Surveillance and Security Equipment Market Analysis APAC, North America, Europe, Middle East and Africa, South America - US, China, Germany, Japan, UK - Size and Forecast 2024-2028

Surveillance And Security Equipment Market Size 2024-2028

The surveillance and security equipment market is estimated to increase by USD 47.83 billion at a CAGR of 11.61% between 2023 and 2028. Market growth hinges on various factors, such as the imperative to curb criminal activities and thwart terrorist threats, the escalating demand for surveillance and security solutions in smart urban environments, and the burgeoning need for commercial surveillance and security measures.  The rise in the demand to combat criminal activities and terrorist threats stands out as a significant factor driving market expansion. Worldwide, the looming presence of advanced criminal and terrorist operations is fueled by escalating territorial disputes, geopolitical tensions, and an increase in global terrorism. Specifically, nations such as the US and the UK have experienced an uptick in terrorist incidents, leading to an increased need for security and surveillance equipment.

What will be the size of the Market During the Forecast Period?

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Market Segmentation

By Service

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 for commercial purposes.

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The commercial segment was valued at USD 40.41 billion in 2018. The deployment allows commercial 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, it 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 use of this equipment is increasing in BFSI organizations due to its vulnerability to security threats. Additionally, supermarkets and convenience stores face various threats, such as shoplifting, employee theft, flash rob theft, and organized retail crime. Therefore, they require the equipment to ensure the round-the-clock safety of customers, the workforce, and merchandise. Hence, such factors will drive the market during the forecast period.

By Region

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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 due to the standardization of industries and the presence of a framework for public safety.

In addition, 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. Therefore, these factors will influence the growth of the regional market during the forecast period.

Market Dynamics and Customer Landscape

The market is pivotal for safeguarding public safety and preventing theft in critical areas like government buildings, national infrastructure, and commercial verticals. Advanced surveillance technologies such as IP surveillance systems, network cameras, and high-resolution cameras play a crucial role. Biometric access systems ensure secure entry, while drones enhance monitoring of borders and checkpoints. Government and defense sectors rely on VNF and SDN for robust IT infrastructure, integrating digital data for real-time analysis. Analog systems are increasingly replaced by wireless and digital solutions, ensuring comprehensive coverage and enhancing safety assurance. Video surveillance, including surveillance cameras and video cameras, monitors abnormal activities, preventing illegal activities effectively. With continuous advancements in technology, the surveillance and security equipment market continues to evolve, meeting the increasingly sophisticated demands of modern security challenges across various public and private domains. Our researchers analyzed the data with 2023 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 Market Driver

The surge in the need to counteract criminal activities and terrorist threats is a prominent driver propelling market growth. Across the globe, the specter of sophisticated criminal and terrorist operations looms large, fueled by escalating territorial conflicts, geopolitical tensions, and a surge in global terrorism. Particularly, countries like the US and the UK have witnessed a rise in terrorist incidents, prompting a heightened demand for security and surveillance equipment. Stringent regulations imposed by governments mandate the installation of such equipment in public place like hypermarkets, hospitals, airports, and malls to mitigate antisocial behaviors such as intrusion, robbery, and violence. These solutions not only foster a safe environment but also aid law enforcement agencies in tracking and apprehending criminals, bolstering security measures. Moreover, ongoing advancements in surveillance technology enable preemptive identification of potential threats, further fueling market growth prospects during the forecast period.

Significant Market Trend

Predictive crime monitoring is an emerging trend in the market. Some of this equipment employs 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 Market Challenge

The issues related to privacy are major challenges impeding market growth. Although it 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 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 Market Customer Landscape

Who are the Major Market Players?

Companies 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'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 companies, including:

• 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 companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

• Service Outlook 
  • Commercial
  • Residential

• Product Outlook
  • Video camera
  • Alarms
  • Access control

• Region Outlook 
  • 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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Market Analyst Overview

The market addresses diverse sectors such as transportation, financial services, and government offices, focusing on theft prevention and safety assurance. Advanced surveillance equipment like new-generation CCTV cameras, DVR, and NVR systems ensure robust video surveillance data for detecting abnormal activity and preventing vandalism. Industries benefit from video analytics technologies and alarm systems, enhancing incident response and industry safety. Public places and residential buildings utilize wireless cameras and audio equipment for enhanced security. Privacy concerns are mitigated through modern video surveillance systems, respecting personal data and privacy regulations. From critical infrastructure to small enterprises, the market offers solutions tailored to safeguarding enterprises and institutions. Educational institutions combat threats like campus shootings with comprehensive security measures, underscoring the market's role in ensuring safety and security across commercial and public sectors, integrating IT services and advanced surveillance technologies seamlessly.

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What are the Key Data Covered in this Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2024 and 2028
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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