The market for video surveillance equipment is expected to enjoy double-digit growth again this year, with the resulting diversification of product technologies set to significantly enhance property security option.
A new white paper released by consulting firm IHS forecasts growth in the global market for video surveillance equipment of more than 12 per cent this year, with revenues set to rise from around $14 billion in 2013 to just short of $16 billion in 2014.
The current year's impressive performance will follow on a run of strong growth enjoyed during much of the new century.
"During the past decade the video surveillance market has grown quickly, expanding at a double-digit rate in most years," said Niall Jenkins, research manager for video surveillance and security services for IHS.
IHS sees this rapid growth continuing well into the second half of the decade, with the global video surveillance market breaching the $20 billion threshold in 2017.
According to Jenkins, a key driver of growth will be fixed-dome and 180/360-degree network camera products that are best suited to the security needs of large buildings.
IHS expects the 180/360-degree panoramic network cameras in particular to be a standout performer in 2014, and forecasts growth in global unit shipments of over 60 per cent compared to 2013.
Thermal camera technology - once considered the exclusive preserve of science fiction movies or sophisticated military operations - is expected by IHS to rise to the fore of the market in 2014 as a result of increased competition, the development of new products, and new end user markets.
Power-over-Ethernet (POE) technology is another area which is expected to be a major game changer for the video surveillance market in 2014 and onwards as a result of advances which make it a more practical and affordable option for security purposes.
Cloud computing will also have a pivotal impact on the market for video surveillance technology, particularly in China, where telecommunications infrastructure is rapidly maturing. Increases in network bandwidth and a reduction in network product costs will make cloud-based video surveillance another viable option for owners or managers seeking to enhance property security.