Video surveillance market is projected to grow from USD 42.9 billion in 2021 to USD 69.1 billion by 2026
[276 Pages
Report] According to MarketsandMarkets, the video
surveillance market is projected to grow from USD 42.9 billion in 2021 to USD
69.1 billion by 2026; it is expected to grow at a CAGR of 10.0% from 2021 to
2026.
According to a research report "Video Surveillance
Market with COVID-19 Impact Analysis, By Offering (Hardware
(Camera, Storage Device, Monitor), Software (Video Analytics, VMS), Service
(VSaaS)), System (IP, Analog), Vertical, and Geography - Global Forecast to
2026" published by MarketsandMarkets, the video
surveillance market is projected to grow from USD 42.9 billion in 2021 to USD
69.1 billion by 2026; it is expected to grow at a CAGR of 10.0% during the
forecast period. Owing to COVID-19, the video surveillance market faced some
headwinds for 2020–2021. IP cameras with increased hardware functionality and
utilization of AI analytics in video monitoring systems are helping to deal
with the increase in security threats worldwide. The rise of smart cities and
IoT are expected to provide future growth opportunities for the market as
modernized cities require innovative solutions to overcome long-term security
challenges. Privacy and security concerns over video data restrain the market
growth.
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Browse 173
market data Tables and 67 Figures spread through 276 Pages and
in-depth TOC on "Video Surveillance Market with COVID-19 Impact Analysis, By
Offering (Hardware (Camera, Storage Device, Monitor), Software (Video
Analytics, VMS), Service (VSaaS)), System (IP, Analog), Vertical, and Geography
- Global Forecast to 2026"
View detailed Table of Content here - https://bit.ly/3jwhAvi
Impact of COVID-19 on
current video surveillance market size and forecast
The
emergence of the COVID-19 pandemic, a deadly respiratory disease that
originated in China, is now become a worldwide issue and has also affected the
video surveillance market. Many end-use verticals deploying video surveillance
systems have been affected by this crisis. As such, the market in 2020
experienced a 4% decline from 2019. Market players have witnessed supply chain
disruptions for video surveillance equipment across both demand and supply
sides. Several industry experts are of the opinion that the COVID-19 pandemic
would start to subside by FY2021. Considering the inputs from various industry
experts belonging to the various stages of the value chain, such as OEMs,
suppliers, integrators, end-users, and distributors, and the financial release
of various companies in the video surveillance ecosystem, it is estimated that
the market will witness a marginal decline during 2019–2020.
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For
instance, companies like Hikvision (China) and Teledyne FLIR (US) witnessed
good growth in 2020. On the other hand, companies like Dahua Technology
(China), Uniview (China), and Axis Communications (Sweden) remained relatively
stagnant, whereas Hanwha Techwin (South Korea) witnessed a decline in revenue.
The growth rate, however, will recover from 2021, and thereafter, is expected
to keep rising during the forecast period.
Major
vendors in the video surveillance market include Hikvision (China), Dahua
Technology (China), Axis Communications (Sweden), Bosch Security and Safety
Systems (Germany), Hanwha Techwin (South Korea), Avigilon (Canada), Teledyne
FLIR (US), Honeywell International; (US), Panasonic i-PRO Sensing Solutions
(Japan), Pelco (US), Uniview (China), Agent Video Intelligence (US), CP PLUS
(India), Genetec (Canada), Huawei Technologies (China), NEC (Japan), NICE
Systems (Israel), Qognify (US), Tiandy Technologies (China), VIVOTEK (Taiwan),
MOBOTIX (Germany), Morphean (Switzerland), Verkada (US), Camcloud (Canada), and
Ivideon (US).
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