Video Surveillance Industry: Growth Drivers and Challenges
Growth Drivers
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Accelerating Urbanization: There is an increasing tendency for people to live and work in cities. This trend has significantly facilitated the movement of populations from rural to urban areas. The World Economic Forum estimates that by 2050, 80% of the world's population (currently at 55%) will reside in urban areas.
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Rising Safety Awareness: Installing surveillance systems brings a sense of security to commercial and residential inhabitants; thus, the usage of these monitors has significantly increased. In 2019, approximately 775 million security cameras were installed worldwide.
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Surge in Big Data: Massive amounts of data are generated every minute and added to previously collected data. Big data results from the increased volume, velocity, and variety of collected data. Therefore, the video surveillance market is expected to expand faster.
Challenges
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Necessity of High-Capacity Storage Systems: The demand for more storage is constantly growing due to the need for high-resolution cameras and longer video retention times. Therefore, specially created storage systems are needed to meet the requirements of contemporary video surveillance. This includes the ability to control the retention of high-resolution video, test high throughput capabilities, and easily scale up and down to meet changing retention requirements. These factors may hinder market growth.
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High cost of monitors
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Insufficient trained personnel to manage security cameras
Original Source : https://www.researchnester.com/tw/reports/video-surveillance-security-cameras-market/100