According to the new research report published by The Insight Partners, titled “Surveillance Camera Market - Global Analysis and Forecast to 2027”, the global surveillance camera market is expected to reach US$ 45.93 Bn in 2027, registering a CAGR of 8.7% during the forecast period 2019-2027.
The global surveillance camera market is a matured market in the developed countries as well as developing countries worldwide. The necessity of video surveillance cameras is constantly increasing, and the market is experiencing a steady growth, which is anticipated to continue in the coming years. The market for surveillance camera consists of well-established players as well as emerging players, which invests substantial amounts in research and developments in order to innovate and design advanced technology for their customers. The demand for video surveillance systems is majorly among the commercial sectors and infrastructural sectors in both developed economies and emerging economies. This demand is higher in countries, such as the United States, the United Kingdom, China, and Brazil, due to the large size of the concerned industries and higher awareness among consumers.
The emergence of advanced technologies in surveillance systems is key reason behind substantial adoption of surveillance cameras, which aids in minimizing the crime rates, and civil unrest misconducts. The market for the commercial vertical is anticipated to hold highest market share in the near future. The growth of this vertical is due to the increasing usage of video surveillance and video security systems in applications such as retail stores and malls, enterprise, supermarkets, office space, and warehouses.
Key findings of the study:
The Asia Pacific region is projected to grow at the fastest pace over the forecast period. The countries in the Asia Pacific, such as China, India, South Korea, Vietnam, and Singapore, are prone to terrorist activities and civil unrest misconduct, which is leading the regions to develop, manufacture, procure and implement technologically enriched video surveillance systems. Among the countries in Asia Pacific, China dominated the market due to increased research and development of video surveillance systems, and the presence of established companies and tier 2 and tier 3 companies in the region. The adoption rate of video surveillance cameras among countries in the Asia Pacific led the region to grow at a prime rate during the forecast period.
Policymakers and regulators in both developed and developing APAC countries are playing a major role in creating favorable growth and investment environment for advanced technologies such as artificial intelligence, IoT, Blockchain, and cloud among many others. China’s commitment to promote digital transformation is clearly visible in their recent strategy initiatives such Made in China 2025 Initiative, Internet Plus Action Guidelines, and the National 13th Five-Year Planning for Science and Technology Innovation.
In addition to this, the government of India and Telecom Regulatory Authority of India (TRAI) have been taking several initiatives such as Digital-India initiative to fuel the transformation of Indian economy into a digital economy. The governments in various Asia Pacific countries have announced official guidelines for AI adoption and development. Companies like Google are investing heavily in setting up AI research centers in these countries. Owing to these developments, the demand for surveillance camera solutions is anticipated to increase in the coming years.
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