Dublin, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The "Video Surveillance Market by Offering (Camera, Storage Devices, Monitors, AI-Based VMS, Non AI-Based VMS, Video Content Analysis, AI-Driven Video Analytics, VSaaS), System (IP, Analog, Hybrid), Resolution, Vertical and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Video Surveillance Market is on a path of substantial expansion, with an expected valuation of USD 83.3 billion by 2028, up from USD 53.7 billion in 2023. This projected growth reflects a Compound Annual Growth Rate (CAGR) of 9.2% from 2023 to 2028. The driving force behind this growth is the remarkable advancements in camera capabilities within the video surveillance industry.
Recent innovations have significantly improved camera resolutions, with modern cameras, including 4K IP cameras, capturing finer details and providing clearer images upon magnification. These advanced cameras feature variable zoom lenses, audio streaming capabilities, and enhanced low-light performance. To cater to evolving security and operational needs, manufacturers are also prioritizing cybersecurity measures and innovative approaches, which further enhance system performance.
Key Points:
- Advanced Camera Capabilities: Advancements in camera capabilities have resulted in improved resolutions, enhanced low-light performance, and built-in audio streaming capabilities.
- Hybrid Surveillance Systems: Hybrid systems that integrate analog and IP cameras are showing remarkable growth due to their cost-effective and flexible solutions.
- Commercial Vertical: The commercial sector is adopting AI-powered surveillance solutions, emphasizing real-time monitoring and remote accessibility to address security concerns.
- North America Dominance: North America leads the global video surveillance market due to its robust technological infrastructure, security concerns, and active participation in smart city initiatives.
Hybrid Surveillance Systems Gaining Momentum: Hybrid surveillance systems, which integrate analog and IP cameras, are witnessing significant growth with the second-largest Compound Annual Growth Rate (CAGR) in the video surveillance market. These systems offer businesses a cost-effective way to optimize their existing analog infrastructure while gradually transitioning to more advanced IP technology. The hybrid approach enables cost savings, making it a flexible and versatile solution to enhance surveillance capabilities.
Commercial Vertical Embraces Advanced Solutions: The commercial vertical, encompassing enterprises, retail, and banking, is experiencing the second-highest CAGR in the video surveillance market. Increasing security concerns are driving substantial investments in advanced surveillance solutions, with AI-powered analytics integration enhancing security efficacy. Features such as real-time monitoring, remote accessibility, and risk mitigation are addressing evolving business needs, while compliance mandates reinforce the adoption of robust surveillance systems.
North America Takes the Lead: North America leads the global video surveillance market, driven by its robust technological infrastructure and security concerns across various sectors, including government, retail, and healthcare. The integration of video analytics, AI, and cloud technologies further enhances surveillance capabilities. The region's active participation in smart city initiatives and regulatory mandates for heightened security measures and compliance are propelling the adoption of advanced surveillance solutions.
This growth signifies an exciting future for the video surveillance industry, offering proactive and innovative solutions to address evolving security demands in a dynamic business landscape.
Premium Insights
- Expansion of Smart Cities to Create Lucrative Opportunities for Players in Video Surveillance Market
- US and Commercial Segment to Hold Largest Shares of Video Surveillance Market in North America in 2023
- China to Account for Largest Share of Video Surveillance Market in 2028
- Video Surveillance Market in China to Grow at Highest CAGR from 2023 to 2028
Market Dynamics
Drivers
- Advancements in Hardware Technologies
- Development of AI-Driven Video Analytics Algorithms
- Low Initial Investments in Vsaas
- Reliance on Deep Learning and Computer Vision Technologies
Restraints
- Video Data Privacy and Security Concerns
- Lack of Standardized Guidelines and Protocols
Opportunities
- Integration of IoT and Other Emerging Technologies into Surveillance Systems
- Adoption of Smart Devices for Remote Monitoring
- Incorporation of Access Control Features into Surveillance Systems
Challenges
- Need for High-Capacity Storage Systems and Increased Bandwidth
- Interoperability Issues Associated with Diverse Camera Systems
Companies Mentioned
- Agent Video Intelligence Ltd.
- Avigilon Corporation (Motorola Solutions, Inc.)
- Bosch Security Systems, LLC
- Camcloud
- Corsight AI
- CP Plus International
- Genetec Inc.
- Hangzhou Hikvision Digital Technology Co. Ltd.
- Hanwha Vision Co. Ltd.
- Hexagon Ab (Qognify)
- Honeywell International Inc.
- Huawei Technologies Co. Ltd.
- I-Pro Co. Ltd.
- Ivideon
- Mobotix AG
- Morphean SA
- NEC Corporation
- Nice
- Teledyne Technologies Incorporated
- Tiandy Technologies Co. Ltd.
- Verkada Inc.
- Vivotek Inc.
- Zhejiang Dahua Technology Co. Ltd.
- Zhejiang Uniview Technologies Co. Ltd.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 310 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $53.7 Billion |
| Forecasted Market Value (USD) by 2028 | $83.3 Billion |
| Compound Annual Growth Rate | 9.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/exbohe
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