It’s a question that is often discussed at industry trade shows, on blogs, and throughout physical security publications: How strong is the video surveillance market?
This year, all signs point in the right direction. Although growth slowed in 2015, the industry appears to be back to its trend of steady expansion.
Related: Establishing Yourself as A Leader in the Video Surveillance Market
And this is a direction that should continue: Research firm IHS has forecast that the global video surveillance market will grow seven percent by the end of this year. We’re seeing signs of that growth cropping up throughout the industry.
Here, we count down 10 of the more promising signs of video surveillance market growth:
- Research indicates that demand for the features and capabilities of IP-based technology is helping drive overall demand for video surveillance and video surveillance as a service.
- Sales of HD CCTV cameras will reach 28 million units in 2016—compared to fewer than 1 million in 2012. In fact, this will mark the first year that more HD CCTV cameras are sold than standard-definition cameras.
- The total raw capacity of enterprise storage technology will grow by an incredible 48 percent this year, which will encourage larger customers to add HD (or even 4K) cameras and advanced capabilities as needed.
- The video content analytics market is growing rapidly, nearing a rate of 34 percent a year. As analytics capabilities and uses grow, new customers are going to be inspired to invest in the features to keep camera counts low and offset a shrinking workforce.
- Due to heightened concerns over public safety, the global homeland security market is expected to grow to $453 billion over the next eight years, with much of the investment going toward video surveillance and analytics.
- Emerging trends, such as wearable cameras and surveillance drones, promise to create new niches for value-added resellers (VARs) selling surveillance.
- Overall, security budgets seem to be improving year over year. For example, in 2015, nearly 40 percent of retailers surveyed said that their security and loss-prevention budgets had increased in the last 12 months—a trend that is likely to continue.
- The transportation surveillance market is growing substantially, with some experts forecasting that it will account for more than 35 percent of the global CCTV market by 2019.
- Surveillance investments in hospitality, finance, and aviation—all areas that face an increased threat of crime and terrorism—are only expected to grow.
- In the United States, 75 percent of schools had at least one camera during the 2013-2014 school year, and many are legacy analog devices. As these reach end of life, investment in networked cameras will increase in the education market due to growing security concerns.
When these trends are taken into account, there is no doubt that the video surveillance market should experience significant gains in the coming years. For individual VARs, that means an exciting opportunity for growth in a field of technology that will only remain in demand.
What other signs of growth are you seeing in the video surveillance market?