Video Event Data Recorder Market : Insights into the Competitive Scenario of the Market

Future Market Insights analyses the global video event data recorder market for a 10-year forecast period, 2016-2026. According to a recent market outlook report, “Video Event Data Recorder (VEDR) Market: Global Industry Analysis & Opportunity Assessment, 2016-2026,” the US$ 1.64 Bn market is likely to reach beyond US$ 3.2 Bn by the end of 2026.

In the global VEDR market report, Future Market Insights provides detailed information on market definition and segmentation analysis, market dynamics and key insights, and competition assessment and key company profiles. The overall market outlook remains positive and the compound annual growth rate is estimated at 6.9% over the decade. Although market growth will be healthy by 2021 end, it will experience a slight decline in terms of CAGR in the second half of the assessed period.

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Motor vehicle safety standards will continue to fuel the sales of technologies pertaining to vehicle safety. In addition to growing cognisance and adoption of vehicle safety measures, burgeoning automotive investments are also anticipated to favour VEDR market growth. Growing inclination of OEMs and drivers toward digitisation will push the market further. With technological advancements, various cost-effective products are being developed. Several manufacturers are also emphasising integration of smart software.

An increasing number of VEDR manufacturers are strategically investing in order to capitalise on opportunities offered by commercial fleets such as cabs/rental fleets/taxis globally.

LCVs segment will retain dominance throughout the period of forecast, however, with a decline of around 190 BPS. This segment will capture over 48% share of the market value in 2026. Passenger cars, the second largest and fastest growing segment, will witness a boost by 420 BPS, accounting for nearly 29% share in 2026.

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The global market for video event data recorder is predominantly governed by the top five players in the competitive landscape. Digital Ally Inc., WatchGuard Video, Omnitracs LLC, Rosco Inc., and Safety Vision LLC collectively account for roughly 85% market revenues. A few other notable players include Convoy Technologies, OCTOCAM Srl, and L-3 Mobile-Vision, Inc.

While Digital Ally is in the news for its recent launches of advanced technology video event recording systems, the company is also focusing on cloud-based video evidence solution. Digital Ally’s current plans of operation expansion in South America are likely to contribute to its growth in near future. WatchGuard is focusing more on development of integrated evidence management solutions and workforce expansion, whereas Omnitracs is strategising tailor-made services and solutions to gain a competitive edge.

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This release was published on openPR.