On the basis of geographical analysis, the global flying security camera market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the escalating safety and security concerns across emerging nations, and largescale production and consumption of surveillance cameras in the region. In addition, availability of lower price products with advanced technologies is also projected to bolster the region’s market growth in the coming years. Moreover, the market in North America is expected to grab the most significant share during the forecast period ascribing to the high military spending, and frequent updating of old UAV fleets with new ones for effective operations and results. As per the data provided by the World Bank, in 2020, the military spending of the United States was 3.7 percent of the total GDP share, and the same value for Canada grew up to 1.4 percent of GDP.
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The global flying security camera market is further classified on the basis of region as follows:
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Our in-depth analysis of the global flying security camera market includes the following segments:
By End Use
September 2020- Amazon launched its Ring Always Home Cam, which is an autonomous style drone-style camera that can fly around the home for recording disturbances when the residents are away.
January 2019- FLIR systems acquired Aeryon Labs in a deal worth USD 200 million to expand its solutions with advanced airframes, sensors and flight management software.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major factors driving market growth are growing adoption of drone-based applications across the globe, and rising government spending capacity over public facilities and spaces.
Ans: The market is anticipated to attain a CAGR of ~29% over the forecast period, i.e., 2022 – 2030.
Ans: Increasing number of inferior quality products by local players is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the escalating safety and security concerns across emerging nations, and largescale production and consumption of surveillance cameras in the region.
Ans: The major players in the market are Go Pro Inc., FLIR Systems, Inc., Elbit Systems Ltd., Israel Aerospace Industries Ltd., Elbit Systems Ltd., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, application, end use, and by region.
Ans: The surveillance segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.