The global video surveillance market is expected to grow at a CAGR of 16.6% until 2022 to reach $72.3 billion, according to a new market research.
Software component and service segment is expected to lead the video surveillance market
The market for the service segment is expected to grow at the highest CAGR between 2016 and 2022.
Cloud services and video surveillance as a service (VSaaS) play an important role in the video surveillance system. Software components include video analytics and video management software.
Also, the use of neural networks and algorithms in the biometric surveillance system is a part of software component. The advancement in software technologies and networking services would lead the video surveillance market.
The market for the commercial sector is expected to grow at the highest CAGR between 2016 and 2022. The high demand for security systems in large and small retail businesses is increasing to reduce robbery and inventory loss.
In the commercial sector, financial institutions and banks highly recommend video surveillance systems to provide security to the buildings, maintain cash management, and monitor customers and staff activities.
The video surveillance market in APAC is expected to grow at the highest CAGR among its peers between 2016 and 2022. The reason for this growth is adoption of new technologies and security systems to protect its economy and infrastructure through criminal activities and terror attacks.
Thus, reduction in IP cameras prices and the presence of big players are the factors which would drive the video surveillance system market in this region.