Surveillance Camera Market to Reach US$ 21.82 billion at CAGR of 8.7% by 2027 | Top Countries Data by The Insight Partners

According to our latest market study by The Insight Partners on "Surveillance Camera Market - Global Analysis and Forecast by Type (Analog Cameras and IP Cameras); Product Type (Dome Cameras, Bullet Cameras, Box Style Cameras, PTZ Cameras, Thermal Cameras, and Others); End User (BFSI, Government & Defense, Commercial, Manufacturing & Construction, Healthcare, Logistics & Transportation, Residential, and Others); and Geography", the surveillance camera market is estimated to reach US$ 45.93 Bn by 2027 from US$ 21.82 Bn in 2018.

Surveillance Camera Market: Competitive Landscape and Key Developments
The major companies operating in surveillance camera market include Canon Inc., Dahua Technology Co., Ltd, FLIR Systems, Inc., Hangzhou Hikvision Digital Technology Co., Ltd., Hanwha Techwin Co., Ltd., Honeywell International Inc., Panasonic Corporation, Pelco Corporate, Robert Bosch GmbH, and The Infinova Group among others. among others. There are various other players operating in this market which were studied and analyzed during the course of this study.

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The adoption of number of surveillance cameras is increasing rapidly in the developed as well as developing economies across the globe owing to the rising need of public safety. With the rise in crime rates, terrorist attacks, antisocial behavior, the government and public safety agencies are significantly investing on new technologies and strategies to ensure public safety and security. It has become essential to improve the system and responses for catastrophic attacks and to identify cost-effective, safe, and feasible solutions. For instance, in July 2019, the Indian government unveiled its plan to install around 3 lakh CCTV cameras around residential and commercial complexes across Delhi for public safety.

Further, to improve security for the Chicago public transportation system, the second-largest city in the United States, the government relied on Sentry360 for establishing a unified surveillance system in the city. Further, the increasing infrastructural spending in the emerging economies is expected to create new growth avenues in the surveillance camera market.

Surveillance Camera Market: Key Insights - Future Trend
Several developing economies across the globe are witnessing high growth in their commercial construction and infrastructural sector. This has resulted in construction of more airports, railway stations, educational institutions, hospitals as well as public projects. This in turn has led to increase adoption of security cameras to monitor and record the behavior and activities of people and thereby protect public places and critical infrastructure.
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Digital transformation or digitalization of businesses refers to the integration of digital technology in various business processes, organizational activities and business models. Digital transformation has become a must requirement for sustainable growth of any enterprise owing to the demanding nature of customers and rising industry competition.

Surveillance Camera Market: Segmental Overview
This digitalization revolution around the world presents a massive opportunity for surveillance camera manufacturers to offer technologically advanced camera solutions to across the world. Both public and private enterprises are investing in advanced surveillance solutions for business process optimization, operational efficiency, reduction of cost, and human error avoidance. These are some of the major factors which are driving the integration of IoT, AI, video analytics and other such technologies in the global surveillance camera market. In the past decade, the proliferation of connected devices, digital services, IoT, and artificial intelligence have increased exponentially.

Due to the increasing adoption of advanced and connected systems across enterprises, the demand for technology integrated surveillance cameras market is anticipate to increase at an impressive pace over the forecast period.

The security and surveillance industry has emerged over the years, and the trend is driving from physical security to video-based security and surveillance with the support of camera technology. The shift is majorly driven by factors such as increased safety and time, cost-efficiency, and convenience of the end-user. Moreover, video surveillance systems offer various benefits to its users, such as better work productivity, remote monitoring, traffic management, protection against theft, and also help in collecting evidence in legal cases.

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During the initial stage of video surveillance technology, the analog cameras were being utilized significantly; however, the industry is foreseeing a change with the increased acceptance and adoption of IP-based cameras. The major advantage of IP cameras over the conventional cameras is the advantage of transferring captured imageries or data directly over the internet, in a fraction of second. IP cameras are either centralized that need Network Video Recorder (NVR) for monitoring recordings, or decentralized where the camera recordings can be stored in any of the remote or local storing devices. Further, the utilization of Wi-Fi is available with the IP cameras to transfer data instantly. Additionally, the option for installing numerous video analytics software in these cameras for automatic analysis of the imageries by the cameras is also rising the interest among the various end-users.

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