HOME Research Insight Hangzhou Hikvision Digital Technology Co., Ltd. (China) and Honeywell Security Group (U.S.) are the Major Players in the Video Surveillance Market

Hangzhou Hikvision Digital Technology Co., Ltd. (China) and Honeywell Security Group (U.S.) are the Major Players in the Video Surveillance Market

Video surveillance systems are used for safety and security of people. These systems can monitor people, places, and objects, and then provide stored data to analyze or identify suspects and criminals. The preference for IP surveillance systems over analog systems is growing due to the former’s better functionality and reducing cost of IP cameras, which is driving the market for IP video surveillance systems. The video surveillance market was valued at 30.37 Billion in 2016 and is projected to reach USD 75.64 Billion by 2022, at a CAGR of 15.4% between 2017 and 2022. The growth of this market can be attributed to the increasing awareness about safety and security that has resulted in the increased installation of video surveillance systems and use of cloud services due to the need to store large amounts of data.

Key strategies adopted by the major players in the video surveillance market include new product launches, agreements, partnerships, and contracts, among others. The strategy of new product launches accounted for a share of 59% of the overall growth strategies adopted by the market players between 2014 and 2017. Companies such as Axis Communications AB (Sweden), Bosch Security Systems Inc. (U.S.), and Hangzhou Hikvision Digital Technology Co., Ltd. (China) have adopted this strategy to expand their customer base and enhance their product portfolio.

Hangzhou Hikvision Digital Technology Co., Ltd. (China) is one of the leading players in the video surveillance market. The company provides video surveillance products such as IP network cameras, speed domes, Network Video Recorders (NVR), Digital Video Recorders (DVR), hybrid video recorders, digital video servers, video encode, and video management software, among others. Hikvision is one of the largest suppliers of video surveillance products and solutions. The company has extensive product offerings in the video surveillance market, which have made it a preferred choice for various end users. The company has a huge customer base for video surveillance systems. The company mainly focuses on strategic partnerships and collaborations, which provide a platform to the company to integrate its systems with several other players in the video surveillance ecosystem. Recently, in 2017, the company announced its partnership with Milestone Systems A/S (Denmark). The company’s Turbo HD analogue solutions can be integrated with Milestone’s XProtect Device Pack 8.9 VMS software. Hikvision’s Turbo HD enhances the security performance with simple and cost-effective installations.

Honeywell Security Group (U.S.) is one of the major players in the video surveillance market. The company is primarily engaged in the manufacturing of electronic security systems, intruder alarm systems, and fire alarms for residential homes and commercial application. Its product portfolio comprises CCTV, video analytics systems, cameras, access control systems, and intrusion detection and control. The company serves its products in various applications such as airport, banking, commercial office, gaming, healthcare, industrial, military, residential, retail, and seaports, among others. The company believes that the future growth depends on its ability to develop new products or technologies. In September 2016, the company enhanced overall portfolio of the video technology to help security professionals to design connected building systems. It also added various devices to its line of equIP series cameras designed to produce better picture quality in the most challenging conditions. The company also announced the new version of MAXPRO Network Video Recorder (NVR), which quickly stores and locates archived videos and easily creates integrated surveillance systems. The company continues to invest in research and development activities for future growth.

Other companies operating in the video surveillance market are Axis Communications AB (Sweden), Zhejiang Dahua Technology Co., Ltd. (China), Bosch Security Systems Inc. (U.S.), FLIR Systems Inc. (U.S.), Avigilon Corporation (Canada), Pelco by Schneider Electric (U.S.), Panasonic System Networks Co., Ltd. (Japan), Hanwha Techwin Co., Ltd. (Samsung Techwin Co., Ltd.) (South Korea), NICE System Ltd. (Israel), and Infinova Corporation (U.S.).  

Related Reports:

Video Surveillance Market by System (Analog, IP, Biometrics), Hardware (Camera, Monitors, Servers, Storage Devices), Software (Video Analytics, VMS), and Service (VSaaS, Installation & Maintenance), Vertical, and Region - Global Forecast to 2022

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