Video Surveillance Market worth $76.4 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 31, 2022 /PRNewswire/ -- Video Surveillance Market is projected to grow from USD 48.7 billion in 2022 to USD 76.4 billion by 2027; it is expected to grow at a CAGR of 9.4% during the forecast period, according to a new report by MarketsandMarkets™. A number of factors, including increased camera capabilities, maturing technology, features, and customized systems, are making it easier for integrators to meet the demand from end users willing to upgrade legacy surveillance systems to meet their security and operational needs. Security concerns and advancements in technologies demand real-time remote monitoring on any device at any time by end users such as retail stores, manufacturing sites, enterprises, warehouses, and banks to detect unusual events on their premises.
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Browse in-depth TOC on "Video Surveillance Market"
Storage device segment to account for highest CAGR during the forecast period for the video surveillance hardware market
While DVR's are considered as cost effective storage solutions, NVR's provide an IP based recording solution over a centralized network providing more flexibility than DVRs. With the growth of IP cameras that record videos at higher resolutions and framerate, some of these cameras simultaneously record sound alongside the video. These factors have increased the storage requirements; hence, storage devices are projected to grow at the highest CAGR during the forecast period compared to cameras, monitors, and other accessories.
Market for IP video surveillance systems to grow at higher CAGR during the forecast period
Along with the basic features, advanced IP cameras have enhanced filtering capabilities that can monitor the image and video data even in low light conditions. The network interface and PoE interface are used to transmit the data over a network. For advanced camera features, such as PTZ and PWM, motor drivers can be used to rotate the camera with PTZ capabilities. Although the upfront cost of IP video surveillance systems is higher compated to an analog CCTV system, the total cost of ownership (TCO) over time is lower compared to analog video surveillance systems. Hikvision (China), and Dahua Technology (China), Axis Communications (Sweden), and Bosch Security and Safety Systems (Germany) are among the major players providing IP video surveillance systems consisting of cameras, storage, and software.
Market for infrastructure vertical to register the highest CAGR for video surveillance markt
Infrastructure areas consist of transportation and city surveillance, public places, and utilities. City surveillance is the dominant application for the video surveillance infrastructure market and is projected to grow at a high rate. An increase in investments by governments of various countries to increase safety levels in public places is also projected to boost market growth. The increasing number of smart city projects will require the implementation of various security and surveillance systems, thus driving the growth of the infrastructure market during the forecast period.
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Market in APAC estimated to grow at highest CAGR during the forecast period
Asia Pacific is projected to be the fastest-growing region in the video surveillance market owing to heavy investments in infrastructure and smart city projects. The use of security cameras in Asia Pacific is expected to increase owing to the massive deployment of city surveillance networks in China to monitor millions of citizens across the country. The increasing urbanization in Asia Pacific has led to the development of new cities and manufacturing and retail industries, among other application areas in other countries. The rising penetration of surveillance cameras in small and medium-sized enterprises, hospitality businesses, airports, ATMs, banks, residential buildings, and religious places, among other places, is also expected to drive the video surveillance market growth. Major players in the region include Dahua Technology (China), Hikvision (China), 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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