Technavio sees bright future for global network camera market

Technavio, the tech-focused research firm, has published a report on the global network camera market that forecasts it will grow at a CAGR of 20.64% from 2014 to 2019.

Network cameras enable high-resolution imaging, which allows enterprises, residences, and cities to keep a better watch over the areas under surveillance. The images stored through these advanced cameras can be later analysed to identify unusual behaviour or catch criminals.

According to Technavio, network cameras have the advantage of being scalable and can be easily integrated with other security solutions in a network. 

“The market is likely to grow in emerging countries such as Brazil, China, and India. Customers are awaiting the entry of new vendors into the market, which will result in price reductions. Several vendors in the market are shifting their focus to emerging countries in order to boost their market presence and revenue,” noted Faisal Ghaus, Vice President of Technavio.

Market drivers include the growing need for security and high-resolution imaging, as well as increased government investments, Technavio said, and predicts that the market will adopt cloud-based services while pricing will come down. The increased popularity of the cameras will also drive a need for analytical software, the company said.

The Global Network Camera Market 2015-2019 report mentions Arecont Vision, Axis Communications, Bosch Security Systems, Cisco Systems, Honeywell Security Group, NICE Systems, Schneider Electric and Tyco International as key market vendors.