The global professional video surveillance equipment industry is on track to see yet another strong year of growth in 2019 as the research firm forecasts that the market will expand by 9.3% this year, driven by demand for improvements in security, public safety and business intelligence.
Worldwide market revenue will reach nearly Rs. 2000 Crores in 2019 from Rs.1800 Crores in 2018. This continued strong performance also follows several years of impressive growth for the market, including increases of 9.3% and 8.7% in 2017 and 2018 respectively. The last three years also stand in stark contrast to 2016 (3.9%) and 2015 (1.9%) in which the market saw weaker growth.
The professional video surveillance equipment market’s recent growth reflects the continued high spending on security in both the public and private sectors. On the public side, governments are investing in video surveillance equipment to enhance citizen safety and to equip smart city projects. In the private sector, companies are adding video surveillance gear to combat crime and to gather new types of business intelligence.