Global security cameras market to reach $2.8bn by 2021
Global demand for video surveillance security cameras will reach $2.8bn by 2021, according to Research Nester.
The study, titled Global Video Surveillance Security Cameras Market–Demand, Opportunity, Growth, Future Prospects and Competitive Analysis, 2015–2021, expects a compound annual growth (CAGR) rate of 9.2% during the forecast period.
Increasing demand for surveillance in homes, workplaces and sectors like education and healthcare to combat crime and antisocial behaviour, are the key growth drivers for the global security camera market.
In Europe specifically, increase in terror activity is leading to an increase in demand for surveillance security cameras, where major cities, including Paris, Brussels and London, have all been subjected to terrorist attacks in the last 15 years.
Between 2015 and 2021, internet protocol (IP) security cameras – a type of digital video camera – are expected to see a steep rise in demand.
Even challenges such as a lack of skilled workforce trained to operate and to manage security cameras and lack of standardisation across different types of security cameras are unlikely to dampen the growth in demand, according to the report’s findings.
The report breaks out into global regions. According to forecasts the North American security camera market is projected to reach $6bn by 2021, with a CAGR of 7.9%.
Emerging markets are driving the boom. In Mexico the market is projected to be worth $460 million over the next three years, whilst Asia-Pacific is further forecast to have 69% of installed security cameras by 2021.