Wireless Video Surveillance Market Size
Wireless Video Surveillance Market Expected to Reach $64.1 Billion by 2031 — Allied Market Research
WILMINGTON, DELAWARE, UNITED STATES, July 5, 2024 /EINPresswire.com/ -- The wireless video surveillance market share is expected to witness considerable growth, owing to the growing demand for faster and more efficient ways of video surveillance design objects using advanced surveillance systems, which is expected to drive the market growth. Wireless video surveillance system provides real-time monitoring of the environment and people. This surveillance system is used to promote safety and security among users. Next-generation wireless video surveillance cameras are one of the most promising security solutions with the capability to offer real-time surveillance. In addition, it is superior compared to traditional surveillance systems. Wireless video surveillance system helps end users to maintain flexible security solutions in respective environments.
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The wireless video surveillance industry is witnessing wide acceptance and is expected to experience growth in the security service market in the future. Currently, this technology is in its growing stage; however, it is expected to gain a major position in the market, owing to technological developments. Based on features offered by video surveillance systems, it has increasingly become popular among end users such as small and medium-scale enterprises. Moreover, advancements in technologies are anticipated to help wireless video surveillance cameras and accessories manufacturing companies reduce the overall cost of production of the system. The wireless video surveillance market size is predicted to exhibit growth during the forecast period, owing to a rise in demand for enhanced security products. This is the major factor that propels wireless video surveillance market growth.
According to wireless video surveillance market analysis, the hardware segment was the highest contributor to the market in 2021. The video analytics and integration services segments collectively accounted for around 83.7% market share in 2021. These services are based on wireless video surveillance systems. The outbreak of COVID-19 has significantly impacted the growth of wireless video surveillance.
The decline in manufacturing activities has significantly impacted the demand for wireless video surveillance solutions during the pandemic. Further, the lack of availability of a professional workforce due to partial and complete lockdowns implemented by governments across the globe has restrained the growth of the wireless video surveillance market during the pandemic. However, the rise in demand for the Internet of Things and consumer electronics has led to the growth of the wireless video surveillance market post-pandemic. Moreover, the wireless video surveillance market trends signify that the demand for wireless home video surveillance is also on the rise across the globe.
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The wireless video surveillance market key players profiled in the report include Axis Communications AB, Bosch Security Systems Gmbh, Camcloud, Cisco Systems Inc., CP PLUS, Dahua Technology Co. Ltd., D-Link Corporation, Eagle Eye Networks, Flir Systems Inc., Genetec, Hangzhou Hikvision Digital Technology Co, Ltd., Honeywell Security, Ivideon, Panasonic Corporation, Pelco (Schneider Electric), The Infinova Group and Verkada Inc. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the wireless video surveillance market.
KEY FINDINGS OF THE STUDY
• In 2021, the hardware segment accounted for maximum revenue and is projected to grow at a notable CAGR of 10.98% during the forecast period.
• The camera and storage device segments together accounted for around 75.6% of the industrial 3D printing trends in 2021.
• The commercial segment holds the major share of the wireless video surveillance market in 2021.
• North America contributed to the major wireless video surveillance market share, accounting for more than 37% share in 2021.
Key players profiled in the report include Axis Communications AB, Bosch Security Systems Gmbh, Camcloud, Cisco Systems Inc., CP PLUS, Dahua Technology Co. Ltd., D-Link Corporation, Eagle Eye Networks, Flir Systems Inc., Genetec, Hangzhou Hikvision Digital Technology Co, Ltd., Honeywell Security, Ivideon, Panasonic Corporation, Pelco (Schneider Electric), The Infinova Group and Verkada Inc. Market players have adopted various strategies, such as product launch, collaboration& partnership, joint venture, and acquisition to expand their foothold in the wireless video surveillance market.
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