Video surveillance systems and services market to reach $36.28B by 2018
The video surveillance systems and services market is set to reach $36.28 billion by 2018, according to a new report published in the Marketsandmarkets catalogue.
According to the report, Video Surveillance Systems & Services Market- (Analog, IP), Components (Hardware [Cameras, Monitors, Storage], Software [Video Analytics, VMS], Service (VSaaS – Hosted, Managed, Hybrid) – Analysis & Forecast (2013-2018), the market has gone through some considerable changes over the last decade and technological advances along with increased use of cloud services are the major drivers in the market.
The market is also likely to witness a large growth in IP video surveillance by 2018, and the growth of video surveillance systems and services market is expected to be higher in North America, though India and China are quickly driving the Asian-Pacific market.
The report points to large enterprise and government uses, as well as use in retail settings, as drivers of this market. In addition, there exists a demand for better picture quality, as well as a cost reduction.
Another recently-published report acknowledges the similar growth of IP systems, expecting the market for video surveillance as a service (VSaaS) to grow at a CAGR of 28.1 percent between 2012-2016.
Facial recognition also plays a strong role in these markets as it is often included in many of these systems. Adoption appears to be growing and according to a recent CNN/Time/Orc poll, 79% of Americans are in favor of using facial recognition at various locations and public events, and 81% support expanded camera surveillance on streets and in public places, though recent reports have shown some surveillance practices which have been unsettling to some.