By 2018, the global CCTV/video surveillance equipment market is projected to annually reach $15 billion, says a report by Global Industry Analysts Inc., a company that provides research and analysis on various market trends.
The report—CCTV/Video Surveillance Equipment—says market growth in those areas will be “driven by an increasing focus on ensuring safety and security against unwarranted threats.”
Where there is growing concern about threats from terrorism, crime, and natural disasters, demand for electronic security systems, biometric technologies and CCTV/video surveillance equipment is increasing, according to GIA. The report analyzes the worldwide markets for CCTV/video surveillance equipment in U.S. currency by the following product segments such as cameras, recorders and monitors.
However, while escalating security concerns have been primarily driving demand for CCTV/video surveillance equipment, the role technological innovation has had in driving new market opportunities cannot be overstated, GIA says.
Technological developments have always been a key market driver for the electronic security systems market, CCTV/video surveillance segment in particular, GIA says. The CCTV/video surveillance market witnessed several technological developments in the past, which have helped it evolve over the years.
Given the consumers' appetite for technologically superior, yet cost effective solutions, recent technology developments such as digital CCTV, Internet protocol based video surveillance, wireless cameras, integrated storage abilities, superior resolution cameras, infrared cameras with night vision, sophisticated image processing and identification capabilities, remote-monitoring, CCTV video analysis software, among others, have been well received in the marketplace, GIA says.
The report provides separate comprehensive analytics for the U.S., Canada, Japan, Europe, Asia-Pacific, Latin America and the rest of the world. Annual estimates and forecasts are provided for the period 2010 through 2018. A six-year historic analysis is also provided for those markets, GIA says.
Click here to access the report.