In 2017, the international video surveillance industry generated around 32 billion USD in revenue.
This figure is expected to rise to a whopping 77.21 billion by the year 2023 according to a published BIS Research market intelligence report.
During the period between 2018 and 2023, the market is expected to grow by a Compound Annual Growth Rate (CAGR) of 16.14 per cent.
Read on below to find out more about the main factors driving this growth, as well as any major hurdles to be tackled along the way.
The international video surveillance market is divided into a number of regions, namely, the area covered by the North American Free Trade Agreement (NAFTA), Europe, Asia-Pacific, South America and the Middle East & Africa.
Expected Growth In The North American Region (NAFTA)
The North American region, which covers Mexico, the United States and Canada, has the highest CAGR at 16.57 per cent.
By the year 2023, the market is expected to have grown to 26.16 billion USD.
In this part of the world, the main driver of growth has been identified as the push for border security in the United States as well as other public safety concerns.
Expected Growth In Europe
In this part of the world, the growing adoption of advanced surveillance technologies, as well as an increase in government spending on video surveillance projects, are all aimed at improving public safety.
It is said that these are among the main factors driving this rapid growth.
A great example here is the SURVEILLE project that is spearheaded by the EU’s Seventh Framework Programme.
In the EU, the rise in video surveillance in countries such as the UK and Germany, for instance, can be attributed to the attacks on the London Bridge, Cologne and Berlin respectively.
Expected Growth In The Asia-Pacific Region
The Asia-Pacific market is one to watch considering the fact that it is estimated to grow by the second highest CAGR in the period covered by the report.
The region emerged as a dominant player in the performance of the entire global market, having generated up to 40.26 per cent in maximum revenue.
Over the period between 2018 and 2023, this dominance is expected to continue.
Other Driving Factors
In the report, the global video surveillance industry is said to be a long way from saturation.
This is due to one particular reason – the need to upgrade existing systems with the latest top of the line systems.
This means that the market demand is set to grow strongly for the foreseeable future.
In addition to the above mentioned public safety-centric government initiatives, the future performance of the market is also backed by a number of unique trends that are opening up great opportunities for industry players.
The introduction of VCAs, which make the extraction of structured information from a continuous stream of data, and video surveillance as a service were singled out as some of the main drivers of growth and opportunities in this market.
The Main Hurdles
As the industry powers towards the predicted growth, it will have to overcome some significant challenges in the process.
Some of the identified challenges include the growing need for additional storage of the recorded content, data integrity issues, privacy issues as well as access to additional bandwidth and formidable networks.
However, the factors driving growth are expected to be strong enough to more than offset the above-mentioned market hurdles.
New Developments
As we move into the future, the video surveillance industry has a lot to look forward to including some impressive technological developments.
One of the highly anticipated developments revolves around the introduction of gait recognising cameras.
These cameras are expected to recognise people through their walking style!
There is nothing more certain that change in this world and we are watching it unfold before our very eyes.
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