Surveillance and Security Equipment Market by Service, Product, and Geography - Forecast and Analysis 2023-2027

The surveillance and security equipment market is estimated to grow at a CAGR of 10.39% between 2022 and 2027. The size of the market is forecast to increase by USD 38,128.85 million. The growth of the market depends on several factors, including the need to mitigate criminal activities and terrorist attacks, the need for surveillance and security across smart cities, and the growing need for surveillance and security in the commercial segment. 

This report extensively covers market segmentation by service (commercial and residential), product (video camera, alarms, and access control), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the size of the Surveillance And Security Equipment Market During the Forecast Period?

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Parent Market Analysis

Technavio categorizes the global surveillance and security equipment market as a part of the global IT consulting and other services market within the global IT services market. The super parent global IT services market cover companies offering IT consulting and system integration services, application services, electronic data processing services, business process outsourcing services, infrastructure services, and Internet services.  Our research report has extensively covered external factors influencing the parent market growth during the forecast period.

Surveillance And Security Equipment Market: Key Drivers, Trends, Challenges, and Customer Landscape

The need to mitigate criminal activities and terrorist attacks are notably driving the market growth, although factors such as issues related to privacy may impede the market growth. Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Surveillance And Security Equipment Market Driver

The need to mitigate criminal activities and terrorist attacks are notably driving the market growth. The threat of sophisticated criminal and terrorist activities is increasing across the world. The number of territorial conflicts, terrorist activities, and geopolitical instabilities is rising in various countries. Also, at present, the terrorism threat is increasing globally. The increasing number of terrorist attacks, especially in countries such as the US and the UK, has necessitated the deployment of surveillance and security equipment. This equipment is also deployed to curb antisocial activities such as intrusion, murder, robbery, and theft.

The governments of several countries have imposed stringent regulations that require the installation of surveillance and security equipment in public locations such as hypermarkets, hospitals, airports, ports, railway stations, hotels, and malls to curb criminal and terrorist activities. Therefore, the deployment of such equipment enables a safe and crime-free environment. This solution can be used to track and apprehend criminals and provide conclusive evidence in court. Several vendors are also developing solutions to identify crimes before they happen. Therefore, these factors will drive the growth of the global market during the forecast period.

Significant Surveillance And Security Equipment Market Trend

Predictive crime monitoring is an emerging trend in the market. Some surveillance and security equipment employ AI for predictive crime monitoring. AI is expected to analyze facial recognition, micro-expressions, and behavioral anomalies to predict the probability of crimes before they are committed.

Cortica, a predictive crime monitoring company in Israel, focuses on AI and security. In January 2018, the Government of Israel and the Government of India announced a technology-sharing collaboration between Cortica and the Best Group, a diversified company based in India. According to the collaboration, Cortica would analyze data streaming from CCTV cameras in public areas and deploy crime-predicting technologies to implement predictive crime monitoring. Furthermore, CloudWalk Technology, which is based in China, also uses advanced AI in conjunction with facial recognition and gait analysis to predict the probability of people committing crimes. Moreover, the advent of predictive crime monitoring will increase the number of strategic partnerships and result in the development of innovative products. Hence, this will drive the growth of the market during the forecast period.

Major Surveillance And Security Equipment Market Challenge

The issues related to privacy are major challenges impeding market growth. Although surveillance and security equipment is used to prevent and detect crimes, their use can lead to privacy issues. Public surveillance systems may cover private areas such as apartments and offices without the consent of owners, which would result in a privacy breach. Extensive surveillance enables governments to compile an overview of the lives of people without their consent. The privacy of people is their fundamental right, and the use of surveillance systems could infringe on it. Therefore, the line between legitimate monitoring and intrusion is blurred.

The key constitutionally protected right challenged by extensive surveillance is the right to anonymity. For instance, couples visiting infertility clinics or psychiatrists may wish to be anonymous and not identified by surveillance equipment. The democratic rights of people to express their views might also be hindered due to extensive surveillance, as they would be hesitant to express views or protest government policies in public if there is a chance of identification by surveillance equipment. In addition, surveillance in stores and streets can also be misused for voyeurism, wherein women may be spied on and sexually exploited. Thus, factors like these will be a major challenge to the growth of the global market during the forecast period.

Key Surveillance And Security Equipment Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Surveillance and Security Equipment Market Customer Landscape

Who are the Major Surveillance and Security Equipment Market Vendors?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Panasonic Holdings Corp. - The company operates under multiple segments including performance lifestyle, and automotive among others, with a high focus on lifestyle.? The company under this segment? focuses on home appliance and residential equipment businesses. The company's key offerings include surveillance and security equipment. 

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:

• Aiphone Corp.
• Allegion Public Ltd. Co.
• Canon Inc.
• Cisco Systems Inc.
• Costar Video Systems
• CP PLUS International
• Hangzhou Hikvision Digital Technology Co. Ltd.
• Hanwha Techwin America
• Honeywell International Inc.
• Johnson Controls International Plc.
• Motorola Solutions Inc.
• Robert Bosch GmbH
• Samsung Electronics Co. Ltd.
• Schneider Electric SE
• Sony Group Corp.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segment in the Surveillance And Security Equipment Market?

The market share growth by the commercial segment will be significant during the forecast period. The commercial segment includes establishments such as hotels, restaurants, retail stores, malls, private hospitals, and office complexes. The growing number of commercial establishments and rising awareness about effective asset and access point management to mitigate untoward security incidents increase the use of surveillance and security equipment for commercial purposes.

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The commercial segment was valued at USD 39,470.35 million in 2017 and continued to grow until 2021. The deployment of such security equipment allows these establishments to manage security cost-effectively under a single, centralized, and flexible system. For instance, the monitoring and evaluation of production processes, manufacturing plants, and factories necessitate the protection of assets, cargo, and equipment from theft and tampering. Hence, surveillance and security equipment is used on the premises. In addition, it maintains worker safety in factories, reduces false liability claims, and enables efficient assembly line production to drive the growth of the market in this segment. Furthermore, the deployment of surveillance and security equipment in banks and other financial institutions is a necessity. The use of this equipment is increasing in BFSI organizations due to its vulnerability to security threats. Automated teller machines (ATMs) are also vulnerable to criminal activities, such as tampering and skimming. Hence, deploying an effective centralized security system can secure financial institutions. Supermarkets and convenience stores face various threats, such as shoplifting, employee theft, flash rob theft, and organized retail crime. Therefore, they require surveillance and security equipment to ensure the round-the-clock safety of customers, the workforce, and merchandise. Moreover, parking areas and warehouses require round-the-clock surveillance and security. These areas require equipment that can work even in low-light conditions. Some vendors that operate in the market are launching new variants of this equipment. For instance, in February 2019, Hikvision launched its new smart poles for smart infrastructure solutions. These models support two-way audio to communicate with command control. Hence, such factors will drive the market during the forecast period.

Which are the Key Regions for the Surveillance And Security Equipment Market?

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APAC is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

The growth of the market in APAC is driven by rapid urbanization and industrialization in countries such as China and India. Beijing, China. Many developed countries in the region have adopted surveillance and security equipment due to the technological maturity of industries and the need to safeguard their citizens. These developed countries have a mature end-user base for surveillance and security equipment due to the standardization of industries and the presence of a framework for public safety.

The focus on infrastructural development by emerging economies is also driving the growth of the market in the region. According to the Asian Development Bank (ADB), countries in APAC will require USD 26 trillion by 2030 to build public infrastructure. The ADB and the Asian Infrastructure Investment Bank (AIIB) have co-financed various public-sector infrastructure projects in countries such as Pakistan and Bangladesh. Furthermore, the initiatives of the Government of India, such as the Smart Cities Mission, the Swachh Bharat Abhiyan (SBA), the Sardar Patel National Urban Housing Mission, the Atal Mission for Rejuvenation and Urban Transformation (AMRUT), and the Heritage City Development and Augmentation Yojana (HRIDAY), promote urbanization, which will drive the growth of the market in the country. In addition, other government initiatives, such as the Safer City Plan, which focuses on ensuring the safety of women, will increase the adoption of surveillance and security equipment. Therefore, these factors will influence the growth of the regional market during the forecast period.

The outbreak of COVID-19 propelled the growth of the market in the region in 2020. Governments across countries in the region took initiatives to deploy surveillance solutions to track the movement of people and contain the spread of the disease. For instance, the Government of India used surveillance systems to aid government entities in addressing the challenges posed by the COVID-19 pandemic. Thermal sensors in surveillance systems are used to identify people with high temperatures. Therefore, with the increased application of surveillance systems due to the COVID-19 pandemic, the market in the region witnessed growth during 2020-2021. Additionally, the increasing terrorist attack in several countries will add to the demand for threat detection systems, which, in turn, will drive the growth of the regional market during the forecast period.

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Service Outlook (USD Million, 2017 - 2027)
  • Commercial
  • Residential

• Product Outlook (USD Million, 2017 - 2027)
  • Video camera
  • Alarms
  • Access control

• Region Outlook (USD Million, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Chile
    • Brazil
    • Argentina

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What are the Key Data Covered in this Surveillance And Security Equipment Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the surveillance and security equipment market between 2023 and 2027
• Precise estimation of the size of the surveillance and security equipment market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the industry across APAC, North America, Europe, Middle East and Africa, and South America
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of surveillance and security equipment market vendors

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