The world market for professional video surveillance equipment grew by 9.3 percent last year, according to new findings from IHS Markit. This compares to a growth of 3.9 percent in 2016 and just 1.9 percent in 2015.
IHS Markit contributes the growth to increased government spending on equipment to fight crime and terrorism, as well as private sector spending on replacing equipment in retail and commercial installations.
While the global demand for security cameras increased rapidly in 2017, averaged prices continued to fall. However, revenue continued to grow in most countries, the top ones being Brazil and India.
An increase in demand for security cameras is expected in 2018, but a slightly lower level of price erosion is also forecast. The combination of these factors is said to lead to 10.2 percent growth in the video surveillance equipment market, which will reach $18.5 billion in 2018.
Other key findings include:
- The top 15 vendors accounted for 62 percent of global revenue in 2017.
- 62 percent of all security cameras shipped in 2017 were network cameras.
- Though deep learning-enabled recorders and servers, a new category this year, are an important element in powering what many expect to be the next generation of video analytics using artificial intelligence, they accounted for just 1% of global market revenues in 2017.
