Video surveillance trends push global market into the billions

Look around in any public place, be it a hospital, stadium, park, retail outlet, bank and even on the shoulders of police officers, and you are likely to see at least one video camera. This sophisticated piece of equipment is recording and retaining data on the activities in its coverage area to ensure safety to people and infrastructure. Over the past 10 years, video cameras and surveillance systems have become a permanent fixture, perhaps so much so that some people don't even realize the presence of cameras, and according to BIS Research, there is no evidence of this trend slowing down.

BIS recently released a new market intelligence report, “Global Video Surveillance Market - Analysis and Forecast, 2018-2023,” indicating the global video surveillance market is estimated to grow over $77.21 billion by 2023. This increase is driven by the rising demand for IP cameras, video content analytics (VCA) and Video Surveillance as a Service (VSaas) to help mitigate rising security concerns as well as the need for the security industry to provide highly efficient, time-saving surveillance systems at an affordable price, pointed out by BIS in their press release.

BIS also noted the camera market seems to be acquiring major market share within the video surveillance industry as seen by a proliferation of IP camera-based surveillance systems in response to increased consumer demand for more physical security.

Taking a global look with BIS, Asia-Pacific (APAC) led the global video surveillance market last year and is expected to maintain dominance within this five-year time frame, accounting for approximately 41.5% of net revenue generated by video surveillance equipment, in addition to enormous investments in future security-related projects in India and China. A rise in video surveillance demands is also expected from Europe, specifically from the UK and Germany.

The majority of end-users seek three important aspects when deploying a video surveillance system—cost effectiveness, increased safety and convenience. To fulfill these three demands and create a robust surveillance system, in my opinion, IP cameras, intelligent video analytics, video management systems (VMS), VCS and VSaaS must be incorporated.

Of course, with such technology comes issues of concern. Let's discuss data protection, data surveillance laws, unskilled security professionals and more:
• Do you believe the industry is creating ways to protect the data produced by the high-capacity storage required by IP-based video surveillance systems?
• Do you feel there is a lack of data surveillance laws? If so, what laws should we consider passing?
• Do you think there is a shortage of skilled security professionals available to manage the operation and software of IP-based surveillance systems?
• According to this report's executive summary - “Cameras are the most important part of any surveillance system.” Do you find this statement to true or false, and why?

I look forward to receiving your thoughts and opinions to get the conversation started, and to continue to explore the rapidly growing and expanding world of video surveillance.