USD 48.20 billion
Report ID:
SQMIG45A2132 |
Region:
Global |
Published Date: August, 2024
Pages:
197
|Tables:
63
|Figures:
75
Global Video Surveillance Market size was valued at USD 48.19 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).
Rapidly increasing crime rates around the world and the growing need for better security in both public and private settings are projected to primarily augment the demand for video surveillance. The rising number of smart cities around the world, high emphasis on improving public safety, and the availability of advanced video cameras are all promoting the demand for video surveillance around the world. High demand for better security by citizens and the availability of advanced video surveillance solutions and services are also expected to bolster market growth over the coming years. Imposition of strict safety regulations that mandate the use of video surveillance will also create new business scope for video surveillance companies going forward. Integration of artificial intelligence of video analytics are major trends that could significantly boost the adoption of video surveillance in the long run. On the contrary, high initial costs, cybersecurity risks, and privacy concerns are forecasted to slow down video surveillance demand outlook in the future.
Global Market Size
USD 48.20 billion
Largest Segment
Hardware
Fastest Growth
Hardware
Growth Rate
9.3% CAGR
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Global Video Surveillance Market is segmented based on the Offering, vertical. system, and region. Based on the Offering, the market is segmented into Hardware, Software, And Services. Based on the System, the market is segmented into Analog Video Surveillance Systems, IP Video Surveillance Systems, And Hybrid Video Surveillance Systems. On the basis of Vertical, the market is segmented into Commercial, Military & Defense, Infrastructure, Public Facilities, Industrial, and Residential. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Offering
The hardware segment is projected to account for a substantial chunk of the global video surveillance market share. Growing use of advanced cameras and other surveillance hardware such as storage devices and DVRs is projected to help this segment maintain its high market share. Demand for better resolution and night vision is always pushing the development of new video surveillance hardware components to contribute to the dominance of this segment. Investing in this segment will be rewarding for established and incoming market players over the coming years.
However, the demand for video surveillance is projected to rise at a robust pace across the study period and beyond. The rising need for deployment, installation, and maintenance of novel video surveillance systems and solutions is projected to help the services segment generate new business opportunities. The rising popularity of video surveillance as a service is also expected to create new revenue generation scope for video surveillance providers in the long run.
Analysis by System
IP video surveillance systems are forecasted to hold a dominant share of the global video surveillance market. Rapid advancements in IP camera technologies and their increasing affordability are key factors helping the dominance of this segment. Moreover, high demand for better quality video surveillance is also expected to help this segment boost revenue generation in the future. Easy scalability and flexibility are other benefits of IP video surveillance systems that help them gain the top spot in the global market landscape.
On the other hand, the demand for hybrid video surveillance systems is forecasted to rise at a robust pace over the coming years. These systems bring the best of both worlds analog and digital to provide a highly comprehensive video surveillance solution for users. Rising popularity of benefits associated with hybrid video surveillance systems and their high demand from multiple industry verticals will help this segment bolster market development in the long run.
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Asia Pacific region is expected to dominate the global video surveillance market. Rising emphasis on improving public safety and growing frequency of crimes are projected to primarily augment the demand for video surveillance in this region. India, China, and Japan are slated to be the forefront of video surveillance market growth in the Asia Pacific region. Launch of new safety and security initiatives coupled with high availability and acceptance of advanced video surveillance systems will also create new opportunities for market players in the future.
Meanwhile, the demand for video surveillance in North America is slated to rise at a robust pace going forward. High investments in improving public and private security capabilities and growing use of video surveillance systems by almost all law enforcement agencies are helping boost market growth in this region. Presence of key video surveillance providers will also help generate more revenue from this region going forward. Canada and the United States will be the top markets for video surveillance companies in the future.
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Global Video surveillance Market Drivers
Popularity of Body-Cams
Growing Crime Rates
Restraints
Privacy Concerns
High Initial and Maintenance Costs
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Launching new video surveillance equipment will be a key trend among market players. Integrating advanced technologies and analytics to enhance security will also be a key strategy for video surveillance companies going forward. Acquisitions and mergers will help video surveillance market players enhance their global market share. Development of better video cameras will be a trend that will never go out of style.
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 Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, rising incidence of crime and growing concerns for safety are projected to promote video surveillance adoption over the coming years. Advancements in video surveillance technologies are also expected to boost video surveillance demand. However, privacy concerns and high costs of installation and maintenance are estimated to impede video surveillance market growth potential. China, India, and Japan are allowing Asia Pacific region to emerge as the dominant market for video surveillance companies. Use of IoT and edge computing will open up new avenues of opportunities for video surveillance companies through 2031 and beyond.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 48.19 Billion |
Market size value in 2031 | USD 107.31 Billion |
Growth Rate | 9.3% |
Base year | 2023 |
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 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 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Video Surveillance Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Video Surveillance Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45A2132