International. The IP Camera Market is expected to exceed US$20 billion by 2024; according to a new research report from Global Market Insights, Inc.
Technological proliferation, ubiquity of internet connectivity, and demand for remote monitoring are expected to drive the growth of the IP cameras market during the forecast period. Advancement in technology, such as 4K resolution, edge-based video analytics, and penetration of high-efficiency H.265 video encoding, is also poised to stimulate demand. The growing number of players in the network camera market and the availability of low-cost manufacturing has been driving growth across the globe. Global terrorist attacks in recent years have highlighted the need for governments to pay more attention to public safety. In addition, the falling market price trend of IP cameras has helped bridge the gap with analog systems.
The global IP camera market is marked by trends such as the need for high resolution, government investments to improve security infrastructure, reduced total cost of ownership, and increasing demand for non-security applications such as smart home devices. The growing demand for these systems in non-security related applications, such as integration with access control systems in smart home automation, e-Point of Sale (POS) terminals, Automatic License Plate Recognition (ANPR), are in a position to offer additional opportunities for the network camera market. In addition, other factors such as improved sensor availability, new video analytics capabilities, increased adoption of thermal imaging, mobile access, intelligent building control, 360-degree vision, and progressive deformation contribute greatly to the market penetration of network cameras.
These systems have direct connectivity to the Internet, therefore, concern among the public regarding data security and privacy could adversely affect the growth of the IP cameras market. In addition, these surveillance market solutions are not only expensive, but also present the risk of being vulnerable to destruction and vandalism, hindering growth in developing regions.
The IP camera market has been segmented by product into fixed, PTZ, and infrared systems. Compact design, electronic PTZ functions, built-in IR sensors, and environmentally resistant structures are trends driving the adoption of IP cameras over their analog equivalents. The deployment of a particular type of camera system depends on the need of the application, the type of lens, lighting, wiring systems, power requirements and the resolution required.
Centralized connectivity in the IP camera market offers basic functions of analysis, video encoding and event activation. The processing functions are carried out by the central computer running on licensed software. Such solutions are mainly useful for the institutional environment and places where a dedicated central monitoring system exists. However, decentralized connectivity solutions do not require dedicated software and can be run individually with integrated storage, and the segment is expected to grow at a CAGR in excess of 20%. Decentralized IP cameras are more expensive than centralized solutions, however they offer greater flexibility in terms of operation and storage.
China's IP camera market is expected to experience strong growth due to the presence of a large number of market players offering low-cost solutions in the region. Favorable government initiatives in city surveillance, smart city development, and penetration of IoT devices are also expected to drive demand. Features such as remote monitoring, live video power on mobile, power over Ethernet (PoE) connectivity, HD resolution, and mobile access are driving demand for such solutions in residential applications. Ease of access, remote operation, scalability, and flexibility to add more components are some of the key benefits of IP camera solutions. 4K video surveillance, HD and megapixel cameras are gaining greater penetration in industry verticals.
Major players in the IP camera market include Axis Communications, Bosch Security Systems, Samsung Techwin, Sony Professional, Hikvision Digital Technology, Dahua Technology, and Panasonic Security System. Suppliers are investing in R&D to develop new technologies that make the solution versatile for various applications and environmental conditions. In addition, they focused on developing technologically advanced solutions to expand the reach of the industry. For example, in 2016, Axis Communications unveiled its laser focus technology for PTZ cameras that improves image quality in any lighting condition. Securing a large network of technology partners and professional integrators helps spread the word among end users and foster the benefits of MIGRATING to IP.
