Wireless Video Surveillance Market Set to Reach $64.1 Billion by 2031, with Remarkable CAGR of 11.9%

Wireless Video Surveillance Market Size, Share, Competitive Landscape and Trend Analysis Report by Component (Hardware, Services), by Application (Commercial, Military and Defense, Infrastructure, Residential, Others), by Customer Type (Business to Business, Business to Customer): Global Opportunity Analysis and Industry Forecast, 2021-2031

The global wireless video surveillance market was valued at $21 billion in 2021, and is projected to reach $64.1 billion by 2031, growing at a CAGR of 11.9% from 2022 to 2031.

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Wireless video surveillance system provides real-time monitoring of environment and people. This surveillance system is used to promote safety and security among users. Next-generation wireless video surveillance cameras are one of the most promising security solutions with the capability to offer real-time surveillance. In addition, itis superior compared to traditional surveillance systems. Wireless video surveillance system helps end users to maintain flexible security solutions in respective environments.

Wireless video surveillance industry is witnessing wide acceptance and is expected to experience growth in the security service market in the future. Currently, this technology is in its growing stage; however, it is expected to gain a major position in the market, owing to technological developments.

On the basis of features offered by video surveillance system, it has increasingly become popular among end users such as small and medium-scale enterprises. Moreover, advancements in technologies are anticipated to help wireless video surveillance cameras and accessories manufacturing companies to reduce the overall cost of production of the system. The wireless video surveillance market size is predicted to exhibit growth during the forecast period, owing to rise in demand for enhanced security products. This is the major factor that propels wireless video surveillance market growth.

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According to wireless video surveillance market analysis, the hardware segment was the highest contributor to the market in 2021. The video analytics and integration services segments collectively accounted for around 83.7% market share in 2021. These services are based on wireless video surveillance systems. The outbreak of the COVID-19 has significantly impacted the growth of the wireless video surveillance.

Decline in manufacturing activities has significantly impacted the demand for wireless video surveillance solutions during the pandemic. Further, lack of availability of a professional workforce due to partial and complete lockdown implemented by governments across the globe has restrained the growth of the wireless video surveillance market during the pandemic. However, rise in demand for Internet of Things and consumer electronics has led to the growth of the wireless video surveillance market post pandemic. Moreover, the wireless video surveillance market trends signify that the demand for wireless home video surveillance is also on a rise across the globe.

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The global wireless video surveillance market across North America dominated the market in 2021, holding nearly two-fifths of the market, and is expected to dominate in terms of revenue during the forecast period. This is due to rise in adoption of surveillance system utilizing cameras, expanding smart city efforts, and use of facial recognition applications. However, the market across Asia-Pacific is projected to manifest the highest CAGR of 13.11% during the forecast period, due to heavy investments in infrastructure and smart city projects in various countries in the region along with increase in adoption of IP surveillance systems by the governments of many Asia-Pacific countries to prevent crime.

Key players profiled in the report include Axis Communications AB, Bosch Security Systems Gmbh, Camcloud, Cisco Systems Inc., CP PLUS, Dahua Technology Co. Ltd., D-Link Corporation, Eagle Eye Networks, Flir Systems Inc., Genetec, Hangzhou Hikvision Digital Technology Co, Ltd., Honeywell Security, Ivideon, Panasonic Corporation, Pelco (Schneider Electric), The Infinova Group and Verkada Inc. Market players have adopted various strategies, such as product launch, collaboration& partnership, joint venture, and acquisition to expand their foothold in the wireless video surveillance market.

KEY FINDINGS OF THE STUDY
• In 2021, the hardware segment accounted for maximum revenue, and is projected to grow at a notable CAGR of 10.98% during the forecast period.
• The camera and storage device segments together accounted for around 75.6% of the industrial 3D printing trends in 2021.
• The commercial segment holds the major share of wireless video surveillance market in 2021.
• North America contributed for the major wireless video surveillance market share, accounting for more than 37% share in 2021.

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