The Video Surveillance Market size was valued at USD 63.97 billion in 2023 and is expected to grow to USD 163.32 billion by 2031 and grow at a CAGR of 12.43% over the forecast period of 2024-2031.
Increased security concerns, increased adoption of smart city initiatives, rising demand for business intelligence and analytics as well as advances in technology such as AI powered video analysis. The expansion of the video surveillance market is driven by these factors as a whole. Furthermore, the need for remote monitoring and access to surveillance feeds in real time, as well as regulatory requirements for enhanced security measures, are driving market growth. The demand for video surveillance in all sectors is further enhanced by the integration of it with other systems such as access control and Internet of Things. The growing demand for security in private and public places, such as schools, airports, businesses or homes, is the driving force behind growth. Intelligent video surveillance is needed to monitor all activities in the emergence of smarter cities. For their scalability and cost effectiveness, cloud-based systems are gaining traction.
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Key Drivers:
In other sectors such as healthcare and retail, the increasing use of body worn cameras by security forces or law enforcement agencies has led to their widespread deployment. In order to improve customer relations, enhance the protection of workers and prevent unusual activities, body worn cameras offer a number of benefits in sectors such as healthcare, retail or hospitality.
Restraints:
In order to regulate the use of video surveillance technology, a number of countries and regions are adopting more stringent privacy regulations that compel businesses to take an increased responsibility for collecting data. In the case of remote or cloud video storage where unauthorised access, leakage and theft of recordings pose serious risks, this will become more important.
Opportunities:
Internet usage and related products have increased significantly over the past years, driven by a strong global uptake of smartphones and tablets with high power capabilities. With this rise in computing capacity, users have been able to use smart devices for remote access to surveillance data that enable them to see where they are located from a distance.
Challenges:
The need for high-capacity storage systems and increased bandwidth is a major challenge as the market for video surveillance evolves with the integration of AI and advanced Analytics. Storage solutions are needed to cope with the exponential growth in the volume of video data generated by high-definition cameras and the extended retention periods.
Impact of Economic Slowdown:
The impact of the ongoing downturn on the video surveillance market appears to be complex, with some segments experiencing growth due to increasing security concerns and technical progress whilst others are facing challenges because of a weak economy and supply chain problems.
For example, the global surveillance camera market is projected to grow from USD 48.5 billion in 2023 to USD 97.27 billion by 2031, showing a compound annual growth rateCAGR of 9.09% between 2024 and 2031. This growth can be attributed to factors such as the diversification of camera types, the development of resolution capacities and a wide range of applications for different end users, including public facilities, commercial infrastructures and residential areas.
In the presentation of the results of the investigation paradoxically, the majority of markets outside the Asian country closed last year with growth figures. It is clear that the global market for video surveillance grew by 13.2% in 2023, unless China is taken into account. The decline in China was mainly a result of restrictions on trade during the Covid pandemic that occurred in 2023. In 2023, China is expected to remain the world's largest regional market for video surveillance equipment, accounting for 44% of the global market. This is down from the previous year, when it accounted for 52% of the total.
Global financial markets, which indirectly affect sectors such as video surveillance, have been seriously affected by the Russia Ukraine crisis. The crisis has caused significant turmoil on global finance markets, with increasing fears of recession in Europe as a result of the increase in gas prices which is important to both households and industry. The European Central Bank and other central banks have been working to manage the inflation caused by spiraling energy costs, which could impact various industries. In addition, the war has led to a corporate exodus from Russia with over 1,000 global companies, including some of the world's most famous brands, reducing their activities or leaving completely. This withdrawal is a significant shift in the economy, which could have repercussions for different sectors such as video surveillance by altering supply chains, market access and investment patterns. Although no direct impact is explicitly indicated on the market for video surveillance, it is likely that this market will also be affected by a broader disruption of economics resulting from the crisis in Ukraine, e.g. inflation, supply chain problems and changing business processes. Companies in the video surveillance sector may find themselves faced with challenges relating to rising costs, disruption of supply chains and market uncertainties which could affect both production and prices for VIS.
By Component
Hardware
Camera
Monitors
Storage Devices
Others
Software
Services
In terms of components, in 2022 the hardware segment accounted for more than 71.1% of the market share. The strong demand for surveillance cameras, monitors and storage equipment is the main driver of this segment's growth. Surveillance cameras are crucial for monitoring a wide range of environments, including commercial buildings, apartments, education institutions and the general areas. Their capabilities, including features like night vision and motion sensing as well as facial recognition, continue to develop. The monitors are used to monitor real time feeds from surveillance cameras, which are usually located in control rooms or dedicated monitoring areas. In addition, in order to archive recorded footage taken by surveillance cameras and to facilitate applications such as crime investigation and suspect identification, storage devices are essential.
By System Type
Analog Video Surveillance Systems
IP Video Surveillance Systems
Hybrid Video Surveillance Systems
The IP video surveillance system segment accounted for more than 54.1% of the market in 2022, as far as systems type is concerned. In order to transmit and receive video signals over IP networks, IP video surveillance systems use digital technology, which provides enhanced scalability and flexibility compared to traditional analogue video surveillance systems.
By Vertical
Commercial
Retails Stores & Malls
Data Centers & Enterprise
Banking & Finance Building
Hospitality Centers
Warehouses
Others
Industrial
Residential
Government
Healthcare Buildings
Educational Buildings
Religious Buildings
Government Buildings
Others
In 2022, the Commercial segment accounted for more than 35.2% of worldwide revenues and represented a major part of the video surveillance market. Increasing demand for video surveillance systems in a wide range of business applications can be cited as the reason for this increasing share. Retail environments to deter theft, customer behaviour analysis, data centres and businesses to protect critical infrastructure, banking and finance buildings for crime prevention are among these applications.
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In 2022, the Asia Pacific region accounted for more than 37.1% of total revenue. The main countries that drive this regional dominance are China, Japan and India, which in turn increases the demand for video surveillance systems to improve safety and security of citizens. Integrating video surveillance as a key component for traffic control, crime prevention and other activities in these initiatives has been driven by the region's focus on smart city projects. In addition, increasing retail chains and SMEs in the Asia Pacific region are gradually adopting video surveillance solutions to protect their assets and deterrence of criminal activity. Moreover, the market growth in this region is driven by favourable government initiatives such as China's policies to promote adoption of video surveillance on public spaces like schools and hospitals.
In the coming years, as growth is projected to increase at a faster compound annual growth rate of 16.2% over the forecast period, the Middle East and Africa are set to offer lucrative market opportunities. To create robust and user-friendly functionality, including mobile video surveillance, key market players in the MEA are looking to expand their investments, product portfolio, solutions or strategic partnerships. As a result of the availability of more camera manufacturers and the decreased cost of video surveillance systems, market prospects in emerging areas exist.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The key players in the video surveillance market are Panasonic System Networks, Bosch Security Systems, Axis Communications, Honeywell Security Group, NICE System, Zhejiang Dahua Technology, Hangzhou Hikvision Digital Technology, FLIR Systems, Hanwha Techwin, Avigilon Corporation and other companies & Other Players
Report Attributes | Details |
---|---|
Market Size in 2023 | US$ 63.97 Billion |
Market Size by 2031 | US$ 163.32 Billion |
CAGR | CAGR 12.43% From 2024 to 2031 |
Base Year | 2022 |
Forecast Period | 2023-2030 |
Historical Data | 2020-2021 |
Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
Key Segments | • By Component (Hardware, Software, Service) • By System (IP Video Surveillance Systems, Analog Video Surveillance Systems) • By Application (Infrastructure, Public Facility, Industrial, Commercial, Military & Defense, Residential) |
Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
Company Profiles | Panasonic System Networks, Bosch Security Systems, Axis Communications, Honeywell Security Group, NICE System, Zhejiang Dahua Technology, Hangzhou Hikvision Digital Technology, FLIR Systems, Hanwha Techwin, Avigilon Corporation and other companies. |
Key Drivers | •Growing concerns over public safety and security. •Enhanced hardware capabilities of video cameras. |
Market Restraints | •Concerns about video data privacy and security. |
Ans: The Video Surveillance Market size was valued at USD 63.97 billion in 202.
The market has been segmented with respect to component, system and application.
The Video surveillance Market faced a fall behind Covid-19. The market has declined by 4-6% since 2020 when the epidemic began.
Top-down research, bottom-up research, qualitative research, quantitative research, and Fundamental research.
Manufacturers, Consultants, Association, Research Institutes, private and university libraries, suppliers, and distributors of the product.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Video Surveillance Market Segmentation, By Component
9.1 Introduction
9.2 Trend Analysis
9. 3 Hardware
9.3.1Camera
9.3.2 Monitors
9.3.3 Storage Devices
9.3.4 Others
9.4 Software
9.5 Services
10. Video Surveillance Market Segmentation, By System Type
10.1 Introduction
10.2 Trend Analysis
10.3 Analog Video Surveillance Systems
10.4 IP Video Surveillance Systems
10.5 Hybrid Video Surveillance Systems
11. Video Surveillance Market Segmentation, By Vertical
11.1 Introduction
11.2 Trend Analysis
11.3 Commercial
11.3.1 Retails Stores & Malls
11.3.2 Data Centers & Enterprise
11.3.3 Banking & Finance Building
11.3.4 Hospitality Centers
11.3.5 Warehouses
11.3.6 Others
11.4 Industrial
11.5 Residential
11.6 Government
11.6.1 Healthcare Buildings
11.6.2 Educational Buildings
11.6.3 Religious Buildings
11.6.4 Government Buildings
11.6.5 Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Eastern Europe
12.3.1.1 Poland
12.3.1.2 Romania
12.3.1.3 Hungary
12.3.1.4 Turkey
12.3.1.5 Rest of Eastern Europe
12.3.2 Western Europe
12.3.2.1 Germany
12.3.2.2 France
12.3.2.3 UK
12.3.2.4 Italy
12.3.2.5 Spain
12.3.2.6 Netherlands
12.3.2.7 Switzerland
12.3.2.8 Austria
12.3.2.9 Rest of Western Europe
12.4 Asia-Pacific
12.4.1 China
12.4.2 India
12.4.3 Japan
12.4.4 South Korea
12.4.5 Vietnam
12.4.6 Singapore
12.4.7 Australia
12.4.8 Rest of Asia Pacific
12.5 The Middle East & Africa
12.5.1 Middle East
12.5.1.1 UAE
12.5.1.2 Egypt
12.5.1.3 Saudi Arabia
12.5.1.4 Qatar
12.5.1.5 Rest of the Middle East
11.5.2 Africa
12.5.2.1 Nigeria
12.5.2.2 South Africa
12.5.2.3 Rest of Africa
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Colombia
12.6.4 Rest of Latin America
13. Company Profiles
13.1 Panasonic System Networks
13.1.1 Company Overview
13.1.2 Financial
13.1.3 Products/ Services Offered
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 Bosch Security Systems
13.2.1 Company Overview
13.2.2 Financial
13.2.3 Products/ Services Offered
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Axis Communication
13.3.1 Company Overview
13.3.2 Financial
13.3.3 Products/ Services Offered
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Honeywell Security Group
13.4.1 Company Overview
13.4.2 Financial
13.4.3 Products/ Services Offered
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 NICE System
13.5.1 Company Overview
13.5.2 Financial
13.5.3 Products/ Services Offered
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Zhejiang Dahua Technology
13.6.1 Company Overview
13.6.2 Financial
13.6.3 Products/ Services Offered
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Hangzhou Hikvision Digital Technology
13.7.1 Company Overview
13.7.2 Financial
13.7.3 Products/ Services Offered
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 FLIR Systems
13.8.1 Company Overview
13.8.2 Financial
13.8.3 Products/ Services Offered
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 Hanwha Techwin
13.9.1 Company Overview
13.9.2 Financial
13.9.3 Products/ Services Offered
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 Avigilon Corporation
13.10.1 Company Overview
13.10.2 Financial
13.10.3 Products/ Services Offered
13.10.4 SWOT Analysis
13.10.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15. Use Case and Best Practices
16. Conclusion
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