Global CCTV/Video Surveillance Equipment Market is Projected to Reach US$11 Billion by 2015, According to New Report by Global Industry Analysts, Inc.
Growing concerns over safety and security, roll out of high-definition network cameras, and adoption of network video surveillance solutions will stimulate the world CCTV/Video Surveillance Equipment market to reach US$11 billion by 2015.
San Jose, CA. 10/14/2010 —
Over the last few years, video surveillance industry witnessed robust growth driven by heightened concerns over safety and security across the world. As stated by the new market research report, Europe and the US, together account for a lion’s share of the global market. The prolonged recessionary climate has temporarily taken the wind out of the market’s sails, reflecting deceleration in revenue growth in 2009. Developed regions such as Europe and North America bore the brunt of the recession. The US market for video surveillance equipment weathered the downturn better than Europe, supported by investments from the government.
The 2007-2009 recession caused demand patterns across end-use market verticals to bifurcate with banking and retail industries, which buckled under the financial pressure of the slowdown, posting decline in demand, while government, transportation and education sectors posted encouraging gains. Retail industry, a key market for video surveillance equipment, has been hit hard due to soaring energy prices, food prices, coupled with the credit crunch that reduced overall consumer spending. Subsequently, many retailers postponed new store expansion plans that impacted sales of CCTV.
In contrast, investments from end verticals such as government, transportation and education remained strong in 2009, as installation of higher value video surveillance equipment was considered to be necessary expense to ensure public safety. For example, installation of security cameras in US law enforcement vehicles will continue to increase through 2013, despite financial crisis and major budget cuts in nationwide municipalities. The impact of recession has been more acute on the analog video surveillance equipment market as compared to IP-based equipment. Analog video surveillance market is afflicted with two-fold impact of the economic downturn and the ongoing migration to IP based equipment.
Players in the market are banking on the migration from analog video surveillance to IP based network video surveillance to help reverse the lag recorded in growth rate. The roll out of high-definition network cameras and rising adoption of open standards, such as PSIA and ONVIF, has accelerated the shift towards network video surveillance. Also, more advanced users are expected to opt for software-only surveillance solutions for enhanced flexibility and easy integration with newer systems like POS, access control, and ATMs. Advances in technology mean today's surveillance solutions offer much greater variety and appeal to multiple verticals. Remotely monitored video, Managed Video as a Service (MVaaS), and Video Surveillance as a Service (VSaaS) are poised to emerge into successful business models of the future.
Segment wise, Cameras, represents the largest product market. Demand for remote video monitoring services, among other remote monitoring products and services are expected to grow the fastest in the post recession period. Region wise, Asia-Pacific is emerging as a strong market for video surveillance equipment both in terms of consumption and manufacturing. Market for Recorders in Asia-Pacific is expected to surge at a CAGR of more than 14% through 2015. Security video is rapidly growing in China and Middle East. Moreover, China represents a manufacturing hub because of low labor cost and easy availability of raw materials. Vendors of video surveillance equipment will also find ample opportunities in Eastern Europe, Russia, Latin America, and the Middle East in the foreseeable future.
Open standards are expected to positively nudge growth down the road. For instance, open standards will quicken the migration from analog to network video surveillance, bring in ‘plug-and-play’ compatibility, and decrease current installation complexity. Furthermore, open standards will enable the ingress of new network camera manufacturers and VMS vendors, thus lowering the traditional entry barrier, which has kept prices high.
Key players in the CCTV/Video Surveillance Equipment market place include ADT Security Services Inc., Axis Communications, Bosch Security Systems, Cantronic Systems Inc, Chubb Security Systems, Dedicated Microcomputers Limited, Diebold, GE Security, Honeywell Video Systems, Huviron Co Ltd, March Networks Corporation, Mobotix AG, Netversant Solutions, NICE-Systems Ltd, Panasonic Corp, Pelco Inc, Siemens Building Technologies, Sony Corporation, Vicon Industries, Yoko Technology Corp, among others.
The report titled "CCTV/Video Surveillance Equipment: A Global Strategic Business Report", announced by Global Industry Analysts, Inc provides a comprehensive review of market trends, drivers, challenges, competition, company profiles, mergers, acquisitions and other strategic industry activity. The report provides market estimates and projections in value (US$) for major geographic markets such as United States, Canada, Japan, France, Germany, the UK, Italy, Spain, Russia, Asia-Pacific, Latin America and Rest of World. Product markets analyzed include cameras, recorders and monitors.For more details about this comprehensive market research report, please visit – http://www.strategyr.com/CCTV_Video_Surveillance_Equipment_Market_Report.asp