Dublin, Oct. 23, 2024 (GLOBE NEWSWIRE) -- The "Video Surveillance Market Report Global Forecast by Component, System Type, Application, Region, and Company 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Global Video Surveillance Market will reach US$ 198.89 billion by 2032, up from US$ 69.80 billion in 2023, with a CAGR of 12.34% between 2024 and 2032
Growing usage of IoT devices, security concerns, and technological breakthroughs like AI and cloud storage are driving the worldwide video surveillance industry. More smart city projects and stricter regulations increase demand even more. Surveillance systems are critical for both public safety and corporate operations, but their cost has increased due to the requirement for remote monitoring during the epidemic and the growth of e-commerce. 
Strong expansion in the global banking, financial services, and insurance (BFSI) sector is fostering a favorable environment for the market. Due to the rising number of thefts, strange ATM withdrawals, and fraudulent transactions, video surveillance systems are becoming increasingly common. In addition, the growing demand for these items in the retail sector - which is being fueled by an increase in larceny and break-ins - is positively influencing market expansion.
Booming insurance, banking, and financial services (BFSI) sector
A vital component of the world economy, the banking, financial services, insurance, and other industries make up the BFSI sector. Security is of utmost importance in this industry because it deals with large volumes of financial transactions and sensitive client data. In many respects, video surveillance systems are essential to guaranteeing the security and safety of these establishments.
Additionally, high-quality video footage can be recorded by video surveillance systems, which can help with investigations into unauthorized access, fraudulent transactions, and suspicious activity. Both regulatory compliance and the prevention of fraud depend on this competence. Furthermore, the BFSI industry places a high priority on protecting the safety of both workers and clients. In addition to helping to keep an eye on common areas, entrances, and exits, surveillance systems also offer real-time information into any emergencies or security risks.
Combining AI, IoT, and deep learning
Advanced technologies such as deep learning, IoT, and AI have been integrated into video surveillance systems, transforming them into effective instruments for data analytics and security. Video analytics with autonomous object, behavior, and anomaly detection and classification is made possible by deep learning algorithms. With the ability to identify faces, cars, and license plates, AI-driven video surveillance systems can provide timely warnings and insightful data for improving corporate operations and security.
Additionally, video surveillance systems may seamlessly integrate a variety of devices and sensors thanks to the Internet of Things. By adding new data sources, including access control systems or environmental sensors, that can initiate actions based on pre-established rules, this integration improves situational awareness. Moreover, companies in the retail and BFSI sectors can gain useful insights from video footage with the aid of AI-powered analytics. Predictive analytics can enhance operational efficiency, optimize retail layouts, and foresee security issues.
Growing consumer demand for goods in the retail industry
Video surveillance systems are used by the retail industry to meet a range of operational and security requirements. Employee theft, shrinkage of goods, and shoplifting are losses that retailers must deal with. By keeping an eye on store activities, discouraging theft, and offering proof in the event of an occurrence, video surveillance systems serve as a proactive tool. In addition, it is crucial to guarantee the security of customers. Video cameras are useful for monitoring and handling conflicts, emergencies, and accidents that occur on the store's property.
Additionally, surveillance footage is used by shops for operational tasks like staff performance evaluation, store layout optimization, and foot traffic tracking. The market is expanding due to the need for video surveillance systems with features like analytics for customer behavior analysis and facial recognition for identifying known shoplifters, which are driven by the retail industry's continuous growth and the desire to provide a secure and pleasant shopping environment.
Asia Pacific Video Surveillance Market
A sizable share of the worldwide video surveillance market is now held by the Asia-Pacific region as a result of growing urbanization, increased security risks, and technological improvements. Consequently, China, Japan, and India are the leading nations in this domain, having invested heavily in smart city and public safety projects.
China video surveillance market
One of the main factors propelling the Chinese video surveillance industry is the country's adoption of the smart cities concept. To increase productivity, sophisticated video surveillance systems have been incorporated into municipal government operations. One example of a sophisticated smart city is Yinchuan, China, where every element of the city is integrated into a single system, including garbage cans and buses.
One of the first projects to incorporate video surveillance was the Hangzhou ""City Brain"" project, which was created by the Chinese technology and retail business Alibaba. It gathers real-time data on traffic conditions throughout the city using sensors and camera systems. An AI hub receives the data and uses it to control 128 intersections' traffic signals while assisting local officials in making quicker and more informed judgments.
Furthermore, China is reportedly working on a surveillance system that will link security cameras all around the country to a database that has each person's dossier of personal information and facial ID profile via the cloud, according to an article in the South China Morning Post. The article started a conversation regarding the possible risks and whether the system is in place already.
Video Surveillance Company Analysis
Key market players in video surveillance industry include Honeywell International Inc., B. Hangzhou Hikvision Digital Technology Co., Ltd, Bosch, Schneider Electric SE, Panasonic Holdings Corporation, Cisco Systems Inc, TKH GROUP N.V., and Motorola Solutions, Inc.
Video Surveillance Company News
In January 2024, The next-generation cloud-based video management solution from Hikvision was unveiled. For business and government clients, it provides cutting-edge AI analytics and seamless interaction with the current security infrastructure.
Companies Covered:
- Honeywell International Inc.
- B. Hangzhou Hikvision Digital Technology Co., Ltd
- Bosch
- Schneider Electric SE
- Panasonic Holdings Corporation
- Cisco Systems Inc
- TKH GROUP N.V.
- Motorola Solutions, Inc.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $69.8 Billion |
| Forecasted Market Value (USD) by 2032 | $198.89 Billion |
| Compound Annual Growth Rate | 12.3% |
| Regions Covered | Global |
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. Global Video Surveillance Market
6. Market Share Analysis
6.1 By Component
6.2 By System Type
6.3 By Application
6.4 By Countries
7. Component
7.1 Hardware
7.2 Software
7.3 Services
8. System Type
8.1 Analog Surveillance
8.2 IP Surveillance
8.3 Hybrid Surveillance
9. Application
9.1 Public Facility
9.2 Commercial
9.3 Residential
9.4 Industrial
9.5 Military & Defense
9.6 Infrastructure
10. Countries
10.1 North America
10.1.1 United States
10.1.2 Canada
10.2 Europe
10.2.1 France
10.2.2 Germany
10.2.3 Italy
10.2.4 Spain
10.2.5 United Kingdom
10.2.6 Belgium
10.2.7 Netherland
10.2.8 Turkey
10.3 Asia Pacific
10.3.1 China
10.3.2 Japan
10.3.3 India
10.3.4 Australia
10.3.5 South Korea
10.3.6 Thailand
10.3.7 Malaysia
10.3.8 Indonesia
10.3.9 New Zealand
10.4 Latin America
10.4.1 Brazil
10.4.2 Mexico
10.4.3 Argentina
10.5 Middle East & Africa
10.5.1 South Africa
10.5.2 Saudi Arabia
10.5.3 UAE
11. Porter's Five Forces Analysis
11.1 Bargaining Power of Buyers
11.2 Bargaining Power of Suppliers
11.3 Degree of Rivalry
11.4 Threat of New Entrants
11.5 Threat of Substitutes
12. SWOT Analysis
12.1.1 Strength
12.1.2 Weakness
12.1.3 Opportunity
12.1.4 Threat
13. Key Players Analysis
13.1 Overview
13.2 Key Persons
13.3 Recent Development & Strategies
13.4 Revenue Analysis
For more information about this report visit https://www.researchandmarkets.com/r/if76mw
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