IP Video Surveillance and VSaaS Market to Reach $52.98 Bn, Globally, by 2026 at 12.9% CAGR Allied Market Research
PORTLAND, Oregon, Oct. 10, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "IP Video Surveillance and VSaaS Market by Product Type (Hardware, Software, Cloud Based Solutions, and Services), and Application (Banking & Financial Sector, Retail, Government & Higher Security, Manufacturing & Corporate, Residential, Entertainment, Healthcare and Others): Global Opportunity Analysis and Industry Forecast, 2018–2026." According to the report, the global IP video surveillance and VSaaS industry garnered $18.51 billion in 2018, and is estimated to reach $52.98 billion in 2026, growing at a CAGR of 12.9% from 2019 to 2026. The report also provides an in-depth analysis of the drivers & opportunities, top investment pockets, top winning strategies, market size & estimations, competitive landscape, and wavering market trends.
Drivers, restraints, and opportunities-
Rise in speed of transition from analog to IP surveillance cameras, surge in need of safety in high-risk areas, and integration of IoT in surveillance cameras drive the growth of the global IP video surveillance and VSaaS market. On the other hand, high investment, initial installation investment, large data storage problems, and lack of professional expertise in handling IP cameras impede the market growth to certain extent. However, emerging trends toward development of smart cities is expected to create a number of lucrative opportunities in the near future.
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The hardware segment to lead the trail by 2026-
Based on product type, the hardware segment contributed nearly two-thirds of the global IP video surveillance and VSaaS market share in 2018. This is due to high demand for hardware system and devices in the market. On the other hand, the services segment is projected to grow at the fastest CAGR of 15.4% throughout the study period. This is due to the technological advancements in the service industry.
The banking and financial Sector segment held the largest share in 2018-
Based on application, the banking and financial Sector segment held the lion's share in 2018, garnering nearly one-fourth of the global IP video surveillance and VSaaS market. This is due to high theft rates in banking industry. At the same time, the manufacturing segment would cite the fastest CAGR of 15.6% by 2026. This is due to high security concerns in the manufacturing.