Demand for video surveillance products has increased, especially in the COVID-19 pandemic scenario, where remote monitoring and surveillance measures have a great importance for patient tracking and preventing spread of the disease. Asia-Pacific dominated the video surveillance market, with China holding a significantly higher share.
China mobilized its mass surveillance tools, from drones to CCTV cameras, to monitor quarantined people and track spread of the coronavirus. As per the data released by CNBC, there are estimated 770 million surveillance cameras installed around the world, with more than 50% installed only in China.
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In addition, China is home to some of the world’s largest makers of video surveillance products, such as Division, Huawei, and Dahua. Furthermore, governments of countries such as China and South Korea are adopting surveillance technologies to keep a track of the coronavirus spread.
Growth in demand from smart cities as well as emergence of logical and physical security system integration technologies are anticipated to boost the market growth during the forecast period.
However, system segment is estimated to achieve a fastest growth rate, as both private and public sectors are intensely focusing on implementing ‘fever detection’ devices and other new sensors without necessarily having time to consider privacy implications. This sensitivity has led the Asia-Pacific physical security market to address privacy related issues and find appropriate solutions.
By service type, the video surveillance-as-a-service segment dominated the market in 2019, and is expected to maintain its dominance in the upcoming years. Rise in awareness regarding benefits of video surveillance software, such as enhanced system health management, improved video content analysis, and easy retrieval of video information, and is expected to drive the VSaaS market.
Storage capacity of cloud-based solutions in current surveillance systems is comparatively high on account of video management and video analytics software. COVID-19 has bought up a new transition within business models of enterprises that has caused a heavy reliance on cloud-based systems and remote monitoring services, which propels the overall market growth.
Key Findings Of The Study
- By component, in 2019, the services segment dominated the Asia-Pacific physical security market size. However, the system segment is expected to exhibit significant growth during the forecast period.
- Depending on service type, the video surveillance-as-a-service segment generated the highest revenue in 2019. However, the access control-as-a-service segment is expected to witness highest growth rate in the future.
- On the basis of industry vertical, the IT and Telecom sector accounted for the highest revenue in 2019, however, the BFSI segment is expected to witness highest growth rate during the forecast period.
- Country wise, the Asia-Pacific physical security market was dominated by China. However, India is expected to witness significant growth in the upcoming years.
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Some of the key players profiled in the report include Cisco Systems, Honeywell international, Huawei, NEC Corporation, and Johnson Controls, Anixter, Genetec, ADT Corporation, Axis Communication AB and Bosch Security and others. This study includes market trends, Asia-Pacific physical security market analysis, and future estimations to determine imminent investment pockets.
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