Dublin, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The "Global Surveillance Camera Market (By System Type, Technology, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)" report has been added to ResearchAndMarkets.com's offering.
The global surveillance camera market is on a trajectory of robust growth, with forecasts projecting it to reach a substantial value of US$33.11 billion by 2023, accompanied by a notable CAGR of 8.30%. Additionally, the market is expected to witness an increase in volume, with an estimated 278.6 million surveillance camera units by 2023.
Surveillance cameras, widely used for monitoring specific areas, are integral in enhancing security and safety for individuals and businesses. Factors driving market expansion include the growing urban population, rising criminal threats, increased traffic management needs, technological advancements, and a surge in the number of ATMs.
Key Market Segments
- By System Type: The global surveillance camera market is categorized into two segments based on system type: Analog and IP surveillance cameras. IP surveillance cameras dominate the market in terms of share, while the market is also segmented by volume into Analog, IP Commercial, IP Consumer, and other surveillance cameras. IP Commercial surveillance cameras hold a significant share, whereas the analog segment is expected to decline as technological innovation and IP cameras gain prominence.
- By Technology: The market is segmented into three technology-based segments: image signal processor, vision processor, and vision processor + AI surveillance cameras. Image signal processors constitute the largest market share. The adoption of home security systems, integration of artificial intelligence (AI) systems in surveillance cameras, and the increasing use of IoT-based surveillance systems contribute to market growth. The vision processor + AI surveillance camera segment is expected to exhibit the highest CAGR as surveillance camera manufacturers shift towards AI processing.
Geographic Coverage
The global surveillance camera market is segmented into four regions: Europe, North America, Asia Pacific, and the Rest of the World. North America includes the US, Mexico, and Canada, while Europe comprises the UK, Germany, France, Spain, and the Rest of Europe.
The Asia Pacific region covers Japan, China, South Korea, India, Australia, and the Rest of Asia Pacific. Asia Pacific commands the largest market share due to increasing criminal activities and the need to enhance security. In North America, the US holds a significant share, driven by widespread CCTV camera installations in public and private locations. Japan and China are major players in the Asia Pacific region, with public safety agencies heavily investing in advanced technologies for enhanced safety solutions.
Top Impacting Factors
Growth Drivers
- Growing Number of ATMs
- Increase in Crime Rate and Threats
- Rise in Infrastructure Developments
- Growth in Traffic Management
Challenges
- Increase in Privacy Concerns
- High Investment Costs
Trends
- Integration of Artificial Intelligence Systems in Surveillance Cameras
- Adoption of IoT-based Surveillance Systems
- Emergence of Video Surveillance as a Service (VSaaS)
- Increase in Adoption of Spy and Hidden Cameras
Driver: Growing Number of ATMs
The proliferation of banks and ATMs has led to an increase in ATM thefts and suspicious ATM withdrawals. These criminal activities pose a significant security threat. Surveillance cameras play a crucial role in monitoring ATMs and deterring criminal acts, thereby driving the demand for surveillance cameras.
Challenge: Increase in Privacy Concerns
The widespread use of surveillance cameras has raised concerns about privacy. Advanced surveillance cameras can inadvertently compromise individuals' privacy, as they may be recorded without their knowledge in various public spaces. Unauthorized access to video recordings and clips has led to privacy breaches, posing a potential threat to the demand for surveillance cameras.
Trend: Emergence of Video Surveillance as a Service (VSaaS)
Video Surveillance as a Service (VSaaS) is gaining momentum due to increasing security concerns, the rise of smart cities, and growing demand for video surveillance. The adoption of multi-megapixel HD cameras generates vast amounts of video surveillance data, making cloud computing an efficient storage solution, particularly for small and medium-sized businesses. Benefits of cloud technology include lower capital investment, reduced power consumption, practical hardware utilization, cost savings in IT personnel, and enhanced reliability.
The COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the global surveillance camera market. Surveillance cameras have been instrumental in enforcing social distancing measures and monitoring COVID-19 patients. Thermal surveillance was implemented to screen temperatures and prevent the spread of the virus in crowded areas.
Companies Mentioned
- Axis Communications AB
- Cisco Systems, Inc.
- Dahua Technology
- Hanwha Group
- Hikvision
- Honeywell International Inc.
- LG Electronics Inc.
- Motorola Solutions (Avigilon)
- Panasonic Corporation
- Robert Bosch GmbH
- Sony Group Corporation
- Teledyne Technologies Incorporated
- Uniview
For more information about this report visit https://www.researchandmarkets.com/r/fzf4sg
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