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Surveillance camera or security camera are used to safeguard any premises or any public place by ensuring the complete monitoring of the place and scrutinisation of the abnormal or irregular activity. Emphasis of governments across the globe on installation of security cameras across all the public locations is fuelling the growth of the market in different regions. Moreover, technological advancements incorporated in the current surveillance system and integration of IoT enabled devices, cloud based services and installtion of PTZ IP cameras is further intriguing the customers and encouraging the substantial increment in procurment of surveillance cameras.
The adoption of video analytics and IP cameras in government office premises and instituational premises is creating an optimistic growth prospect for the market. Many market players are keen to procurment of intelligent and context-aware video data collection cameras to protect physical assets as well as digital data threat or burglary. Although, the surveillace camera system have numeorus advanatges with respect to security of the premises and IT infrastructure it limitation in maintaining personal privacy concerns can resist potential development of the market.
The market has witnessed an considerable upsurge in demand and subsequent installations of the surveillance cameras however, after the outbreak of COVID -19 pandemic the market of surveillance cameras underwent a sharp decline due to complete breakdown and resistance in the supply chain operations and instability in supply and demand operations due to severe reduction in cash liquidity. The abrupt and prolonged closure of the manufacturing facilities across various locations in multiple regions, restrictions on the import and export activities except essential and healthcare services, and complete nationwide lockdowns which interrupted transit of goods are all the factors which further curbed the growth of the market.
To cope up with the unprecedented losses and decrement in the revenue generation many market players are trying to operate and reopen their manufacturing facilities in compliance with all the SoPs and safety directives. Additionally, acceleration in the development of innovative solutions during 2020 and development of thermal technology based surveillance camera systems are expected to get the operations of the market back on track.
Key Market Driver -
• Increased to threat to physical assets due to terrorist activities and digital assets using cyber warfare • Development AI enabled surveillance camera systems attracting numerous customers
Key Market Restraint -
• High initial installation cost incurred by customer to establish surveillance camera system
Key players operating in the global surveillance camera systems market are Bosch Security Systems Gmbh (Robert Bosch GmbH), Axis Communications AB, Dahua Technology Co., Ltd., Flir Systems, Inc., Cisco Systems, Inc., Hikvision, Huawei Technologies, Hanwha Techwin, Honeywell Commercial Security, Genetec, Avigilon (Motorola Solutions), Qognify, Panasonic i-PRO Sensing Solutions, Vivotek, Aventura Technologies, Inc., Eagle Eye Networks, The Infinova Group, NEC, and others.
North America is expected to constitute for a significant share in the global market. Established IT infrastructure and noteworthy installed base in U.S. are the main factor contributing for the development of the market in North America. In terms of installation of security cameras per capita U.S. holds top spot in the global market. Additionally, cosiderable presence of global manufacturers in the region also attract notable investments in the region
Spearheaded by China, the Surveillance Camera Systems market in Asia Pacific is projected to account 65% of share in the global market. Additionally, the growing demand form countries like India and Taiwan can drive the market growth of the region at the promising pace. Development of smart citities and increasing threats of terrorist activities in prominent cities within the region shape the lucrative development prospects for the regional surveillance camera systems market
Europe is expected to progress modest pace in the global market. The increasing importance on installation of well-designed and properly used surveillance camera systems to cope up with data security issues and to minimize occurrence of data breach all the EU institutions and governing bodies have secured their premises using surveillance system technology. The initiative of EU institutions to safeguard their premises is estimated to intrigue other consumers towards the market.
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