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The growth of the video surveillance market is fueled by the increasing adoption of Internet of Things (IoT) applications, driven by the need for advanced security solutions. Video analytics play a crucial role in smart city projects, encompassing applications in smart buildings, traffic management, retail, and logistics operations. Video surveillance provides high-quality images for efficiently tracking and monitoring people, traffic, and various activities. Video analytics are employed for tasks such as face recognition, behavioral analytics, and predicting illicit actions in smart city projects that demand technologically advanced video surveillance solutions for real-time information and traffic monitoring.
Smart city projects offer intelligent warnings, including traffic alerts and disaster warnings, facilitating quick access to events and incidents. The rising demand for biometric applications, video management, and IoT are key factors propelling video surveillance applications worldwide. These projects integrate video surveillance systems to monitor traffic and public areas, ensuring the protection of individuals, equipment, and facilities, along with aiding in the investigation of criminal activities. The integrated solutions offer future-proofing, distributed intelligence, remote accessibility, reliability, and cost-effectiveness.
In India, the Gandhinagar Municipal Corporation partnered with Sterlite Technologies in 2017 to launch the Smart City project. This initiative was designed to manage various Smart City services, including city-wide Wi-Fi, smart street lighting, digital displays, speed and face detection systems, environmental sensors, public address systems, IP surveillance, automatic number plate recognition systems, a smart call center, and a centralized command center for monitoring and controlling all activities. The services encompass video surveillance systems, video management software, video analytics, and an operational command control center. Consequently, the growing demand for video surveillance in smart city projects is contributing to the market's expansion.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 51.2 Billion |
| Market Size Value In 2023 | USD 53.4 billion |
| Growth Rate | 11.6% (2022-2030) |
Video Surveillance Market Highlights:
Global Video Surveillance Market Overview:
Video Surveillance Market Size was valued at USD 53.4 billion in 2023. The Video Surveillance Market industry is projected to grow from USD 56.4 Billion in 2024 to USD 123.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.10% during the forecast period (2024 - 2032).
Smart cities are becoming more popular, and demand for biometric applications, video management, and the internet of things is also rising are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Video Surveillance Market Trends
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Demand for software analytics and artificial intelligence is driving video surveillance market growth
Video surveillance systems, which incorporate artificial intelligence software, are becoming increasingly crucial for ensuring security and safety while also studying trends and patterns. The application assists in the analysis of audio and video data from video cameras in order to identify individuals, cars, objects, and events. Furthermore, AI-powered video analytics can handle tasks like real-time monitoring, people counting, and automated license plate identification, all while providing enterprises with non-security-related data.
In the retail industry, for example, store owners can detect shoplifters, and information security officials may act in real-time by using surveillance cameras with analytics. Aside from retail outlets, advanced video monitoring is being utilized to detect unusual activity in industrial plants, enterprises, warehouses, and banks. As a result, the growing demand for intelligent monitoring is fueling demand for software analytics and artificial intelligence, which is boosting video surveillance market growth.
Video Surveillance Market Segment Insights:
Video Surveillance Component Insights
The Video Surveillance Market segmentation, based on component, includes hardware, software, and service. During the forecast period, the video surveillance hardware market is expected to account for the greatest share. The hardware market is attributed to the fact that hardware accounts for more than 60% of the total cost of a video surveillance system. As a result of rising security concerns across multiple industries, there is also an increase in the use of cameras deployed globally.
The industry shift toward IP cameras has resulted in numerous hardware-based innovations that improve low-light performance, object tracking, and in-built security. Technological advancements have resulted in highly specialised surveillance cameras that can be programmed to zoom-in scan items such as hazardous equipment. These factors are driving the video surveillance hardware market.
Figure 2:Video Surveillance Market, by Component, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Video Surveillance Hardware Insights
The Video Surveillance Market segmentation, based on hardware, includes camera and storage systems. Cameras generate the most revenue in the market, accounting for $16.9 billion in 2021, and are expected to increase at a CAGR of roughly 11.9% throughout the forecast period, depending on hardware type. This is due to the fact that the combination of deep learning technology and video analytics raises the demand for security cameras in a variety of end-use applications.
Furthermore, the storage category is predicted to develop significantly in the next years. As end consumers increasingly use cloud-based surveillance technology, industry participants are being urged to pool resources such as computing power and storage devices. As a result, this aspect is propelling market demand for data storage equipment.
Video Surveillance Application Insights
The Video Surveillance Market data has been bifurcated by application into Residential, Commercial, Defense and Infrastructure. Over the forecast period, the commercial segment is expected to experience significantly faster revenue growth. The segment's revenue growth is being driven by the growing importance of video surveillance systems in the commercial field as a result of increased security concerns across applications such as retail, companies, banks, and financial institutes.
Security breaches such as inventory loss, robbery, illegal access, and other criminal activities increase demand for commercial security solutions. Because of the rapid growth of small businesses, retail establishments, and shopping malls in recent years, the demand for surveillance systems has increased. Retailers use surveillance systems to analyse consumer behaviour throughout the store, improve store management, and detect loitering.
Video Surveillance Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Due to rapid economic growth, in North A merica. The number of road rage incidents, crimes on the road, crimes against public property, and public security concerns are on the rise. In the near future, this is expected to increase demand for video surveillance systems.
Further, the major countries studiedin the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3:Video Surveillance Market SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Video Surveillance Market accounts for the second-largest market share. This is due to the region's robust network infrastructure and a large proportion of cloud service usage by organisations based in the region. Further, the Germany Video Surveillance Market held the largest market share, and the UK Video Surveillance Market was the fastest growing market in the European region
The Asia-Pacific Video Surveillance Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the region's strong network infrastructure and a high proportion of cloud service adoption. These elements contribute to the global market's expansion. Moreover, China Video Surveillance Market held the largest market share, and the India Video Surveillance Market was the fastest growing market in the Asia-Pacific region
Video Surveillance Key Market Players & Competitive Insights
To expand their product ranges, major market players are investing heavily in R&D, which will accelerate the video surveillance industry's expansion. In addition, market participants are launching new products, entering into contracts, acquiring companies, increasing investments, and working with other organizations, among other significant market developments, in an effort to expand their global footprint. In order to grow and survive in a market that is becoming more and more competitive, competitors in the video surveillance sector must provide affordable products.
Making products locally in order to cut operational costs is one of the main business tactics used by producers in the global video surveillance industry to benefit customers and grow the market sector. Some of the most important advantages for medicine in recent years have come from the video surveillance business. Axis Communications AB (Sweden), Bosch Security Systems Inc. (U.S.), Ltd., FLIR Systems Inc. (U.S.), Zhejiang Dahua Technology Co., Ltd. (China), Hangzhou Hikvision Digital Technology Co., and others are prominent players in the video surveillance market (China),
Robert Bosch, styled as BOSCH, is a German multinational engineering and technology firm located in Gerlingen, Germany. Robert Bosch established the company in Stuttgart in 1886. Robert Bosch Stiftung, a charity organization, owns 92% of Bosch. Despite holding the vast majority of shares, the charity has no voting rights and is active in health and social causes unrelated to Bosch's business. In July 2021, Bosch Security Systems Inc. will introduce the FLEXIDOME panoramic 5100i surveillance camera. This device is available in two versions: outdoor and indoor. These cameras also have a fish-eye lens and a video resolution of 6 or 12 megapixels. It also features a built-in microphone for audio recording.
Hanwha Techwin, formerly known as Samsung Techwin, is a video surveillance firm. It is a Hanwha Group subsidiary. The company has 1,822 employees and is based in South Korea. In 2020, its total sales were 529.8 billion South Korean won. Techwin also produced and commercialized automation, aeronautics, and weapons technology items prior to its acquisition by Hanwha. Hanwha Precision Machinery, Hanwha Aerospace, and Hanwha Land Systems have subsequently been spun off as separate Hanwha subsidiaries In May 2921, Hanwha Techwin Co, Ltd unveiled three models of explosion-proof cameras.
In high-risk industrial sites, three new explosion-proof cameras guarantee safe operations by preventing explosions brought on by internal or external sources. A large industrial site can be monitored from a wide area thanks to the 180-degree tilting and 360-degree panning capabilities of the TNU-6322/6322ER versions. Swing, Group, Tour, and AutoRun modes allow for monitoring in various directions.
Key Companies in the Video Surveillance Market includes
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Axis Communications AB (Sweden)
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Panasonic System Networks Co. Ltd. (Japan)
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Bosch Security Systems Inc. (US)
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NICE System Ltd. (Israel)
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FLIR Systems Inc. (US)
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Zhejiang Dahua Technology Co. Ltd. (China)
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Hanwha Techwin Co. Ltd. (South Korea)
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Pelco (US)
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Hangzhou Hikvision Digital Technology Co. Ltd. (China)
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Avigilon Corporation (Canada), among others
Video Surveillance Industry Developments
In August 2021, MOBOTIX AG and KONICA MINOLTA Inc. teamed together to employ FORXAI technology from KONICA, which is based on image AI (deep learning) and an imaging IoT platform and enables users and partners to hasten the digital transformation of society.
In April 2021, VSBLTY Groupe Technologies Corp., a maker of security and retail analytics technology products, and RADARApp, a provider of Smart City Solutions, announced the launch of the world's first WiFi6-based surveillance network employing intelligent cameras.
In April 2018, Pelco worked with IBM Corporation to create 'Pelco Analytics powered by IBM'. The goal of this collaboration is to integrate IBM's deep learning analytics solutions with Pelco's video management system (VMS). Strategic alliances are likely to encourage market participants to exploit new technology, gain access to new customers, expand business across geographic markets, and broaden product portfolios.
Video Surveillance Market Segmentation:
Video Surveillance Component Outlook
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Hardware
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Software
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Services
Video Surveillance Hardware Outlook
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Camera
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Storage System
Video Surveillance Application Outlook
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Residential
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Commercial
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Defense
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Infrastructure
Video Surveillance Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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