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Night Vision Security Camera Market Segmented By functionality such as Smart and Conventional for Mass and Premium price range
In present scenario, inhabitants of various county tries have been aware of the amount of surveillance infrastructure in place, with plans for this to increase. This process is said to be helping in regulating the compulsory quarantine, the city is currently under. This surveillance is also needed at night and thus, adoption of night vision security cameras are increasing.
On the other hand, while talking of smart cities, the security becomes crucial. It needs to involve security devices such as night vision security cameras at the initial planning stages of the proposed smart cities projects.
With the advent of technology, quite a few players have started developing solutions that can meet the need of smart cities. Thus, night vision security cameras market is expected to face a significant growth during the forecast period.
Drivers for Night Vision Security Camera Market
The night vision security camera are increasingly adopted in homes and personal offices as it ensure personal safety. Night vision security cameras, through video analytics, now have the ability to zoom in to reveal someone’s identity, which can be beneficial to crime prevention when used in the correct way.
The criminal can be apprehended quickly. Thus, customers are now more attracted towards night vision security cameras. Thus, heavy investments for the secure residential and public infrastructure is one of the major factors driving the night vision security camera market.
Moreover, the smart night vision security camera are able to detect, recognize, analyze and track people, vehicles and objects alike. This is useful when searching for motion in a quiet area throughout a long period of recorded video. It can be tuned using parameters such as object size and sensitivity. Thus, the adoption of smart night vision security camera is increasing now a days
Opportunities for Night Vision Security Camera Market
There are huge market opportunities for night vision security camera providers in the rural markets. There is a large section of the rural population in Africa and Asia, which is estimated to be 70% of the population in the year 2019. The rural night vision security camera markets in these regions have huge potential.
In order to target these markets, manufacturers can lower the prices of night vision security cameras, thereby expanding their customer base, as these are price sensitive markets. Thus, manufacturers of night vision security camera should improve their product portfolio and focus on offering services in these rural market in the near future.
Night vision security camera products are expected to be adopted at a significant pace over the forecast period, owing to growing adoption of network cameras in commercial and residential applications. Also, higher investments in R&D by manufacturers is driving growth of the market.
Manufacturers of night vision security cameras can focus on expanding their research & development investment to offer products integrated with advanced technologies such as video analytics, facial recognition, and theft detection.
Challenges for Night Vision Security Camera Market
High price associated with the product is one of the factors challenging the growth of the night vision security camera in South Asia and Latin America market. Moreover, data storage challenges for night vision security camera is challenging growth of the market.
On the other hand, the spread of covid-19 has effected the supply chain and distribution of night vision security camera which in turn is restraining the growth of the market across the globe, for the year 2020.
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Some key players of night vision security camera market are Hangzhou Hikvision Digital Technology Co Ltd., Canon Inc., Bosch Security Systems, Inc., Honeywell International Inc., Panasonic Corporation, Dahua Technology Co., Ltd., Pelco, Sony Corporation, Samsung, Cisco Systems and others.
The increasing focus on distribution channel and advisement through social media apps is expected to fuel growth of the key players in night vision security camera market across the globe.
North America is expected to hold a significant share in the global night vision security camera market due to high product awareness and retail availability of night vision security camera.
Players in the night vision security camera market are focused on product expansion and business collaboration to maintain continuous revenue flow. The Asia Pacific and North American regions are expected to provide large opportunities for players in the night vision security camera market as compared to the other regions.