Video Surveillance Market Outlook 2031
The global video surveillance market size was valued at USD 48.7 Billion in 2022 and is expected to surpass USD 109.32 Billion by 2031 expanding at a CAGR of 9.4% during the forecast period, 2023–2031. The market growth is attributed to the rising demand for security cameras to limit theft and other related activities.
Video surveillance is a system that uses television systems and receivers. It is a digitized system, commonly used for facility protection, traffic monitoring, vandalism deterrence, and remote video monitoring. Moreover, it is used for real-time monitoring and the information collected from the camera can be used to identify and plan security measures.
Video surveillance systems can work in any environment and extract videos and images which can be stored and monitored later. Recent technological advancements such as high-definition cameras with facial recognition technology provide more accurate and credible information.
The Impact of Artificial Intelligence on the Video Surveillance Market
Artificial Intelligence has a significant impact on the video surveillance market as AI-powered security solutions help maintain security 24/7 without having to monitor for long periods of time. AI helps in detecting threats and false alarms and provides notifications about real dangers. Thus, with the integration of advanced analytics into video surveillance systems, security officers get faster and more accurate real-time data which helps them make informed decisions.
According to the FBI, nearly 57.5% of theft activities consist of forceful entry, 36.2% involve illegal property entrance, and 6.3% involve forced entry attempts. Thus, it is essential to deploy a powerful intrusion detection system for any organization or property. Furthermore, AI brings real-time alerts about any event helping to increase awareness and reduce threat. Thereby, increasing the market value in the forecast period.
Video Surveillance Market Dynamics
Major Drivers
Increasing theft and vandalism across the world and the growing security concerns are fueling the market. Rising investment by the government for the safety of people in public places and reduction in cost for various cloud storage solutions is expected to drive the demand for the video surveillance market.
Existing Restraints
Increasing concerns among people regarding privacy and leakage or misuse of data have resulted in stricter laws regarding privacy protection. These factors limit the market growth.
Emerging Opportunities
Growing demand for thermal cameras for body temperature screening and mask detection algorithms is anticipated to provide lucrative opportunities for market players during the forecast period.
Scope of Video Surveillance Market Report
The market report includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Video Surveillance Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Offering (Software, Hardware, Installation & Maintenance Services, and Video Surveillance-as-a-Service), System (IP Video Surveillance Systems and Analog Video Surveillance Systems), Vertical (Commercial, Military & Defence, Infrastructure, Public Facility, Residential, and Industrial)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Dahua Technology Co., Ltd.; Hangzhou Hikvision Digital Technology Co., Ltd.; Axis Communications; Teledyne FLIR; Bosch Security and Safety Systems; Hanwha Techwin America; Avigilon Corporation; Honeywell International Inc.; Pelco; and The Infinova Group.
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Video Surveillance Market Segment Insights
Offering Segment Analysis
In terms of offering, the video surveillance market can be fragmented into software, hardware, installation & maintenance services, and video surveillance-as-a-service. The hardware segment is expected to hold a substantial share during the forecast period. Increasing uses of cameras due to rising security concerns worldwide, and hardware-based innovations in performance and object tracking are driving this segment.
System Segment Analysis
Based on system, the video surveillance market can be bifurcated into IP video surveillance systems and analog video surveillance systems. The IP video surveillance systems segment constituted a significant market share in 2020 and is projected to expand at a rapid rate during the forecast period. In comparison to analog cameras, IP cameras have better capabilities such as digital processing within the camera, and motion detection. Moreover, IP cameras contain hardware components for encoding/decoding and cyber security.
Vertical Segment Analysis
On the basis of vertical, the market can be segregated into commercial, military & defence, infrastructure, public facility, residential, and industrial. The commercial segment accounted for the major share of the video surveillance market in 2020 and is expected to grow at a substantial CAGR during the forecast period.
Commercial video surveillance systems are becoming increasingly popular due to increasing security concerns across applications, such as retail, enterprises, banks, and financial institutions.
Regional Analysis
In terms of region, the global video surveillance market can be classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific constituted a significant share of the market in 2020 due to the growing population in major cities and the development of smart cities. Moreover, increasing population in China and India has increased the demand for reliable video surveillance solutions.
The market in North America is projected to expand at a significant CAGR during the forecast period due to decreasing costs of video surveillance solutions and rising investment by the government.
Segments
Offering
- Software
- Hardware
- Installation & Maintenance Services
- Video Surveillance-as-a-Service
System
- IP Video Surveillance Systems
- Analog Video Surveillance Systems
Vertical
- Commercial
- Military & Defence
- Infrastructure
- Public Facility
- Residential
- Industrial
Region
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
Key Player
- Dahua Technology Co., Ltd.
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Axis Communications
- Teledyne FLIR
- Bosch Security and Safety Systems
- Hanwha Techwin America
- Avigilon Corporation
- Honeywell International Inc.
- Pelco
- The Infinova Group
Competitive Landscape
Key players in the global video surveillance market include Dahua Technology Co., Ltd.; Hangzhou Hikvision Digital Technology Co., Ltd.; Axis Communications; Teledyne FLIR; Bosch Security and Safety Systems; Hanwha Techwin America; Avigilon Corporation; Honeywell International Inc.; Pelco; and The Infinova Group.
These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
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