Pune, Dec. 13, 2024 (GLOBE NEWSWIRE) -- Video Surveillance Market Size Analysis:
“The Video Surveillance Market was valued at USD 60.1 Billion in 2023 and is projected to reach USD 149.5 Billion by 2032, growing at a compound annual growth rate (CAGR) of 10.67% from 2024 to 2032.”
Government Initiatives and Advanced Technologies Propel Video Surveillance Market Growth
The video surveillance market is experiencing rapid growth due to increasing governmental efforts to enhance public safety and protect critical infrastructure. For instance, in 2023, the U.S. allocated USD 2 billion to upgrade security technologies, reflecting the global urgency to address rising security threats. This trend is echoed in Europe, where public surveillance initiatives have grown by 18% over five years, driven by the need for smarter solutions in urban safety. These programs often integrate AI-based analytics, enabling automated responses to potential threats and strengthening national security frameworks.
Similarly, the rising need for real-time remote monitoring is spurring demand for video surveillance systems that offer greater situational awareness. This demand has further accelerated the integration of surveillance technologies with IoT and access control systems, enhancing overall efficiency. As organizations prioritize scalability and cost-effectiveness, cloud-based solutions are becoming a preferred choice, particularly in the development of interconnected smart cities.
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Major Players Analysis Listed in this Report are:
- Axis Communications (AXIS P5635-E PTZ Network Camera, AXIS Q6215-LE Network Camera)
- Hikvision (DS-2CD2087G2-L, DS-2DE4A425IW-DE)
- Dahua Technology (N52A2P, DH-IPC-HDW5831R-ZE)
- Bosch Security Systems (AUTODOME IP starlight 7000i, DINION IP 5000i)
- Hanwha Techwin (QNP-6320R, PNV-A9081R)
- FLIR Systems (FLIR FX, FLIR DNR-SL)
- Honeywell Security (Honeywell Fusion, Performance Series Cameras)
- Tyco Integrated Security (Tyco Illustra Flex, Tyco 3 Series Cameras)
- Motorola Solutions (Avigilon H4 Multisensor Camera, Avigilon Control Center)
- Genetec (Security Center, Genetec Clearance)
Video Surveillance Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 60.1 Billion |
| Market Size by 2032 | USD 149.5 Billion |
| CAGR | CAGR 10.67% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key 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) |
| Key Growth Drivers | •Increased incidents of crime and terrorism have heightened the need for effective surveillance systems. Video surveillance is crucial for enhancing public safety in urban areas and smart city initiatives •Innovations in AI, machine learning, and video analytics have improved the capabilities of video surveillance systems, allowing for features like real-time monitoring, object recognition, and behavioral analysis, which enhance both security and operational efficiency. •The push towards developing smart cities involves extensive use of video surveillance to monitor traffic, ensure public safety, and improve emergency response, significantly driving market demand |
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By System, IP Video Surveillance Systems Lead the Video Surveillance Market with Advanced Features
In 2023, IP Video Surveillance Systems dominated the video surveillance market with 53% of total revenue. Their growing adoption is driven by superior features like high-resolution video, advanced analytics capabilities (e.g., facial recognition, object detection), and remote monitoring. Governments worldwide are enforcing regulations to accelerate the transition from analog to IP systems. For instance, India’s Ministry of Urban Development mandated IP-based systems for new public surveillance projects in 2023, boosting demand. Additionally, IP solutions integrate seamlessly into organizational IT infrastructure, enabling centralized monitoring across multiple locations, making them ideal for commercial, governmental, and industrial applications.
By Component, Hardware Segment Leads Video Surveillance Market with Over 69% Revenue Share in 2023
In 2023, the Hardware segment led the video surveillance market with 69% of total revenue. This dominance is driven by the high demand for surveillance cameras, critical for modern systems. Governments globally are investing heavily in these technologies to enhance public safety and protect infrastructure. For example, China’s “Sharp Eyes” initiative added 20 million high-resolution cameras in 2023. Advances in camera technology, including 4K resolution, night vision, and thermal imaging, have further boosted demand. The U.S. Department of Homeland Security reported that 78% of new federal surveillance projects included high-definition cameras and secure storage solutions in 2023.
By Vertical, Commercial Segment Leads Video Surveillance Market Revenue in 2023
In 2023, the Commercial segment dominated the video surveillance market with 36% of global revenue. This growth is fueled by the increasing need for enhanced security across retail stores, offices, hotels, and entertainment venues. Governments worldwide have introduced regulations mandating the installation of surveillance systems in commercial establishments to ensure safety and regulatory compliance. For instance, in 2023, the U.S. Department of Justice implemented new guidelines requiring 24/7 video surveillance in commercial properties located in high-crime urban areas, aiming to deter criminal activities and improve public safety.
Video Surveillance Market Segmentation:
By Component
- Hardware
- Camera
- Monitors
- Storage Devices
- Others
- Software
- Services
By System Type
- Analog Video Surveillance Systems
- Hybrid Video Surveillance Systems
- IP Video Surveillance Systems
By Vertical
- Commercial
- Retails Stores & Malls
- Hospitality Centers
- Data Centers & Enterprises
- Banking & Finance Building
- Warehouses
-
- Others
- Industrial
- Residential
- Government
- Healthcare Buildings
- Educational Buildings
- Religious Buildings
- Government Buildings
- Others
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Asia-Pacific Leads Video Surveillance Market Share, While North America Achieves Rapid Growth
In 2023, the Asia-Pacific region dominated the global video surveillance market with a 36% share. This leadership stems from large-scale surveillance deployments in countries like China and India, driven by government initiatives such as smart city programs and public security projects. Notably, China’s “SkyNet” program, utilizing AI-powered cameras, elevated the Asia-Pacific’s market share to 60%, with over 600 million cameras installed by year-end.
North America recorded the fastest growth in the video surveillance market in 2023, achieving a 28% market share. This growth was fueled by increased government investments in modernizing security infrastructure. In particular, the U.S. Department of Homeland Security focused on securing critical infrastructure and public spaces, with AI-powered smart city applications expected to accelerate future growth.
Key Developments in Video Surveillance Market
- In April 2024, South Korea’s Hanwha Vision and US-based Allied Telesis joined forces to deliver integrated physical security solutions, streamlining the management of networks and IP cameras.
- In April 2024, Hikvision introduced its Turbo HD 8.0 cameras, featuring two-way audio for applications like intercoms and security fencing, enabling real-time human communication.
Table of Contents – Major Key Points
1.Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Video Surveillance Market Segmentation, By Component
8. Video Surveillance Market Segmentation, By System Type
9. Video Surveillance Market Segmentation, By Vertical
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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