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Network Video Recorder (NVR) Market to Top US$ 11.2 Bn Amid Growing Adoption of IP Cameras
Registering a year-on-year (YoY) growth rate of 12%, the global network video recorder market reached around US$ 2.9 Bn in 2021.
However, amid rising security concerns, overall sales of network video recorders are projected to grow at an 11.3% CAGR between 2022 and 2032, totaling around US$ 11.2 Bn by 2032.
Network video recorders are unique digital devices that record videos in a digital format and store them on a disk drive, SD memory card, or USB flash drive. These video recorders are mostly being deployed in IP video surveillance systems.
Rising adoption of network video recorders for gaining remote access to a live video stream from the internet protocol camera along with simultaneous recordings is expected to boost the market.
Similarly, various advantages offered by network video recorders such as fast data retrieval, less storage requirements, and high image quality will continue to fuel their adoption across various end use-verticals.
Demand for network video recorders is expected to remain high across developed and developing nations due to rising smart city initiatives, rapid urbanization, and growing safety concerns. These recorders are being installed in establishments such as government buildings, healthcare infrastructure, military bases, and several other buildings to enhance the security.
Rising adoption of IP cameras for surveillance purposes is expected to create opportunities for growth for network video recorders manufacturers during the forecast period.
In addition to this, growing popularity of wireless technology, coupled with innovation in network video recorders will further boost the growth of network video recorder market.
Regionally, Mainland China is expected to remain at the top of the ladder in the global network video recorder market, with total sales reaching US$ 2 Bn by 2032. Growth in the market is attributable to the heavy presence of domestic manufacturers, high consumption of network video recorders, rising government support, and increasing security concerns.
Key manufacturers operating in network video recorder (NVR) market are introducing high quality NVR systems compatible for application in both commercial and industrial sectors. Besides this, they are adopting various strategies such as mergers, acquisitions, and collaborations to gain a competitive edge in the market.
For instance,
In the latest study, Fact.MR offers a 360-degree view of the global network video recorder (NVR) market for the forecast period of 2022 to 2032. The report also highlights key factors such as recent developments and growth drivers influencing sales in the network video recorder (NVR) market through detailed segmentation as follows:
Fact. MR predicts a positive growth trajectory for wireless security systems market amid rising security concerns across residential and industrial sectors. Moreover, increasing investments in smart city programs, coupled with innovations in wireless security systems is likely to boost sales over the forecast period.
: The global camera alarm system market is forecast to grow at a CAGR of 5.2% during the assessment period from 2021 to 2032. Sales of camera alarm systems are rising on account of increasing security concerns and growing demand for smart home security solutions across developed and developing economies,
: Demand for video decoders is anticipated to rise at a considerable pace during the forecast period, owing to the rapid urbanization, rise in the number of dish TV service providers, and growing trend of using cloud services. Video decoders are generally used in applications that require videos to be transmitted over long distances. They provide high throughput and real-time processing, which is in high demand in the video processing area.
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