The Video Surveillance market was valued at US$30.37 Billion in 2016 and is projected to reach US$75.64 Billion by 2022, at a CAGR of 15.4% between 2017 and 2022, according to research published by published by MarketsandMarkets. The base year considered for the study is 2016 and the forecast period is from 2017 to 2022. Implementation of video analytics, increased installation of video surveillance systems, usage of cloud-based services for centralized data, use of high-definition cameras, and the need for physical security are the major factors driving the growth of the video surveillance market. Growing safety and security concerns, rising crime rates, and increasing terror attacks are some of the factors driving the growth of the camera subsegment of the hardware segment. Continuously decreasing prices of cameras have resulted in an increase in the adoption of surveillance cameras across the globe. With the increasing use of cameras, the servers, storage devices, and monitors subsegments of the hardware segment are also growing at a significant rate.
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