Video Surveillance Market is projected to reach USD 69.1 billion by 2026, at a CAGR of 10.0% | Hikvision (China), Dahua Technology (China), Axis Communications (Sweden), Bosch Security and Safety Systems (Germany)

Video Surveillance Market with COVID-19 Impact Analysis, By Offering (Hardware (Camera, Storage Device, Monitor), Software (Video Analytics, VMS), Service (VSaaS)), System (IP, Analog), Vertical, and Geography - Global Forecast to 2026

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The report profiles key players in the video surveillance market with their respective market ranking analysis. Prominent players profiled in this report are Hikvision (China), Dahua Technology (China), Axis Communications (Sweden), Bosch Security and Safety Systems (Germany), Hanwha Techwin (South Korea), Avigilon (Canada), Teledyne FLIR (US), Honeywell International; (US), Panasonic i-PRO Sensing Solutions (Japan), Pelco (US), Uniview (China), Agent Video Intelligence (US), CP PLUS (India), Genetec (Canada), Huawei Technologies (China), NEC (Japan), NICE Systems (Israel), Qognify (US), Tiandy Technologies (China), VIVOTEK (Taiwan), MOBOTIX (Germany), Morphean (Switzerland), Verkada (US), Camcloud (Canada), and Ivideon (US).

“The video surveillance market is projected to grow at a CAGR of 10.0% during 2021–2026”

The video surveillance market is expected to grow from USD 42.9 billion in 2021 and is projected to reach USD 69.1 billion by 2026; it is expected to grow at a CAGR of 10.0% during the forecast period. Increasing hardware capabilities of video surveillance cameras, including increased camera capabilities, maturing technology, features, and customized systems, as well as increasing use of software analytics and AI in video monitoring, are expected to be the main drivers for the market. The rise in IoT capabilities, upcoming smart cities, as well as the use of thermal cameras in response to COVID-19 are expected to provide short-term and long-term opportunities for market growth.

“Market for video surveillance software to have highest CAGR during the forecast period”

Modern VMS has integration capabilities for various software applications, such as people counting, facial recognition, and number plate recognition. Real-time video analytics can provide important insights on events or activities across several verticals. Various software capabilities fulfill the varying requirements of end users, hence driving the growth in video surveillance software market.

“Market for IP cameras to have higher growth throughout the forecast period”

IP cameras have better capabilities compared to analog cameras as they can perform digital processing within the camera, such as compression and motion detection, as well as contain other hardware components for encoding/decoding or cybersecurity. Over the past few years, the trend of converting analog systems into digital systems has increased. IP cameras save the video data with the help of various video encoding or compression techniques, available network protocols, and the Application Programming Interface (API) used by the video management software.

“Market for infrastructure vertical to grow at highest CAGR during the forecast period”

The market for the infrastructure vertical is expected to register the highest CAGR during the forecast period. City surveillance is the dominant application for the video surveillance market in infrastructure and is expected to grow at a high rate. Increasing investments by governments of various countries to increase safety levels in public places is also expected to boost market growth. For instance, it is projected that China’s smart cities market will reach USD 59.9 billion by 2023 from USD 30.4 billion in 2018. In 2015, the Indian government planned to build 100 smart cities through the Smart Cities Mission, of which several states, including Gujarat and Madhya Pradesh, have already completed smart city projects integrated with advanced video surveillance systems. The project is still underway as of August 2021. The increasing smart city projects will require the implementation of various security and surveillance systems, thus driving the growth of the market during the forecast period.

“Market in APAC to grow at highest CAGR during the forecast period”

Asia Pacific or APAC is the fastest-growing region in the video surveillance market owing to heavy investments in infrastructure and smart city projects. The use of security cameras in APAC is expected to increase owing to the massive deployment of city surveillance networks in China to monitor millions of citizens across the country. The increasing urbanization in APAC has led to the development of new cities, manufacturing industries, and retail industries, among other application areas in other countries. The rising penetration of surveillance cameras in small and medium-sized enterprises, hospitality businesses, airports, ATMs, banks, residential buildings, and religious places, among other places, is also expected to drive the video surveillance market growth. Major players in the region include Dahua Technology (China), Hikvision (China), Hanwha Techwin (South Korea), and Uniview (China).

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