Research house MultiMedia Intelligence said that the jump is nearly four times that of the broader video surveillance equipment market.
This includes CCTV cameras, digital video recorders, network video recorders and IP encoder/streamers.
But while IP/networked video surveillance camera units and revenue are growing rapidly, they remain a small percentage of the overall surveillance market.
MultiMedia Intelligence believes that the outlook for continued growth of IP/networked video surveillance is strong. However, the barriers to it overtaking traditional CCTV surveillance will prove "enduring".
"The transition from traditional CCTV surveillance to networked digital surveillance is revolutionary for the physical security industry," said Mark Kirstein, president of MultiMedia Intelligence.
"Yet this transition is also seen as over-hyped and under-performing compared to many expectations. Both are true."
MultiMedia also found that companies such as Cisco, IBM and Intel are adding a fierce new competitive dynamic.
New IP/networked surveillance companies such as IndigoVision, March Networks and Nice Systems, meanwhile, are providing unprecedented competition which is dramatically accelerating product innovation.
All eyes on IP video surveillance
By Clement James on Apr 24, 2008 1:48PM