Over the last few years, rising security concerns, along with the need for highly efficient and time-saving surveillance system at an affordable price in several industry verticals gave rise to the video surveillance systems. Further, the surveillance system is extensively used in various areas such as parks, stadiums, hospitals, retail outlets, and banks, among others. According to the market intelligence report by BIS Research titled, ‘Global Video Surveillance Market-Analysis and Forecast (2017-2023)’, the market is expected to reach at a niche level by the end of 2023, registering a CAGR of 12.9% during the forecast period. This tremendous growth is attributed to the rising demands for Video Content Analytics (VCA), and Video Surveillance as a service (VSaaS), incorporation of artificial intelligence in video surveillance systems, increasing demands for intelligent transportation systems, and integration of surveillance with technologies such as drones and body-worn cameras.
Video surveillance has been a major contributor in the transformation of the dynamics of the physical security industry, owing to the ongoing innovations and development in the video surveillance technology. Video surveillance has become an indispensable tool for ensuring public and personal security, and critical infrastructure, highways, banking, and financial institutions have become promising beneficiaries of video surveillance system. The market is witnessing a paradigm shift from the analog based surveillance systems to the IP based systems. IP based systems have opened a pool of opportunities for a host of industries, ranging from cloud storage solution to service providers and storage vendors to megapixel and HD camera vendors.