New York, Nov. 30, 2023 (GLOBE NEWSWIRE) -- The global video surveillance market size is projected to grow at a CAGR of over ~12.5% from 2023 to 2035. The market is expected to garner a revenue of USD 122 billion by the end of 2035, up from a revenue of ~USD 49 billion in the year 2022. market is experiencing significant growth driven by factors such as increasing security concerns, technological advancements, and the rising demand for surveillance solutions across various industries. The growth can be primarily accredited to the increasing rate of crime incidents. The United States had a violent crime rate of 395.7 incidents per 100,000 people in 2021. The deployment of IP security cameras in the government sector has increased the demand for video surveillance.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-100
In order to enhance community safety and an alternative response framework, 40% of police agencies will reportedly use digital technologies by 2022, according to an estimation by the International Data Corporation (IDC). The video surveillance market is witnessing substantial growth globally. This growth is attributed to factors such as the increasing need for public safety, the rise in security threats, and the expansion of smart city initiatives. Advancements in technology, including the adoption of high-definition (HD) and ultra-high-definition (UHD) cameras, video analytics, artificial intelligence (AI), and deep learning, are driving innovation in the video surveillance sector. These technologies are enhancing the capabilities of surveillance systems for better threat detection, analysis, and response. Video surveillance solutions are being widely deployed across various verticals, including government, transportation, retail, banking and finance, healthcare, and critical infrastructure. Each sector has specific requirements, leading to the development of tailored solutions.
Growing Urbanization across the Globe to Boost Market Growth
People have been gravitating toward residing and working in cities more recently. This trend has significantly boosted the movement of individuals from rural to urban areas. The World Economic Forum estimated that by 2050, 80% of the world's population—up from the present 55%—will live in urban regions. Continuous advancements in video surveillance technologies are propelling market growth. High-definition and ultra-high-definition cameras, coupled with sophisticated video analytics and artificial intelligence, are revolutionizing surveillance capabilities. Deep learning algorithms enable systems to recognize patterns, identify anomalies, and facilitate real-time decision-making. The constant pursuit of innovation is driving organizations to upgrade their surveillance infrastructure. The global trend toward urbanization has given rise to smart city initiatives, where technology plays a pivotal role in enhancing city living. Video surveillance is a critical component of smart cities, contributing to traffic management, public safety, and overall urban planning. The integration of surveillance systems with IoT devices and data analytics is creating interconnected urban ecosystems, driving the adoption of sophisticated surveillance solutions. Various industries, such as transportation, retail, banking, healthcare, and critical infrastructure, have unique security requirements. Tailored video surveillance solutions designed to address industry-specific challenges are experiencing high demand. For instance, in retail, video analytics can be utilized for customer behavior analysis, while in healthcare, surveillance systems contribute to patient safety and facility security.
Video Surveillance Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Security Imperatives and Threat Mitigation to Drive the Market Growth in North America Region
The video surveillance market in North America region is estimated to garner the largest revenue by the end of 2035. In North America, the imperative to enhance security measures in response to escalating threats serves as a foundational driver for the market. According to a report, the video surveillance industry witnessed a robust 8.3% growth in 2021. The region's heightened awareness of security vulnerabilities, both in public spaces and critical infrastructure, fuels sustained investments in advanced surveillance solutions. North America stands as a hub for technological innovation, and the video surveillance sector is no exception. The deployment of high-definition and artificial intelligence-powered cameras is rapidly gaining traction. Smart city initiatives, prevalent across North American cities, contribute significantly to the growth of video surveillance. Municipalities are leveraging surveillance systems for urban planning, traffic management, and public safety. Various industries in North America, from financial services to healthcare, are witnessing a surge in demand for tailored video surveillance solutions. The healthcare sector, for instance, is investing in video surveillance for patient safety. Compliance with industry-specific regulations, such as the Health Insurance Portability and Accountability Act (HIPAA), is further propelling market growth. Cloud-based video surveillance solutions are gaining prominence in North America due to their scalability and cost-effectiveness. The ability to store and manage large volumes of video data in the cloud aligns with the region's emphasis on flexibility and efficiency.
Make an Inquiry Before Buying this Report @ https://www.researchnester.com/inquiries-before-buying-100
Growing Infrastructure Investment to Propel the Growth in the Asia Pacific Region
The Asia Pacific video surveillance market is estimated to garner the highest CAGR by the end of 2035. Infrastructure development and investment in emerging economies of Asia-Pacific are propelling the market. Growing economies like India are witnessing increased spending on critical infrastructure projects, leading to a surge in demand for surveillance solutions. Smart city initiatives, prevalent in countries like China and India, are major contributors to the growth of video surveillance in Asia-Pacific. Municipalities are leveraging surveillance for traffic management, crime prevention, and overall public safety. Asia-Pacific is witnessing a leapfrogging effect in technology adoption, with a rapid shift toward advanced video surveillance solutions. The deployment of high-resolution cameras, artificial intelligence, and video analytics is on the rise. Heightened security concerns and the imperative to mitigate terrorism threats are pivotal drivers in the Asia-Pacific video surveillance market. Governments across the region are investing significantly in advanced surveillance technologies. Asia-Pacific, undergoing rapid urbanization, presents a robust market for video surveillance solutions. The escalating need for enhanced security in burgeoning urban centers is a key driver. The burgeoning e-commerce landscape in Asia-Pacific is driving the demand for video surveillance in the retail sector. Retailers are leveraging surveillance systems for loss prevention, inventory management, and customer experience enhancement. A study predicts that the e-commerce sales in Asia-Pacific will reach USD 3.7 trillion by 2024, accentuating the need for robust video surveillance solutions in the retail space.
Video Surveillance, Segmentation by Components
- Hardware
- Software
- Video Surveillance as a Service (VSaaS)
Amongst these segments, the hardware segment in video surveillance market is anticipated to hold the largest share over the forecast period. The demand for hardware is linked to the fact that hardware accounts for more than 65% of a video surveillance system's overall cost. Many hardware-based advances that offer greater low-light performance, object tracking, and built-in security have been made possible by the industry shift toward IP cameras. These elements are fueling market expansion. Video surveillance hardware finds applications across diverse industry verticals, including retail, healthcare, transportation, and banking. Each industry has unique requirements, leading to the development of specialized hardware solutions. For example, the banking sector may require discreet and robust cameras for branch security, while transportation hubs may demand ruggedized cameras for outdoor use. The expansion of smart city initiatives and the integration of video surveillance into the broader Internet of Things (IoT) ecosystem are driving the demand for sophisticated hardware. Surveillance cameras are becoming integral components of interconnected city systems, contributing to traffic management, environmental monitoring, and overall urban security. The hardware segment is evolving to meet the requirements of these complex, interconnected environments. The transition from analog to IP-based systems is a significant trend in video surveillance hardware. IP cameras offer advantages such as higher image quality, scalability, and ease of integration with networked solutions. The growing preference for IP-based hardware is evident in market reports, with IP cameras gaining a larger video surveillance market share compared to traditional analog cameras.
Video Surveillance, Segmentation by Type
- Box Camera
- Dome
- Bullet
- PTZ
- IP
- Day/Night
- Thermal (FLIR) Camera
- Wireless IP Camera
Amongst these segments, the wireless IP camera segment in video surveillance market is anticipated to hold a significant share over the forecast period. Compared with wire systems, it is easier to install wireless cameras. According to a report, there were more than 1 billion deployed security cameras worldwide by 2021. The company also predicted that 54% of these cameras are in China. There are often high installation costs associated with wire cameras on the network. With the lack of wires, such cameras can be placed at any location by users giving them greater flexibility. Users also get remote monitoring of their camera feeds from anywhere in the world using this Wireless Surveillance System. Some Wi-Fi cameras also connect to wireless monitors, allowing the monitoring and recording of the footage from security cameras. In an interconnected world, the need for remote monitoring is escalating, propelling the wireless IP camera segment. Businesses and homeowners alike seek the ability to monitor their premises remotely through mobile devices or computers. Wireless IP cameras facilitate real-time video streaming and remote access, addressing the growing demand for anytime, anywhere surveillance.
Request for Customization of this Report @ https://www.researchnester.com/customized-reports-100
Few of the well-known indsutry leaders in video surveillance market that are profiled by Research Nester are Canon Inc, Axis Communications AB, NICE Ltd, VIVOTEK Inc, Vosker, Sony Semiconductor Solutions, FUJIFILM Corporation, TESCOM JAPAN Co. Ltd, Panasonic Connect Group, Pacific Corporation, and other key market players.
Recent Development in the Video Surveillance Market
- At ISC East 2022, Axis Communications introduced a new intelligent network camera.
- In March VIVOTEK, which is the leading global IP surveillance service provider, will officially launch its artificial intelligence security system VAST Security Station VSS; users in three different flexible levels shall be able to use it: VSS Lite, VSS Standard and VSS Professional.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
