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In-Vehicle Surveillance Market to Witness Eye-popping Growth: Study By WiseGuyreports

The primary factor leading to the growth in the adoption rate of the in-vehicle surveillance systems are the constant threat to security along with the risky circumstances occurring in crowded areas. Hence, it has given way to the need for monitoring the population, which requires the need for in-vehicle surveillance systems. The top factors fueling the expansion of the worldwide in-vehicle surveillance market includes the rising accentuation on in-vehicle connectivity coupled with the surging security concerns at public places. Based on these factors, the global in-vehicle surveillance market is on track to accrue the approximate value of USD 5.6 billion by 2023. It is also estimated to surge at an appealing CAGR of 26% during the forecast period (2017-2023). Moreover, North America is set to be the largest regional market at a global level, with Europe and Asia Pacific following suit.

/EIN News/ -- Pune, India, May 16, 2019 (GLOBE NEWSWIRE) -- The market for in-vehicle surveillance is expected to obtain the approximate valuation of USD 5.6 billion by 2023, says the report found on Wise Guy Reports (WGR). The report also states that the market will be surging at a staggering CAGR of 26% during the forecast period (2017-2023).

Boost in the Popularity of Dashcams to Enhance Market Growth

The popularity of in-vehicle video surveillance has surged at an exponential rate across various economies, backed by the emergence of dashcam video cameras in vehicles for filming the path either behind or in front of the vehicle. This dashcam can be used as an evidence in case of an accident or rash driving. At present, a number of automotive companies are focusing on the development of driverless cars wherein the drivers are striving to enhance their vehicles and also improve the in-vehicle experience. Among the vehicle drivers across the globe, a trend has gained momentum, in the form of the rising adoption of in-vehicle video surveillance, particularly the on-board cameras in the vehicles. Developments in the video surveillance technology has been a significant booster in terms of the adoption of in-vehicle video surveillance systems, paving way for on-board cameras to record road trips, and also merge and reduce the blind spots, along with the prevention of parking mishaps. Other than this, in-vehicle video surveillance systems are progressively being used in school buses for monitoring the drivers, students, as well as the employees.

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Grave Issue of Public Safety to Elevate Market Demand

In light of rising concerns regarding public safety, a number of government organizations around the world are adopting in-vehicle video surveillance systems in combat vehicles, tactical vehicles, and reconnaissance vehicles. Various government bodies across several regions have already started implementing the use of in-vehicle video surveillance systems in metro trains for making sure the passengers and the drivers are safe, by offering real-time video recording when the train is running. At present, a number of passenger transit buses are integrated with digital bus cameras that are expert witnesses in an unwanted situation, further securing the safety of the civilians.

Increasing Use in the Healthcare Industry to Profit the Global Market

The healthcare and the medical industries are deploying in-vehicle video surveillance at a consistent rate in emergency medical service (EMS) vehicles for monitoring the condition of the patient inside the ambulance. This will prove to be highly instrumental in the growth of the in-vehicle video surveillance market, as a result of the availability of a variety of hardware, software and services. In addition, the growth of the Internet of things (IoT) devices has given way to the increase in the demand for security as well as the connectivity of the drivers and passengers in vehicles including trucks, trains, and cars. This factor is set to augment the adoption rate of in-vehicle video surveillance systems, positively influencing the growth of the market in the forthcoming years.

Data Privacy Issues to Restrict the Market Growth

Issues associated with data privacy of in-vehicle surveillance systems could have a debilitating effect on the growth of the market in the near future. On the upside, the market will have a relentless growth trajectory in the coming years on account of the increase in crime rates and vandalism around the world, which is expected to raise the demand for the product at a substantial rate.

Demand for the Parking Assist System to Upsurge in the Coming Years

Depending on the solution, the market has been considered for parking assist system, blind spot detection system, lane departure warning system, global positioning system, and head up display device. The parking assist system is considered to be an essential application which is an integral part of the car active collision avoidance system and is used in urban complex and low-speed environments. As a result, the demand for parking assist system is slated to grow at an exponential rate in recent years.

Commercial Vehicles to Make Massive Demand for In-Vehicle Surveillance Systems

The types of vehicles that make use of in-vehicle surveillance systems include passenger and commercial. The in-vehicle surveillance systems are a huge asset for commercial use including the business owners, government, and school systems among others.

The Law Enforcement Application to Expand at a Significant Rate

In-vehicle surveillance systems find widespread application in longstop object detection, traffic congestion, law enforcement among others. A number of law enforcement agencies across the globe, in a bid to protect the police officers, are progressively adopting in vehicle video surveillance for their vehicles. Thus, the law enforcement segment, among all the applications, will be expanding at a substantial rate during the review time frame.

Based on the global scenario, the in-vehicle surveillance market is split into the key regions of Europe, Asia Pacific, North America, the Middle East and Africa and Latin America.

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North America to Maintain its Supremacy over other Regions in the Global Market

North America is in the vanguard of technological advancements, based on which the regional market holds the maximum share of the global market. Besides, the growing application of in-vehicle video surveillance systems owing to the government regulations for enhanced safety and security of the civilians has been beneficial for the growth of the market in the region. On top of that, the region experiences massive demand for in-vehicle surveillance solutions for public transit vehicles, first responder vehicles, military vehicles as well as school buses so that the illegal and criminal activities are reduced. Countries like the United States (US), Canada, and Mexico are spearheading the growth of the regional market.

The Europe Market Thrives as Deployment of In-Vehicle Surveillance Systems Surges

The European market is thriving with several nations in the region deploying in-vehicle surveillance systems in subways, buses, ferries as well as various other mass transit vehicles. This has been the case as a result of the continuously increasing terror attacks, a factor that has led to the strong growth of the market in Europe.

Increasing Number of Advanced Cars to Uplift the Position of Asia Pacific Market

The counties in the Asia Pacific like India and China offer phenomenal growth opportunities for the in-vehicle surveillance market owing to the rising penetration of advanced cars installed with safety features, in addition to driver monitoring systems and automotive night vision systems. In addition, Australia, Japan, and Singapore are witnessing a boom in the automotive sector, which provide sophisticated safety systems in vehicles. Moreover, the growth in the initiatives undertaken by the government for the adopting of high end in-vehicle surveillance systems to be used in public transit vehicles has given substantial push to the market in the region.

Leading Vendors

The vendors currently leading the worldwide in-vehicle surveillance market include Delphi Automotive PLC (U.K.), FLIR System Inc. (U.S.), Nexcom International Co. Ltd. (Taiwan), Bosch Group (Germany), Advantech Co. Ltd. (Taiwan), Hangzhou Hikvision Digital Technology Co. Ltd. (China), Zhejiang Dahua Technology Co. Ltd. (China), Amplicon Liveline Ltd. (UK), Seon (Canada), among others.

Industry Update

September 2018

Iveda, a manufacturer of cloud-based video surveillance and data management, has recently launched its latest product offering, IvedaAI. The product has been made available to the service vendors, including telecoms, alarm, security integrators, and monitoring companies to be resold to their customers.

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