USD 48.20 billion
Report ID:
SQMIG45A2132 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|
Tables:
63 |
Figures:
75
Global Video Surveillance Market size was valued at USD 48.20 billion in 2022 and is poised to grow from USD 52.68 billion in 2023 to USD 107.31 billion by 2031, at a CAGR of 9.3% during the forecast period (2024-2031).
The demand for security in both public and private settings, which includes places like schools, airports, businesses, and households, is the main driver of this increase. Intelligent video surveillance systems are required by the emergence of smart cities to keep an eye on a variety of activities. Because of their scalability and affordability, cloud-based solutions are becoming more popular. Additionally, developments like Artificial Intelligence (AI) and deep learning are improving the efficacy of monitoring, which will greatly aid the industry's growth in the coming years. The video surveillance market will expand significantly in the Asia Pacific area between 2023 and 2030. A number of variables, including rising security concerns, regional economic growth, and infrastructural construction, might be blamed for this surge. For instance, Infinova, a leading provider of video surveillance systems, won a sizable contract in April 2023 to offer video surveillance solutions for more than 60 airports in India. This contract calls for the installation of more than 6,000 cameras, including flexible high-speed PTZ domes, hardy vandal-proof minidomes, and flexible day/night fixed cameras. These cameras are located in key airport locations, such as the check-in sections, baggage screening areas, and boarding gates. These cameras are anticipated to improve airport operations beyond enhancing security by keeping track of passenger and cargo movement.
Businesses all over the world are strategically investing in video surveillance systems with AI capabilities. In order to automate processes like object and facial identification and free up human operators to concentrate on more important security duties, AI-driven video analytics are crucial. Security measures are greatly improved by AI's ability to detect undetectable dangers like illegal presence or abandoned objects. AI-driven systems also provide scalability by effectively processing enormous volumes of video data, making them appropriate for installation in large-scale settings like stadiums and airports. Adopting AI ensures adaptability to developing technologies, enabling firms to uphold high security standards and maintain leadership in safety precautions.
Video surveillance systems are being transformed into priceless commercial solutions by the use of advanced analytics. The identification of intrusions and the monitoring of traffic flow are made possible by AI-driven object detection and tracking. Behavioral analytics track the movements of people or things, identifying odd behavior or keeping an eye on how customers and employees behave. Heatmaps offer insights into active video regions, assisting in detecting high-traffic zones or potential criminal hotspots, while face recognition technology increases security by confirming access or following persons. The scene analysis capabilities of AI can recognize items, people, and activities, and it can be used for a variety of tasks, such as reconstructing crime scenes and gathering evidence for investigations. The introduction of 5G technology has brought about important advantages for video monitoring. Real-time high-definition video streams may be transmitted thanks to 5G's greater bandwidth and lower latency, which is essential for live monitoring and video analytics. Numerous devices may be connected to it thanks to its broad range of connectivity options, which makes applications like traffic control and crowd surveillance possible. Stronger encryption preserves video data while greater mobility enables flexible camera placement, which is beneficial for event monitoring and public safety in particular. Additionally, 5G's affordability encourages the deployment of more cameras and sensors, which ultimately lowers overall monitoring costs.
Global Market Size
USD 48.20 billion
Largest Segment
Hardware
Fastest Growth
Hardware
Growth Rate
9.3% CAGR
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The global video surveillance market is segmented on the basis of offering, system, and region. In terms of offering, the market is segmented into hardware, software, and service. Based on system, the market is segmented into analog video surveillance systems, IP video surveillance systems, hybrid Video Surveillance Systems. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Video surveillance Market Analysis by Offering
The hardware segment includes surveillance cameras, which can be further categorized into analog cameras, IP cameras, and wireless cameras. Analog cameras are the traditional cameras that capture and transmit video signals via coaxial cables. IP cameras are digital cameras that transmit video signals over an IP network. Wireless cameras are connected to a wireless network and transmit video signals wirelessly. Other hardware components include recorders, such as digital video recorders (DVRs) and network video recorders (NVRs), and storage devices, such as hard disk drives (HDDs) and solid-state drives (SSDs). The software segment includes video management software, which enables the management and control of video surveillance systems, and video analytics software, which analyzes video data to detect and alert users of suspicious behavior and events. Other software solutions include facial recognition software, license plate recognition software, and object detection software. The services segment includes installation and maintenance services, which are provided by vendors to ensure the proper installation and functioning of video surveillance systems. Consulting services are provided to help customers choose the right video surveillance solutions for their specific needs. Other professional services include system integration and customization services.
Global Video surveillance Market Analysis by System
With a revenue share of more than 54% in 2022, the sector of IP video surveillance systems dominated the market in terms of system type. This is attributable to an increase in the demand for premium video surveillance products, lower IP camera prices, and the growing popularity of cloud-based video surveillance. Compared to conventional analog video surveillance systems, IP video surveillance systems offer greater scalability and flexibility since they use digital technology for sending and receiving video signals through IP networks. IP cameras are ideal for distributed and large environments because they provide control and remote monitoring.
The market for hybrid video surveillance systems is anticipated to experience significant expansion over the upcoming years. This is a result of hybrid video surveillance systems becoming more and more common, which combine modern IP features with the adaptability of analog systems. These hybrid solutions are applicable in a variety of settings, including homes, schools, and businesses. They are also a cost-effective choice for companies looking for effective video surveillance systems due to their user-friendly installation and maintenance.
Global Video surveillance Market Analysis by Verticals
In 2022, the commercial sector dominated the global video surveillance market, accounting for over 35% of the total revenue. The significant share is a result of the expanding demand for video surveillance systems across various commercial applications. These applications include safeguarding critical infrastructure in data centers and businesses, preventing crime and reducing fraud in banking and finance institutions, and improving security in warehouses and hospitality facilities. Retail environments for theft deterrence and customer behavior analysis are also included. For instance, in August 2023, VIVOTEK, a well-known Taiwanese maker of video security systems, unveiled a comprehensive solution for a major logistics center in Japan by installing 14 IB9368-HT bullet network cameras and 105 FE9380-HV 360-degree cameras inside the warehouses. Blind spots are removed by these cameras' panoramic views of the entire space. Consequently, the new video system has assisted the logistics company in increasing the security and efficiency of its facility.
In the market's forecasted years, the industrial segment is expected to have significant growth. The increased need for security in industrial facilities to deter theft, vandalism, and other criminal activity is what is causing this growth. Additionally, the need for video surveillance systems—which are crucial for managing and monitoring operations—is being fueled by the growing adoption of smart manufacturing technology. This increase is further fueled by the increased need to comply with safety requirements, notably those pertaining to occupational health and environmental protection. In addition, incorporating deep learning and artificial intelligence into video surveillance improves its effectiveness in the industrial sector.
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Asia Pacific market is expected to dominate the global video surveillance market, with China holding a major share. The Chinese government has taken active initiatives to promote the use of surveillance systems, including the 'Sharp Eyes' project and the completion of the 'Skynet video surveillance program' which is the world's largest video-surveillance network. These initiatives are likely to drive the growth of the video surveillance market in the region.
North America in the video surveillance market is also expected to experience significant growth in the coming years due to increasing external and internal human threats. Many cities in the United States have already adopted advanced surveillance systems, such as the deployment of facial recognition cameras by the local police to identify and arrest protestors during the Baltimore riots.
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Global Video surveillance Market Drivers
Emergence of AI Surveillance Technology Would Ensure to Drive Growth
Growing Adoption of Body-worn Cameras to Drive Growth
Global Video surveillance Market Restraints
Privacy and Security Concerns Regarding Video Data
High Installation and Maintenance Costs
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Both established and emerging players are present in the market, which defines it. For the purpose of maximizing their market positions, the major competitors in this industry are actively concentrating on mergers and acquisitions. In order to gain a larger piece of the market, new and inventive businesses are also interested in improving the current video surveillance services they offer. For instance, the safety solutions company Becklar, LLC purchased Eyeforce Inc. in June 2023. Eyeforce Inc. was a well-known supplier of monitored remote guarding solutions. With a wider and more advanced selection of linked safety solutions in the North American market, the acquisition seeks to enhance Becklar LLC's offerings for its dealers. As a result, Eyeforce Inc. uses live audio response, AI analytics, and video monitoring to improve safety, deter crime, and lower theft and loss in commercial premises. This increases the possibilities of the recently formed partnership in the market for safety solutions.
Top Player’s Company Profiles in Global Video surveillance Market
Global Video surveillance Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global video surveillance market analysis, the increasing security concerns, advancements in technology, and growing demand for surveillance systems in emerging economies are likely to augment growth. Here's a detailed analysis of the market. Analog video surveillance systems accounted for the largest share of the market in 2020, due to their low cost and ease of installation. The IP video surveillance systems segment is expected to witness significant growth during the forecast period, owing to their ability to provide high-definition video and better scalability. The video surveillance market is expected to continue its growth trajectory in the coming years, driven by increasing security concerns and advancements in technology. The market is highly competitive, with several players operating in the market, and is expected to witness significant growth in emerging economies such as Asia Pacific.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 48.20 billion |
Market size value in 2031 | USD 107.31 billion |
Growth Rate | 9.3% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Video Surveillance Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Video Surveillance Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQMIG45A2132