NEWARK, Del, July 27, 2023 (GLOBE NEWSWIRE) -- The global video surveillance market is poised for extraordinary expansion in the upcoming years. Analysts predict that by 2023, it will reach a value of US$ 64 billion, with a consistent annual growth rate of 11.1%. This remarkable progress is driven by the widespread adoption of video surveillance across various industries, leading to a substantial valuation of US$ 182.6 billion by 2033. The market's rapid growth highlights its significant impact and importance in today's business landscape.
The video surveillance industry has experienced significant growth in recent years, driven by the increasing need for enhanced security measures across various industries. With advancements in technology, video surveillance systems have evolved from traditional analog cameras to sophisticated network-based solutions that offer high resolution, advanced analytics, and improved scalability.
The video surveillance market is witnessing a trend with the rising adoption of AI-powered systems. Also, these advanced solutions leverage artificial intelligence and deep learning algorithms to analyze video footage in real-time, enabling efficient detection and identification of potential security threats.
AI-powered video surveillance systems offer enhanced accuracy, reliability, and proactive monitoring capabilities, making them invaluable tools for various industries, including public safety, transportation, retail, and more. With the ability to detect suspicious activities, identify objects, and analyze behavior patterns, these systems provide actionable insights, improved situational awareness, and effective risk mitigation.
The growing demand for advanced security measures and the need for proactive surveillance is driving the market growth of AI-powered video surveillance systems worldwide. In an era of heightened security concerns, organizations are investing in video surveillance systems to protect their assets, monitor public spaces, and ensure the safety of individuals.
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The rise in criminal activities, terrorist threats, and cybersecurity risks has propelled the demand for advanced video surveillance solutions. Also, these systems enable real-time monitoring, proactive threat detection, and prompt response to security incidents, empowering organizations to enhance their security posture.
While the video surveillance market presents significant growth opportunities, it also faces challenges. Privacy concerns, data protection regulations, and ethical considerations surrounding the use of facial recognition and biometric technologies are areas of ongoing debate. Moreover, the increasing prevalence of cyber threats calls for robust cyber security measures to safeguard video surveillance systems against unauthorized access and potential breaches.
Key Takeaways are:
- Based on the component, the hardware sub-segment is predicted to advance at 10.9% CAGR from 2023 to 2033.
- During the forecast period, the video surveillance industry in China is likely to secure a 12.5% CAGR.
- The market in Japan is projected to move forward at a growth rate of 11.3% from 2023 to 2033.
- The IP surveillance segment is at the forefront of the system type category with an 11% CAGR over the forecast period.
- The video surveillance industry secured a growth rate of 14.2% from 2018 to 2022.
What are Various Aspects of the Competition Landscape in the Video Surveillance Industry?
The competition landscape in the video surveillance industry is multifaceted and dynamic. Key aspects of the competition include the presence of established market players who continually strive to innovate and expand their product portfolios. They focus on advanced features such as high-resolution cameras, intelligent analytics, and cloud-based solutions to bring new launches to the market.
The industry is characterized by strategic partnerships and collaborations between technology providers and security companies to offer integrated solutions. Moreover, market players compete based on factors such as product quality, reliability, scalability, and customer support.
Continuous advancements in technologies like AI, deep learning, and edge computing have intensified the competition, as companies aim to differentiate themselves by delivering cutting-edge video surveillance solutions that address the evolving security needs of various industries
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Key Players Profiled in this Market are:
- Avigilon
- Axis Communications AB
- Bosch Security Systems GmbH
- Cisco Systems Inc.
- Dahua Technology Co., Ltd.
- Eagle Eye Networks
- Flir Systems Inc.
- Honeywell Security
- Panasonic Corporation
- Pelco
- The Infinova Group
- Verkada Inc.
Market Segmentation Analysis:
By System Type:
- Analog Surveillance
- IP Surveillance
- Hybrid Surveillance
By Component:
- Hardware
- Software
- Services
By Application:
- Commercial
- Military & Defense
- Infrastructure
- Residential
- Others
By Enterprise Size:
- Small Scale Enterprises
- Medium Scale Enterprises
- Large Scale Enterprises
By Customer Type:
- B2B
- B2C
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
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