Research Nester has recently announced new market demand assessment research titled “Global Video Surveillance Security Cameras Market –Demand, Opportunity, Growth, Future Prospects and Competitive Analysis, 2015–2021.Security camera is the technique to provide security for workplace and home. Along with, it provides video tapes of any occurrence that may happen. On the back of reason like, increased crime rates, urbanization and long hours out of home, the global security camera market is anticipated to rise to USD 2.8billion in the year 2021, with compound annual growth rate CAGR of 9.2%. During 2015-2021, IP security cameras is expected to showcase a steep rise due to surge in the installation of IP cameras enabled with HD video.
Growth Drivers and challenges
Increasing penetration of security cameras in the various sectors such as education, healthcare and commercial workplace are the main drivers for the global security camera market.
Increase in terror activities in most of the European cities and criminal activities are promoting the demand of security cameras thus encouraging the growth of global security cameras market in the forecasted years.
Lack of skilled workforce to manage security cameras, lack of standardized security cameras, not much hindrance from government on manufacturing security cameras and related are few of the major factors which are believed to dampen the growth of global security cameras market in the future.
Market Size and Forecast
Gaining on the back of reasons like replacement demand, increased security concerns in the cities during night, the North America security camera market is projected to reach at USD 6 billion in the year 2021, with CAGR of 7.9%.
Following the same trend, Latin America and Mexico are the major regions or markets for the security camera market. Mexico security cameras market is projected to value at USD 460 million in coming three years.
Asia-Pacific accounted for 66% of installed security camera in the year 2015 and the region is further forecasted to post 69% of installed security cameras by 2021.
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