Dublin, Jan. 15, 2024 (GLOBE NEWSWIRE) -- The "Video Surveillance Systems Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
The Global Video Surveillance Systems Market was valued at USD 74.6 billion in 2022 and is expected to grow at a CAGR of 13.6% during the forecast period. The market is experiencing substantial growth, driven by the increasing demand for advanced security and monitoring solutions across various sectors. As concerns about safety, crime prevention, and asset protection rise, organizations, governments, and individuals are adopting video surveillance systems to enhance their security infrastructure. This comprehensive report provides insights into key market drivers, challenges, trends, and segmental analysis, offering a detailed overview of the evolving landscape of the video surveillance industry.
Key Market Drivers
- Rising Security Concerns:
- The market is significantly propelled by intensifying concerns surrounding security and safety.
- Escalating threats to public spaces, private property, and critical infrastructure drive the demand for comprehensive video surveillance solutions.
- Advanced camera technologies, including high-definition and ultra HD cameras, are being adopted to enhance monitoring capabilities.
- Urbanization and Infrastructure Development:
- The wave of urbanization and parallel infrastructure development intensifies the demand for efficient security and surveillance solutions.
- Video surveillance systems play a central role in safeguarding critical assets, monitoring public spaces, and deterring potential security threats in smart city initiatives.
- Technological Advancements:
- High-definition and 4K cameras, artificial intelligence-driven video analytics, cloud-based storage, and advanced networking capabilities have transformed surveillance efficiency.
- IoT integration and smart sensors expand the scope of surveillance beyond traditional security, contributing to proactive monitoring in retail, transportation, and industrial sectors.
- Remote Monitoring:
- Remote monitoring revolutionizes surveillance management by enabling real-time oversight and protection of assets from anywhere in the world.
- Advanced connectivity and digital technologies empower businesses to efficiently respond to security breaches and emergencies.
Key Market Challenges
- Data Security and Privacy Concerns:
- The increasing integration and interconnectivity of surveillance systems raise concerns about unauthorized access, data breaches, and privacy infringements.
- Addressing these challenges requires robust encryption methods, secure data storage protocols, and stringent access controls.
- Interoperability and Standardization:
- Interoperability among various surveillance components, devices, and software from different manufacturers presents challenges in integration and compatibility.
- Establishing industry standards and protocols is essential to achieve seamless interoperability and create comprehensive and adaptable surveillance solutions.
- False Alarms and AI Accuracy:
- The challenge of reducing false alarms and improving the accuracy of AI-driven analytics is crucial to prevent alert fatigue and ensure security personnel focus on genuine threats.
- Manufacturers need to refine AI algorithms, incorporate machine learning, and provide customization options for users to fine-tune detection parameters.
Key Market Trends
- Integrated AI and Analytics:
- The rapid adoption of integrated AI and analytics enhances surveillance systems' proactive and intelligent capabilities.
- AI-driven analytics enable real-time detection of anomalies, suspicious behaviors, and potential threats, transforming surveillance into predictive and preventive tools.
- IoT Integration and Smart Cities:
- The rise of IoT integration and smart cities sees surveillance systems integrated with sensors, analytics platforms, and control centers for real-time monitoring and data-driven decision-making.
- The convergence of video surveillance with IoT technologies contributes to creating smart and interconnected urban environments.
- Cloud-Based Solutions and Remote Accessibility:
- Cloud-based solutions and remote accessibility complement or replace traditional on-premises surveillance systems, offering greater scalability, flexibility, and accessibility.
- The shift towards cloud-based solutions transforms surveillance by providing cost-effective options for multi-site operations and remote management.
- Privacy-Centric Solutions:
- Privacy-centric solutions, including anonymization, selective masking, and data encryption, address concerns about data privacy and individual rights.
- These solutions prioritize privacy and compliance with regulations, fostering transparency, trust, and responsible surveillance practices.
Segmental Insights
- Type Insights:
- Software Segment Dominance: The Software segment, including Video Analytics and Video Management Software (VMS), holds a significant market share due to its role in enhancing the functionality and intelligence of surveillance systems.
- Hardware Segment: The Hardware segment encompasses cameras (analog, IP cameras, hybrid) and storage solutions, contributing to the comprehensive infrastructure of video surveillance.
- End User Insights:
- Commercial Sector Dominance: The Commercial sector, comprising retail, hospitality, banking, and entertainment, commands a substantial market share due to the imperative need for advanced security measures, loss prevention, and operational optimization.
- Other Sectors: Infrastructure, institutional, industrial, defense, and residential sectors contribute to the diverse application of video surveillance systems.
- Regional Insights:
- Asia-Pacific Dominance: The Asia-Pacific region emerges as the dominant player, driven by rapid urbanization, infrastructure development, and increasing adoption of advanced surveillance technologies across various industries.
- North America, Europe, South America, Middle East & Africa: These regions also play significant roles in shaping the global video surveillance market, each with its unique dynamics and contributions.
Competitive Landscape
- Company Profiles: The report includes a detailed analysis of major companies present in the Global Video Surveillance Systems Market, providing insights into their strategies, product portfolios, and market positioning.
- A selection of companies mentioned in this report includes:
- Axis Communications AB
- Bosch Security Systems Incorporated
- Honeywell Security Group
- Samsung Group
- Panasonic Corporation
- FLIR systems Inc.
- Schneider Electric SE
- Qognify, Inc. (Battery Ventures)
- Infinova Corporation
- Zhejiang Dahua Technology Company Limited
- Hangzhou Hikvision Digital Technology Company Limited
- Sony Corporation
Conclusion
The Global Video Surveillance Systems Market is poised for significant growth, driven by key drivers such as rising security concerns, urbanization, technological advancements, and the trend towards integrated AI and analytics. While facing challenges related to data security, interoperability, and false alarms, the market is characterized by innovative trends, including IoT integration, cloud-based solutions, and privacy-centric approaches. The dominance of the Software segment, the influence of the Commercial sector, and the pivotal role of the Asia-Pacific region contribute to shaping the trajectory of the global video surveillance industry. As businesses and organizations continue to prioritize smart surveillance solutions, the market's landscape evolves with ongoing advancements in AI, analytics, and software integration, indicating a dynamic and innovative future for video surveillance systems.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 180 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $74.6 Billion |
| Forecasted Market Value (USD) by 2028 | $161.77 Billion |
| Compound Annual Growth Rate | 13.6% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/dx5r1q
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