October 23, 2019
The global IP video surveillance and VSaaS industry is estimated to reach $52.98 billion in 2026, a growth rate of 12.9 percent from 2019 to 2026. This according to figures from Allied Market Research.
The report notes future growth will be driven by more transitions from analog to IP surveillance cameras, and a surge in the need for enhanced safety measures in high-risk areas. More integrations of IoT in surveillance cameras will also be a driver.
However, there are also some hindering factors holding the market back.
“High investment, initial installation investment, large data storage problems, and lack of professional expertise in handling IP cameras impede the market growth to (a) certain extent,” Allied said in a statement. “However, emerging trends toward development of smart cities is expected to create a number of lucrative opportunities in the near future.”
Banking and financial sectors lead the way
Organizations in the banking and financial sectors held the lion’s share of the market in 2018, with nearly one-fourth of the global IP video surveillance and VSaaS market represented in these kinds of businesses. Study authors attributed it to high theft rates in the banking industry. The manufacturing segment is expected to see the fastest growth with a 15.6 percent increase predicted by 2026 due to increasing security concerns in manufacturing.