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Video Surveillance Market Size, Status and Precise Outlook

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BIS RSRCH
Video Surveillance Market Size, Status and Precise Outlook

The increase in security concerns and the growing need for highly efficient, time-saving surveillance systems at reasonable costs, is one of the matters to be looked upon in the current scenario. The attempt to deliver such solutions with the growing application across many verticals is considered as one of the major drivers for the video surveillance industry. With the increasing security concerns, along with rising initiatives by the government to spend on surging digitization and smart cities, the number of cameras being used for video surveillance is also increasing. The governments of various nations are deploying video cameras on a massive scale in order to create stronger security systems for their respective countries. These video surveillance systems provide various benefits, such as asset and theft protection, remote monitoring services, gathering evidence to help legal authorities to arrive at the right decisions, increased workplace productivity, and traffic management via automatic license plate recognition. Some private sectors, including banking and finance, hospitals, research labs, sports facilities, corporate headquarters, and auditoriums also require cutting-edge video surveillance technology with improved security features whereas commercial and residential sectors may require cost-effective and efficient cameras solutions, such as zoom-specific cameras and low-light cameras.

One of the major factors that has led to the increasing adoption of these video surveillance systems has been the rise of IP camera-based solutions. This can be attributed to the fact that it allows the users to convert their local broadband connection into a home surveillance system. These cameras provide several benefits compared to traditional analog cameras, such as low cost and high durability. Further, IP cameras provide high-resolution images and wide-angle video capturing feature and also allows authorized access to live and recorded video footage on smartphones and tablets. One of the major benefits of using IP surveillance systems has been cloud storage, which makes the video surveillance system more effective. With the rise of built-in wireless connection, the IP cameras have become subtle and discreet, avoiding unnecessary attention. Since these cameras run on Wi-Fi signals, the problem of interference or loss of network in the transmission wires has been eliminated.

With the arrival of video content analytics (VCA) and video surveillance as a service (VSaaS), the video surveillance industry is expected to grow at a robust rate. VCA facilitates the effective extraction of structured information through automatic analysis of the data stream or the images from the closed-circuit television (CCTV). The recognition software includes facial recognition and automatic number plate recognition systems, which are used specifically for identifying people and vehicles, respectively. With VSaaS, the camera’s video footage is recorded remotely which is triggered by a motion detection feature. Whenever an event is detected, the video images of that particular event are stored on the servers, and the client is alerted of the same through text messages and emails. Emails that are sent contain the images of the event, allowing the person to access the situation; thus, providing an enhanced security system.

The global video surveillance industry is one of the most competitive industries, with the leading players actively competing against each other to gain a greater share in the industry. The competitive landscape of the video surveillance industry exhibits an inclination toward emerging strategies and developments by market players.

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The key players that are actively participating in the video surveillance market include Avigilon Corporation, Axis Communications AB, Canon Inc., Cisco Systems Inc., Dahua Technology Co. Ltd., FLIR Systems Inc., Hangzhou Hikvision Digital Technology Co. Ltd., Huawei Technologies Co. Ltd., Panasonic Corporation, Sony Corporation, and Verint Systems Inc., Bosch Security Systems, Hanwha Techwin Co. Ltd., Honeywell Security, Pelco, and The Infinova Group. Amongst these companies, Hikvision has registered the highest overall revenue in the video surveillance industry in 2019.

The prominent players in the video surveillance market adopted product launches, partnerships, collaborations and contracts, and other strategies to expand their business. The companies are also involved in some of the other developments that include mergers and acquisitions, facility expansion, product upgradation, and funding to develop advanced mechanisms for video surveillance systems. Due to the intensive competition, the video surveillance industry requires manufacturers to constantly innovate and develop cost-effective solutions with the existing and forthcoming industry standards for various applications.

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