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).
