Video Surveillance Market

Market Leadership - Video Surveillance Market

The video surveillance market is projected to grow from USD 42.9 billion in 2021 to USD 69.1 billion by 2026; it is expected to grow at a CAGR of 10.0% from 2021 to 2026. Increasing hardware capabilities of video surveillance cameras, including increased camera capabilities, maturing technology, features, and customized systems, as well as increasing use of software analytics and AI in video monitoring, are expected to be the main drivers for the market. The rise in IoT capabilities, upcoming smart cities, as well as the use of thermal cameras in response to COVID-19 is expected to provide short-term and long-term opportunities for market growth.

Although the video surveillance market is growing at a steady pace, the market is competitive among the players in the market. Key strategies adopted by top players to enhance their product portfolios, increase their market share and expand their presence in the market mainly include new product launches and product developments. For instance, In March 2021, Hikvision (China) announced major enhancements to its HikCentral Professional integrated security software. HikCentral Professional 2.0 now supports a broader range of security and business applications in one platform, all managed with a new dynamic and intuitive user interface. In April 2020, Hanwha Techwin (South Korea) announced the launch of its new Wisenet P series AI cameras equipped with powerful artificial AI capabilities that detect and classify people and vehicles in real-time. The cameras are designed to accurately capture the unique attributes of objects such as faces and license plates, whilst reducing false alarms. In January 2020, Axis Communications (Sweden) launched its new range of AXIS P13 and AXIS M30 Network Camera Series which are free of hazardous brominated and chlorinated flame retardants. These new product developments are an important step in setting an industry standard for sustainability and green design.

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Hikvision is one of the world’s leading suppliers of video surveillance products and solutions. The company has a state-of-the-art manufacturing process for innovative CCTV and video surveillance products. Hikvision also offers security, visual management, video content, and big data services. The company operates through only one business segment, namely, video products and video services, which caters to markets such as public security, transportation, judicial systems, education, healthcare, financial institutions, energy, and intelligent buildings. It provides professional and customized products and intelligent visual management (IVM) solutions to meet diverse market requirements. The company has extended its product portfolio based on the intelligent video technology across smart homes, industrial automation, and automotive electronics industries to explore modes for sustainable long-term development. Hikvision has presence across more than 20 locations around the world. Hikvision USA, Hikvision Canada, Hikvision Europe (Netherlands), Prama Hikvision India, Hikvision Korea, and Hikvision Mexico are a few of the major subsidiaries of the company. The company also has numerous third-party distributors worldwide.

Axis Communications is one of the market leaders in developing and marketing video surveillance and access control solutions. In February 2015, the Japanese multinational Canon (Japan) acquired the company and remains its largest stakeholder. The company operates independently from Canon. It is continuously engaged in developing and launching innovative network products to retain its position as a market leader. Axis Communications majorly operates through two business segments, namely, Video and Others. The company offers network cameras, video encoders, network video recorders, video management software, and system devices related to the video surveillance market. Its products are used across various applications in the retail, banking and finance, transportation, government, and healthcare sectors. Axis Communications has offices in more than 50 countries. It also has a global network of partners in 179 countries in the Americas, Europe, Asia, the Middle East, and Africa. A few subsidiaries of the company include Axis Communications Pty Ltd (Australia), Axis Communications, Inc. (Canada), Beijing Axis Communications (China), and Axis Communications (UK) Ltd.

Related Reports:

Video Surveillance Market with COVID-19 Impact Analysis, By Offering (Hardware (Camera, Storage Device, Monitor), Software (Video Analytics, VMS), Service (VSaaS)), System (IP, Analog), Vertical, and Geography - Global Forecast to 2026

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Report Code
SE 2873
RI Published ON
10/12/2021
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