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Security And Surveillance Market Growth, Latest Trends And Outlook By 2024-2033
Security And Surveillance Market Growth
According to The Business Research Company's, The security and surveillance market size has grown strongly in recent years. It will grow from $17.51 billion in 2023 to $19.17 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to warfare and conflict, urbanization and population growth, criminal activities, social and political movements, intelligence and counterintelligence operations.
The security and surveillance market size is expected to see strong growth in the next few years. It will grow to $26.22 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to globalization and transnational threats, public perception and trust, economic factors, emerging threats, quantum computing, and cryptography. Major trends in the forecast period include development of surveillance technologies, advancements in artificial intelligence (AI) and machine learning, IoT (Internet of Things) integration, biometric technologies, cloud-based surveillance solutions.
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Market Drivers and Trends:
Increasing terrorism and illegal activities are expected to propel the growth of the security and surveillance market going forward. Terrorism involves the use of violence to create fear for political, religious, or ideological purposes. Illegal activities encompass actions that violate established laws and regulations, often leading to legal consequences. The increase in terrorism and illegal activities stems from complex interplays of socio-economic disparities, political instability, religious extremism, and global interconnectedness. Security and surveillance are employed to detect and prevent terrorism and illegal activities by monitoring and analyzing suspicious behavior, potential threats, and illicit networks. For instance, in March 2023, according to the global terrorism index report by the Institute for Economics and Peace (IEP), an Australia-based research organization for developing metrics to analyze peace, in 2022, the deaths per terrorist attack rose by 0.4 on average. Terrorist attacks have become more lethal, killing an average of 1.7 people per attack as compared to 1.3 deaths per attack in 2021. Further, in 2022, a total of 6,701 deaths were reported due to terrorist activities. Therefore, increasing terrorism and illegal activities are driving the security and surveillance market.
Major companies operating in the security and surveillance market are focused on developing advanced solutions, such as AI (artificial intelligence) surveillance solutions, to enhance security measures and threat detection capabilities. Artificial intelligence surveillance enhances security and surveillance by employing advanced algorithms and machine learning to analyze vast amounts of data, detect anomalies, and improve the efficiency of monitoring and response in various environments. For instance, in August 2022, Vivotek Inc., a Taiwan-based company that specializes in IP (Internet Protocol) cameras, video management software, and edge AI video analytics, launched VORTEX, a cloud-based video surveillance as a service (VSaaS) in the United States, marking its entry into the subscription market. This debut showcases the company's capability to integrate camera, app, web, cloud, and deep learning technologies into a unified and robust AI surveillance solution. VORTEX boasts advanced AI video analysis, enhanced real-time detection, and post-hoc search capabilities, along with cutting-edge deep search algorithms that transform metadata into searchable and measurable information. The system continually improves accuracy in detecting people, vehicles, and environmental elements over time.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Dell Technologies Inc., Panasonic Corporation, Cisco Systems Inc., Hanwha Corporation, Schneider Electric SE, Honeywell International Inc., Zhejiang Dahua Technology Co. Ltd., ABB Ltd., Avnet Inc., Johnson Controls International plc, Tyco International plc, Hikvision Digital Technology Co. Ltd., Seagate Technology plc, Motorola Solutions Inc., NetApp Inc., Bosch Security Systems, FLIR Systems Inc., Axis Communications AB, Uniview Technologies Co. Ltd., IDIS Co. Ltd., Quantum Corporation, VIVOTEK Inc., Nedap N.V., MOBOTIX AG, Genetec Inc., Infortrend Technology Inc., Rasilient Systems Inc., Tiandy Technologies Co. Ltd.
Security And Surveillance Market 2024 Key Insights:
• The security and surveillance market is expected to grow to $26.22 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Security And Surveillance Market Surges Amidst Rising Global Terrorism And Illegal Activities
• Strategic Advancements In Security And Surveillance Embracing AI Solutions For Enhanced Monitoring And Response
• Asia-Pacific was the largest region in the security and surveillance market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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