With the technology becoming eve`r more sophisticated, video surveillance systems are on the verge of becoming an indispensable component of security systems worldwide. In the coming years, the growth of the North American market is expected to reflect that reality.

Worth $4.56 billion in 2013, the market is projected to reach $15.81 billion by 2020, according to a market report from BIS Research titled, “Video Surveillance System (camera, storage, monitor, software & services) market size: Global analysis & forecast—2014 to 2020.”

“The ongoing market trend suggests that in the coming years there will be a massive proliferation of IP cameras in the market, thanks to the high image quality and low power consumption in such cameras,” said Ravi Baid, technology practice head at BIS Research.

Baid noted that high revenues in recent times are in part attributable to recent terror attacks, such as the Boston Marathon bombing, which showcased the efficacy of sophisticated video surveillance systems.

Recent high-profile attacks and crimes have demonstrated that many security systems were, according to Baid, “lacking the ‘intelligence’ required to monitor and control anti-social activities.”

Thus, over the past five years, the market has witnessed a rapid transition from analog systems to IP/network cameras—a transition that includes the expanded adoption of thermal and panoramic cameras, Baid said, which can provide a 360-degree view and the ability to monitor during night and low visibility conditions.

“Technology is never stagnant, and so is the case of video surveillance systems,” Baid said.