The global video surveillance market was valued at USD XX million in 2018 and is expected to reach USD XX million by 2026, growing at a CAGR of 14.0% during the forecast period.
Video surveillance, also known as closed-circuit television (CCTV), is a system that uses a camera to transfer signals to a specific place, over a monitor. This system monitors and records the activities of people. It offers several benefits to users such as time and cost efficiency, increased safety, and remote monitoring. It also helps in gathering evidence in legal cases. The growing adoption of centralized security, as well as the rapidly growing commercial sector, is one of the major factors to drive the growth of the video surveillance market.
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Further, the rising deployment of video surveillance to prevent anti-social activities such as theft, murder, intrusion, and robbery is expected to increase the growth of video surveillance market during the forecast period.
Apart from these, the growing adoption of PTZ cameras for 360-degree security and visibility is a major driving factor for the market. Owing to rising security issues and concerns, governments of various countries have focused on implementing the video surveillance system, for the protection of critical infrastructure and public places. Further, rapid developments in video surveillance and cloud computing software are going to drive the shift towards video surveillance during the forecast period.
Additionally, companies are developing advanced security systems for providing enhanced safety and security on premises. For instance, in March 2019, Axis Communications AB has launched AXIS Q6215-LE PTZ Network Camera with built-in Infrared illumination to meet the growing demand for more heavy-duty solutions. The advent of AI-based surveillance solutions will further increase the demand for video surveillance.
However, high initial investment cost and lack of expertise in handling IP cameras are expected to impede the growth of the video surveillance market.