Global Video Surveillance and VSaaS Market is Expected to Reach USD 42.81 Billion Globally in 2019: Transparency Market Research
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ALBANY, New York, October 30, 2013 /PRNewswire/ --
According to a new market report published by Transparency Market Research "Video Surveillance and VSaaS Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global market is expected to reach a value of USD 42.81 billion by 2019, growing at a CAGR of 19.1% from 2013 to 2019. Increased security and safety concerns and need to monitor activities to detect intrusion, theft and traffic surveillance are some important reasons driving the growth of the video surveillance and VSaaS market globally.
By system, IP based video surveillance market is expected to grow rapidly at a CAGR of 24.2% during the forecast period from 2013 to 2019. Growing installations of IP cameras and need for surveillance cameras with better video quality is driving the demand for IP based video surveillance systems, globally.
By components, hardware market was valued at USD 9.49 billion in 2012 and is expected to grow at a CAGR of 17.3% during the forecast period from 2013 to 2019. It comprises of surveillance cameras, recorders and storage, encoders, and monitors. Recorders and storage segment held the largest share of 37% in 2012 of the total hardware market followed by surveillance cameras with 32.0% share but is expected to lose share in the coming years due to growing preference of cloud based storage (VSaaS). Also, the share of surveillance cameras is expected to increase to around 46% by 2019 owing to growing popularity of IP based video surveillance cameras that offer better video quality and comes with in-built recorders.
Among end user application areas, transportation segment which comprises city surveillance, public transits, and highways is the largest segment. This segment accounted for around 15% share of the total market in 2012 and is expected to grow at a CAGR of 21.2% during the forecast period from 2013 to 2019. Other important application areas for video surveillance and VSaaS include residential, retail, hospitality, stadiums, and healthcare among others.
In terms of geography, North America was the largest market in terms of revenue generation in 2012 that accounted for around 35% share of this market followed by Asia Pacific with around 31% share. Asia Pacific is expected to be the fastest growing market during the forecast period, growing at a CAGR of 23.4% and registering a market size of USD 17.12 billion in 2019. Growth in the Asia Pacific market is mainly spurred by demand from China.
Hikvision Digital Technology Ltd. dominated the global video surveillance and VSaaS market with a share of 9.4% in 2012 followed by Axis Communications with 5.2% share. Other important players include Honeywell, Dahua Technology, Canon Inc, Bosch Security, Pelco, Panasonic, and others.
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