Increased Demand for IP Cameras Owing to Better Functionalities and Reduced Cost

Based on hardware, software, and service, the hardware segment is expected to lead the video surveillance market between 2017 and 2022. Hardware comprises the major part of video surveillance systems and include cameras, monitors, and storage solutions, among others. Hardware products for video surveillance have become technologically advanced and affordable. Growing safety and security concerns, rising crime rates, and increasing terror attacks are some of the factors driving the growth of the camera subsegment of the hardware segment. Continuously decreasing prices of cameras have resulted in an increase in the adoption of surveillance cameras across the globe. With the increasing use of cameras, the servers, storage devices, and monitors subsegments of the hardware segment are also growing at a significant rate.

Based on vertical, the commercial segment is expected to grow at a high CAGR between 2017 and 2022. The high demand for security systems from large and small retail businesses is increasing to reduce robbery and inventory loss. In the commercial sector, financial institutions and banks prefer video surveillance systems to provide security to buildings, maintaining cash management, and monitoring customer and staff activities. This enhances security parameters and is driving the commercial segment of the video surveillance market.

The video surveillance market comprises raw material vendors, component and hardware providers, software providers, product manufacturers, distributors, and end users. Players operating in the video surveillance market include Axis Communications AB (Sweden), Bosch Security Systems Inc. (U.S.), Zhejiang Dahua Technology Co., Ltd. (China), Hangzhou Hikvision Digital Technology Co., Ltd. (China), FLIR Systems Inc. (U.S.), Honeywell Security Group (U.S.), Avigilon Corporation (Canada), Pelco by Schneider Electric (U.S.), Panasonic System Networks Co., Ltd. (Japan).

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Facial Recognition: New Era of Security

Facial recognition is the biometric technique utilized for identification and authentication of individuals by investigating various facial features from an image with the support of stored facial database. This technique is estimated to register high growth during the forecast years due to its wide adoption in both applications that include non-law enforcement and law enforcement. Facial recognition technology is highly preferred when compared to other biometric techniques, namely, iris recognition, voice recognition, skin texture recognition, and fingerprint scanning, due to its easy deployment with the help of cameras and other monitoring devices. Presently, this technology is being highly used for marketing and security purpose. 

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However, reduced accuracy and high cost of implementation has hampered the growth of this market. Maintenance costs and middleware costs combine together to give rise to implementation cost. However, some manufacturers, such as FaceFirst, Inc., have begun the use of efficient algorithms, such as PCA, FFT, to improve accuracy and reduce incurred costs of facial recognition technology. Therefore, lack of accuracy and high cost of implementation will reduce their impact during the forecast years.

The key companies included in the global facial recognition market are 3M Company, NEC corporation, Cognitec Systems GmbH, Safran Group, Aware, Keylemon, Daon Inc., nViso, Ayonix, and Animetrics. The technology of facial recognition is highly used when compared to other biometric techniques, such as iris recognition, voice recognition, skin texture recognition, and fingerprint scanning, due to its easy deployment with the help of cameras and other monitoring devices.

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