According to a new report from market research firm IHS, Inc., the global market for video surveillance equipment is expected to grow by more than 80 percent over the next five years, from $12.6 billion in 2012 to a projected $23.2 billion in 2017.
Of that $23 billion global market that is being forecast in 2017, network video equipment is expected to account for 57 percent of it, up from 37 percent in 2012.
Axis Communications remains the global market leader in the network cameras and security cameras categories. In addition, the company also now ranks as the top provider of video encoders in the world.
"We have further strengthened our position due to our long-term strategy of continuous releases of innovative network video products and the fact that we offer high-quality security solutions in a global market in conjunction with our loyal partners," Ray Mauritsson, president of Axis Communications, said in a statement. "IHS estimates continued high market growth, however, slightly lower than previously, over the next five years. IHS also indicates the market today is more fragmented, with many vendors offering network video products for security solutions."