One of the major factors that has led to the increasing adoption of these video surveillance systems has been the rise of IP camera-based solutions. This can be attributed to the fact that it allows the users to convert their local broadband connection into a home surveillance system. These cameras provide several benefits compared to traditional analog cameras, such as low cost and high durability. Further, IP cameras provide high-resolution images and wide-angle video capturing feature and also allows authorized access to live and recorded video footage on smartphones and tablets. One of the major benefits of using IP surveillance systems has been cloud storage, which makes the video surveillance system more effective. With the rise of built-in wireless connection, the IP cameras have become subtle and discreet, avoiding unnecessary attention. Since these cameras run on Wi-Fi signals, the problem of interference or loss of network in the transmission wires has been eliminated.
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With the arrival of video content analytics (VCA) and video surveillance as a service (VSaaS), the video surveillance industry is expected to grow at a robust rate. VCA facilitates the effective extraction of structured information through automatic analysis of the data stream or the images from the closed-circuit television (CCTV). The recognition software includes facial recognition and automatic number plate recognition systems, which are used specifically for identifying people and vehicles, respectively. With VSaaS, the camera’s video footage is recorded remotely which is triggered by a motion detection feature. Whenever an event is detected, the video images of that particular event are stored on the servers, and the client is alerted of the same through text messages and emails. Emails that are sent contain the images of the event, allowing the person to access the situation; thus, providing an enhanced security system.
Moreover, the video management systems are gaining popularity, and the sector is expected to grow at a robust rate in the coming five years (2020-2025). The video surveillance market is witnessing a pattern of transition due to the increasing market penetration of IP cameras in various application sectors for their high clarity and image responsiveness.
The global video surveillance industry is one of the most competitive industries, with the leading players actively competing against each other to gain a greater share in the industry. The competitive landscape of the video surveillance industry exhibits an inclination toward emerging strategies and developments by market players.
With the video surveillance industry undergoing a paradigm shift, the use of Internet Protocol (IP) technology-based cameras using IoT has increased, resulting in transforming of the surveillance industry. The IP cameras allow the users to convert their local broadband connection into a home surveillance system. The cloud-based analytics offers intelligent video services without the need for additional hardware or licensing fees. The data coming from different locations through a single web-based interface is analyzed at one place. Since analog cameras work with digital video recorder (DVR) storage technology, they cannot highlight any event. In case of a crime detection event, it might take a longer period of time to play or analyze the full video. However, an IP system with video analytics can highlight or flag events with functions such as motion detection, camera tampering, and a range of other events.
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The key players that are actively participating in the video surveillance market include Avigilon Corporation, Axis Communications AB, Canon Inc., Cisco Systems Inc., Dahua Technology Co. Ltd., FLIR Systems Inc., Hangzhou Hikvision Digital Technology Co. Ltd., Huawei Technologies Co. Ltd., Panasonic Corporation, Sony Corporation, and Verint Systems Inc., Bosch Security Systems, Hanwha Techwin Co. Ltd., Honeywell Security, Pelco, and The Infinova Group. Amongst these companies, Hikvision has registered the highest overall revenue in the video surveillance industry in 2019.
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