Video Surveillance Market worth $69.1 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 12, 2021 /PRNewswire/ -- According to a research report "Video Surveillance Market with COVID-19 Impact Analysis, By Offering (Hardware (Camera, Storage Device, Monitor), Software (Video Analytics, VMS), Service (VSaaS)), System (IP, Analog), Vertical, and Geography - Global Forecast to 2026", published by MarketsandMarkets™, the Video Surveillance Market is projected to grow from USD 42.9 billion in 2021 to USD 69.1 billion by 2026; it is expected to grow at a CAGR of 10.0% during the forecast period. Owing to COVID-19, the video surveillance market faced some headwinds for 2020–2021. IP cameras with increased hardware functionality and utilization of AI analytics in video monitoring systems are helping to deal with the increase in security threats worldwide. The rise of smart cities and IoT are expected to provide future growth opportunities for the market as modernized cities require innovative solutions to overcome long-term security challenges. Privacy and security concerns over video data restrain the market growth.
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Hardware segment to account for the largest share of the video surveillance market in 2021
The video surveillance market for hardware is expected to hold the largest share during the forecast period. The market size of the hardware segment is attributed to the fact that hardware makes up for more than 60% of the total cost of a video surveillance system. There is also an increasing use of cameras deployed worldwide as a result of rising security concerns across multiple verticals. Industry shift towards IP cameras have led to a number of hardware-based innovations that provide better low light performance and object tracking, and in-built security. Technological advancements have resulted in highly specialized surveillance cameras that can be programmed to zoom-in scan items, for instance, harmful equipment. These factors are driving the market for video surveillance hardware market.
IP video surveillance systems to dominate the video surveillance market during the forecast period
The IP video surveillance system segment is expected to account for the larger market share as well as register a higher CAGR during the forecast period. IP cameras have better capabilities compared to analog cameras as they can perform digital processing within the camera, such as compression and motion detection, as well as contain other hardware components for encoding/decoding or cybersecurity. NVRs used in IP systems can better handle simultaneous video streams from a large number of connected cameras compared to DVRs. The rise in video analytics is also driving the market toward IP video surveillance systems. In addition, analog systems have had a lower initial price point, in the past, when compared to IP systems. However, that is rapidly changing as IP cameras and storage devices have shown a continued decline in pricing, increasing their adoption significantly in the past few years. Reduced cost for cabling with wireless networks has also helped with decreased cost of deployment in IP-based systems.
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Commercial vertical to register the highest share for video surveillance market in 2021
The video surveillance market based on commercial vertical, held the largest share of the market in 2020 and is also expected to hold largest share during the forecast period. The increasing importance of video surveillance systems as a result of increased security concerns across applications, such as retail, enterprises, and banks and financial institutes is driving the video surveillance market in the commercial space. The growth in the commercial sector has resulted in an increasing demand for security solutions due to security breaches, such as inventory loss, robbery, unauthorized access, and other criminal activities. The rapidly growing small businesses alongside retail stores and malls have added to the demand for surveillance systems in recent years.
Retail, hospitality, and many small and medium-sized businesses have been significantly affected by COVID-19 resulting in a decline of the commercial vertical in 2020. The outbreak has resulted in slowdown of operations within the retail sector as brick-and-mortar stores have struggled to regain customer footfall as a result of the lockdown measures imposed by the governments across numerous countries. On the other hand, video surveillance is being utilized for remote patient monitoring, verifying proper sanitation, safety gear checks, and distance monitoring. Hence, the market for public facilities is expected to be the least affected as a result of the pandemic.
Market in APAC estimated to have the largest share during the forecast period
The video surveillance in the market in APAC is expected to account for the largest share of the market during the forecast period. APAC is expected to continue to account for the largest market size in the video surveillance market owing to growing population density in major cities and investments in smart city projects. In APAC, the increasing number of retail chains, small businesses, residential apartments, and hospitality businesses, as well as government initiatives in various countries to install video surveillance cameras in public places, such as cities, schools, colleges, religious places, and airports, is driving the market growth. The increasing population in developing countries such as China and India, as well as decreasing costs of video surveillance equipment, is creating significant growth for smart video surveillance solutions. Hence, the presence of several camera manufacturers and the low cost of video surveillance systems are providing opportunities for the market in developing regions. The presence of a number of well-established players offering innovative and advanced solutions in the region, such as Hikvision (China), Dahua Technology (China), Panasonic i-PRO Sensing Solutions (Japan), Hanwha Techwin (South Korea), and Uniview (China).
Major vendors in the video surveillance market include Hikvision (China), Dahua Technology (China), Axis Communications (Sweden), Bosch Security and Safety Systems (Germany), Hanwha Techwin (South Korea), Avigilon (Canada), Teledyne FLIR (US), Honeywell International; (US), Panasonic i-PRO Sensing Solutions (Japan), Pelco (US), Uniview (China), Agent Video Intelligence (US), CP PLUS (India), Genetec (Canada), Huawei Technologies (China), NEC (Japan), NICE Systems (Israel), Qognify (US), Tiandy Technologies (China), VIVOTEK (Taiwan), MOBOTIX (Germany), Morphean (Switzerland), Verkada (US), Camcloud (Canada), and Ivideon (US).
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