Wireless Monitoring and Surveillance Market Trends
The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Wireless Monitoring and Surveillance Market Trends. The growth sectors of the Wireless Monitoring and Surveillance Market Trends are identified with precision for a better growth perspective.
Market Research Future (MRFR) asserts that the global wireless monitoring and surveillance market is predicted to garner USD 111.10 billion, grabbing a CAGR of 16.85% during the forecast period (2018-2023). The surging demand for cost-effective and better security management is estimated to favor the market growth. Wireless monitoring & surveillance is referred to as an advanced monitoring and surveillance measure which uses monitoring systems, cameras, and wireless connectivity. It is the Wi-Fi technology which is used in corporate as well as residential complexes. Wireless monitoring is considered faster than any other traditional methods as the Wi-Fi which is being used as a wide area coverage.
Market Potential and Pitfalls
The market’s course is chiefly directed by the surging demand for cost-effective and better security management. With strict initiatives from the government on technology compliance and fast-moving growth of the network video market, the global wireless monitoring and surveillance market is considered to flourish. It has been noticed by the end-users that wireless monitoring is cheaper than any other traditional wired monitoring & surveillance. This is considered to propel the market growth throughout the appraisal period. Wireless monitoring offers several benefits which include cheaper installation, faster transmission speed, accurate transmission of data, flexible connections, and is an ideal solution for remote monitoring locations. Such benefits are estimated to propel the market growth throughout the appraisal period.
The demand for improved and security monitoring solutions has augmented the need for monitoring and surveillance devices. These devices play a crucial role in the development of improved security systems and also help to monitor in places where it is not feasible to include cables. Wireless cameras which act as a security system are becoming prominent due to their low connection prices. They possess elastic installation options and can be mounted in places where it is unreachable for the standard wired cameras. Moreover, the suitability of access, ease of use, wireless safety camera allows the operators to control broadband wireless internet in order to provide seamless streaming of video over the internet. Such factors have intensified the demand for wireless monitoring and surveillance market across the globe.
On the contrary, several disadvantages of wireless transmission are estimated to deter its market growth. As the signals of Wi-Fi can be easily intercepted, it becomes crucial for the system integrators to provide precautionary measures like firewalls. Moreover, surging demand for high-resolution images, the growing need for storage capacity, and issues related to privacy are likely to vitiate the market growth during the assessment period.
Global Wireless Monitoring and Surveillance Market: Segmental Analysis
The global wireless monitoring and surveillance market has been segmented on the basis of component, type, connectivity, and end-users.
By mode of component, the global wireless monitoring and surveillance market has been segmented into software, hardware, and services.
By mode of type, the global wireless monitoring and surveillance market has been segmented into wireless personal monitoring system, wireless security monitoring system, wireless network monitoring system, and wireless video monitoring system.
By mode of connectivity, the global wireless monitoring and surveillance market has been segmented into Bluetooth/BLE, Wi-Fi, Zigbee, Z-Wave, NB-IoT, 6LoWPAN, cellular/LTE, and others.
By mode of end-users, the global wireless monitoring and surveillance market has been segmented into security, healthcare, entertainment & media, infrastructure, government, BFSI, and others.
Geographically, the wireless monitoring and surveillance market span across regions namely, Europe, North America, Asia-Pacific, and the Rest-of-the-World.
Considering the global scenario, the wireless monitoring and surveillance market has proliferated in North America and most parts of the European region. Such systems are rapidly substituting the traditional monitoring and surveillance system with the surging need for efficient video surveillance in private as well as public sector, especially in nations such as Canada, US, France, UK, and Germany.
The European region is anticipated to lead the global market and is likely to retain its dominance in the coming years. The growth is credited to the emergence of start-ups along with already established vendors catering to the increased need for effective security measures throughout the appraisal period.
The Asia Pacific region, on the other hand, is anticipated to expand at the fastest rate. The growth is credited to the fastest expanding emerging nations coupled with the rapid urbanization in this region.
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Wireless Monitoring and Surveillance Market Research Report- Global Forecast to 2027 | MRFR
Wireless Monitoring and Surveillance Market To Hit USD 111.10 Billion In 2023 At a CAGR of 16.85%,…
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