The Market for Video Surveillance is Anticipated to grow at a CAGR of 8.4% from 2023 to 2033
The market for video surveillance is predicted to increase by 48,190.4 million US dollars in 2023 and reach 108,287.7 million US dollars by 2033. From 2023 to 2033, the market for video surveillance is anticipated to expand at a CAGR of 8.4%.
A network of cameras, monitors, and recordings is utilised for video surveillance. It may be installed indoors or outdoors and can help investigators spot criminal activity, vandalism, or any other inappropriate behaviour in terms of physical security. By boosting employee productivity and assisting in the discovery of defective equipment, video monitoring helps a company's bottom line. They not only ensure legal compliance but also raise standards for wellbeing and safety.
The report tracks the global value of video surveillance in 20+ high-growth markets, with the regions of North America, Europe, and Asia offering the most opportunities to stakeholders. The report also analyzes the impact COVID-19 has had on the economy in general, and video surveillance in particular.
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Video Surveillance Market Size (2023) US$ 48,190.4 Mn
Projected Market Value (2033) US$ 108,287.7 Mn
Global Market Growth Rate (2023-2033) 8.4%
Hardware Segment Market Share (2022) 41.2%
China Market Growth Rate (2022) 10.4%
Analog Video Surveillance Systems Segment Market Share (2022) 58.7%
How will Artificial Intelligence Impact Demand for Video Surveillance?
Demand is increasing for AI-based video surveillance due to rise in need for public safety and crime management. AI mechanisms are built using a highly intuitive UI and deep learning algorithms to ensure smart and automated surveillance. Nowadays, AI temperature screening and face recognition are major trends in the video surveillance space.
As AI becomes broadly adopted across various industries, it is expected to be widely incorporated in video surveillance over the coming years. Edge-based AI (that filters and processes data locally on a camera) will be more universal, enabling end-to-end AI technology.
Face recognition, object recognition, event recognition, intelligent image processing, analytics, and remote asset management are some of the key technologies that are transforming video surveillance systems.
Will Adoption of IP/Network-based CCTV Cameras Aid Market Growth?
IP/network cameras are connected devices that capture images in a high resolution and also enable video analytics, automatic alerts, and more. IP cameras offer better resolution and advanced features such as automatic alerts and video analytics, making them the most preferred source for video surveillance across the globe.
Furthermore, IP cameras can be used wirelessly via a Wi-Fi router, or with a wired network connected via Ethernet cable to a broadband router or modem. IP cameras capture images similarly as a digital camera, and compress the files to transmit them over a network.
IP cameras are gaining traction as they are cost-efficient and convenient for end users. Also, network-based CCTV systems provide various benefits to users, such as better work productivity, remote monitoring, traffic management, support in gathering evidence in legal cases, and also protection against theft. As a result, IP cameras are projected to majorly contribute to video surveillance sales in the near future.
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How is Video Surveillance Helping Organizations Ensure Public Safety?
Various public safety agencies are investing significantly in a wide variety of emerging technologies in order to provide efficient safety solutions. These include smart applications that securely link radio networks to users carrying smart-phones, video monitoring devices, and other smart wearable devices, that can be used to enhance accountability and security for civilians and officers, as well as in-built mobile applications to improve daily workflows.
Moreover, with rising anti-social behavior, terrorist attacks, and crime rates, governments have been adopting new strategies and technologies to ensure public security and safety. It has become vital to improve systems, respond to devastating attacks, and find cost-effective, safe, and practical solutions. This further adds momentum to market growth and creates productive opportunities for video surveillance providers.
Also, current CCTV cameras combined with latest video analytics software can be used as sophisticated IoT sensors, with both audio and video data, to help with everything from public safety to traffic management. This rising demand across various verticals is expected to create growth opportunity for manufacturers of video surveillance systems.
Key Companies Profiled
Honeywell International Inc.
Hangzhou Hikvision Digital Technology Co., Ltd.
Bosch Security Systems, Inc.
Dahua Technology Co., Ltd.
FLIR Systems, Inc.
Cisco System, Inc.
Samsung Electronics Co. Ltd.
NICE Systems Ltd.
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Key Segments of Video Surveillance Market Industry Research
Analog CCTV Cameras
IP CCTV Cameras
Network Video Recorders
Security Monitors & Displays
Analog Video Surveillance Systems
IP Video Surveillance Systems
South Asia Pacific
Middle East and Africa
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Expert analysis, actionable insights, and strategic recommendations - the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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