Press release
Global Wireless Video Surveillance Market to Reach $45.32 Billion by 2029, Growing at 12.1% CAGR
Wireless Video Surveillance Market
In recent times, the market size of wireless video surveillance has significantly expanded. It is projected to elevate from $25.48 billion in 2024 to $28.66 billion the following year, with a compound annual growth rate of 12.5%. The historical growth period is linked to factors such as speedy progression of smart cities, increased demand for instantaneous surveillance systems, the ability to record and monitor activities, a rise in expendable income, and difficulties in public administration.
Expectations are high for the wireless video surveillance market, anticipating a swift expansion in the coming years. The market is projected to reach $45.32 billion in 2029, boasting a compound annual growth rate (CAGR) of 12.1%. This forecasted growth can be linked to various factors, such as increasing demands due to urbanization, enhanced acceptance of sophisticated surveillance systems, escalating safety concerns in risky areas, the appeal of wireless home video surveillance, as well as the capacity for remote observation and accessibility. Prominent trends projected for the forecast span include the rapid advent of 5G technology, product innovation, amalgamation of the Internet of Things (IoT) and artificial intelligence, partnerships and synergies, and the emergence of new technologies in the area of video surveillance.
What Factors Are Fueling Growth in the Wireless Video Surveillance Market?
The wireless video surveillance market's growth is set to be spurred on by the escalating incorporation of IoT technology. The Internet of Things (IoT) is a network environment where various devices, sensors, objects, and systems are interconnected and share data through the Internet or other networks. Factors fueling the widespread adoption of IoT technology include connectivity advancements, hardware cost reduction, enhanced data analytics, AI integration, and machine learning. The application of IoT technology allows the insertion of artificial intelligence (AI) and profound machine learning (ML) into video surveillance systems, leading to superior video analytics. Utilizing IoT technology in wireless video surveillance amplifies its operational efficiency, functionality, and security, making way for advanced analytics, boosted connectivity, and remote observation. For instance, data from the GSM Association, a non-profit organization based in the UK, predicted in January 2022 that IoT connections would surpass 23.3 billion by 2025, a considerable increase from the 15.1 billion connections counted in 2021. Hence, the rising integration of IoT technology is a significant driver for the expansion of the wireless video surveillance market.
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Which Leading Companies Are Shaping the Growth of the Wireless Video Surveillance Market?
Major companies operating in the wireless video surveillance market report are Samsung Electronics Co. Ltd.; Robert Bosch GmbH; Panasonic Corporation; Cisco Systems Inc.; Canon Inc.; Tyco International; Hangzhou Hikvision Digital Technology Co. Ltd.; Honeywell Security; Motorola Solutions Inc.; Zhejiang Dahua Technology Co. Ltd.; FLIR Systems Inc.; Axis Communications AB; IDIS; Vivotek Inc.; Genetec; Infinova Group; D-Link Corporation; Eagle Eye Networks Inc.; Pro-Vigil; Qognify Inc.; Ivideon; Advancis Software & Services GmbH; CP PLUS; Vantage Security Ltd.; Camcloud; Eyeforce Inc.
What Are the Major Trends Shaping the Wireless Video Surveillance Market?
Leading firms in the wireless video surveillance sector are concentrating on novel technologies like AI-empowered smart home security cameras to boost their market standing. These cameras are surveillance devices enhanced with artificial intelligence technology, improving their function far beyond conventional video monitoring. For example, in January 2024, Abode Systems, a company based in the USA which offers home security systems, teamed up with Morse Micro, a Wi-Fi firm from Australia, and Xailient, a privacy service provider from the USA, to create the first-of-its-kind wireless home security camera boosted with AI-at-the-edge functionalities. This battery-operated smart home security camera employs the Wi-Fi-certified HaLow system-on-chip (SoC) to overcome transmission barriers and deliver unparalleled performance, even in environments jam-packed with multiple devices and cameras. Plus, it integrates a PIR (passive infrared sensor) motion sensor with AI detection, which signals the camera about significant movements and initiates the recording of crucial events.
What Are the Key Segments of the Wireless Video Surveillance Market?
The wireless video surveillance market covered in this report is segmented -
1) By Component: Hardware, Services
2) By Customer Type: Business-to-business, Business-to-customer
3) By Application Type: Infrastructure, Residential, Commercial, Military, Other Applications
Subsegments:
1) By Hardware: Wireless Cameras, Wireless Network Video Recorders, Wireless Sensors And Detectors, Storage Devices (Cloud Storage, Local Storage), Wireless Transmitters And Receivers, Access Control Devices
2) By Services: Installation And Integration Services, Monitoring And Surveillance Services, Cloud Storage And Data Management Services, Maintenance And Support Services, Consulting And Training Services
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Which Region Dominates the Wireless Video Surveillance Market?
North America was the largest region in the wireless video surveillance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wireless video surveillance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Wireless Video Surveillance Global Market Report?
- Market Size Analysis: Analyze the Wireless Video Surveillance Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Wireless Video Surveillance Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Wireless Video Surveillance Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Wireless Video Surveillance Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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