Smart Cameras Boost Video Surveillance Market Growth
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Differing somewhat from traditional security and closed-circuit television (CCTV) cameras, video surveillance cameras typically work in conjunction with security systems and are often internet-connected so people can monitor the feed from anywhere. T
The global demand for video surveillance cameras is expected to jump over the next few years, according to a 2020-2025 forecast by IDC.com. Based on the latest forecast, this market is likely to grow to $44 billion by 2025, up from $23.6 billion in 2019, capturing a five-year compound annual growth rate of almost 13%.
Interested in learning about the latest innovations in the video surveillance field? Attend i-HLS’ InnoTech Expo in Tel Aviv – Israel’s largest innovation, HLS, and cyber technologies expo – on November 18-19, 2020. Meet InnoTech’s steering committee
Video surveillance camera growth is being driven by the adoption of smart camera systems and the adoption of the video analytics applications that enable them. A short-term decline has been driven by COVID-19 impacts, but longer-term prospects will be driven by the increasing use of video surveillance in law enforcement and physical security.
Several factors have been hampering the growth of the video surveillance camera sector, including the coronavirus pandemic and the exclusion of the two market leaders from contention for US government contracts. Also, the use of advanced analytics and artificial intelligence for applications like facial recognition has become a sensitive area that may lead to greater regulation, thus impacting the industry.
However, the industry will benefit from the increased need for smart camera systems and analytical software, both of which can help these types of cameras play a few different roles beyond that of simple surveillance.
North America remains the top consumer for video surveillance cameras, followed closely by China. Several Chinese camera manufacturers have been blacklisted, a factor that will not slow growth but will actually open the market to smaller camera makers, according to techrepublic.com.
Attend i-HLS’ InnoTech Expo in Tel Aviv – Israel’s largest innovation, HLS, and cyber technologies expo – on November 18-19, 2020 at Expo Tel Aviv, Pavilion 2.
