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The global video surveillance market is expected to reach an estimated $39.3 billion by 2023 and it is forecast to grow at a CAGR of 9.3% from 2018 to 2023.
The future of the global video surveillance market looks promising with opportunities in the commercial, government, transportation, and residential sector.The major growth drivers for this market are increasing awareness for safety and security, increasing crime rate, and growing adaptation of internet protocol (IP) cameras.
Emerging trends, which have a direct impact on the dynamics of the video surveillance industry, include advanced 360-degree camera technology, utilization of Vizsafe platform services, and enhanced camera capabilities for Video Management Systems.
It is forecast that IP surveillance system is expected to remain the largest system type, and is also expected to witness highest growth due to growing development of smart city and smart home applications. Additionally, technological innovations, real-time access, integration of wireless technologies, video analytics, and affordability are the factors driving the growth of the IP camera market.
Within the video surveillance market, the commercial segment is expected to remain the largest end use market, and witness the highest growth over the forecast period due to increasing demand in hotels, banks, and retail enterprises. Expansion of financial institution coupled with increasing need for building security and monitoring customer and staff activities further spurred the growth for video surveillance.
Asia Pacific is expected to remain the largest market, and is also expected to witness the highest growth over the forecast period due to the increasing number of hotels, banking & financial institutions along with small and medium enterprise growth in China, India and other emerging nations.