number of CCTV cameras in more than 100 cities.
Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor.
Download PDF Brochure @
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=645
What challenges will the requirement of high-capacity storage systems and higher bandwidth pose to the market?
The total bandwidth used by a video surveillance system depends on the number of cameras, frame rate, image resolution, and compression ratio. The more the number of cameras, more is the bandwidth used for video surveillance. The constant streaming of video data from network cameras results in bandwidth issues. One frame needs 30 Kbytes to 160 Kbytes for high-resolution images. At several frames per second, every camera could require 10 Mbps. The requirement for bandwidth increases with the growing number of cameras.
There has been a significant growth in the use of IP cameras, which has also led to the growth of the network video recorder (NVR). NVRs are connected to the network and require high bandwidth for storing high-resolution videos. High bandwidth results in high costs, and a strong network connection is expensive. This requirement poses challenges for implementing IP-based storage systems in small enterprises and for developing robust network infrastructure in emerging economies. With the rise of cloud computing, networks are getting vulnerable, and bandwidth issues have become a forefront issue.
Increasing concerns for public safety and security
A video surveillance system monitors and records the behavior and activities of people. These systems are being rapidly deployed at airports, schools, office buildings, public places, and so on. Governments in various countries have mandated the implementation of surveillance systems for the protection of public places and critical infrastructure owing to the rising focus on security issues. For instance, in January 2018, with the carnival season coming very soon, the US government installed 250 surveillance cameras in the city of New Orleans (US) to reduce crime; the New York Police Department has installed hundreds of additional surveillance cameras on roads and other public places to reduce the traffic violations and crime. The rising incidences of thefts, terrorist attacks, and other crimes have fueled the need for video surveillance systems.
Rising demand for VSaaS services
Video Surveillance-as-a-Service is web-hosted cloud-based video surveillance. It allows users to remotely store, manage, record, play, and monitor surveillance footage entirely on the cloud or on secure servers. The advantages of such services include cost efficiency, remote access to data, secure data storage, and high reliability, among many others.
Further, low investment capital is required to use these services. In addition, the increase in the demand for real-time and remote access for surveillance data and flexible scalability offered by VSaaS is likely to provide lucrative opportunities to the video surveillance market players. Many companies such as Honeywell Security Group (US) and Axis Communications (Sweden) provide VSaaS.
Cybersecurity threats
As surveillance continues to grow exponentially, millions of cameras are deployed to help keep people, properties and organizations secure. IP networks allow for more intelligence for surveillance than legacy analog networks. With the increasing use of cloud-based services, there can be cybersecurity threats for the data that is uploaded to the cloud platform. The rising deployment of IP and Power over Ethernet (PoE)-based network devices provides a number of ways for cyberattacks, thereby causing cybersecurity threats. Hence, to overcome such threats, companies such as Hikvision (China) are undertaking various programs to train and educate dealers and end users about best practices for cybersecurity.
Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Shelly Singh
Email:Send Email
Phone: 1-888-600-6441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/video-surveillance-market-645.html
