Consumer Video Surveillance Market Expected to Reach $1 Billion in 2018
Advancements in consumer video surveillance technology are contributing to an estimated 13.8% market growth, from $966 million globally in 2017 and to $1.1 billion in 2018 according to IHS Markit. 4K technology is the biggest trend in consumer video surveillance, improving camera resolution and allowing one camera to cover the same area that used to require multiple cameras. In 2017, less than 1% of standalone network cameras were equipped with 4k resolution technology. This is expected to grow to 20% by 2022.
4K video surveillance cameras, when paired with video analytics software, allow for live or recorded video to detect, classify and track patters and objects. This is especially helpful in proactively tracking events in real time. IHS Markit also expects to see deep learning, a technology found in the AI field, to be adopted into consumer video surveillance.
Additional findings include:
- The two biggest obstacles for 4K security camera adoption are storage capacity and bandwidth requirements. Increasing the storage capacity and bandwidth capabilities will come at a higher price point.
- Battery-powered network cameras are expected to grow from 24% in 2017 to 28% in 2022. Battery-powered cameras provide consumers with flexibility and ease of installation, but battery life continues to be a consumer concern.
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