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Global Video Surveillance Market size is estimated to grow by USD 28,796.25 million between 2022 and 2027 accelerating at a CAGR of 9.33% during the forecast period. The growth of the market depends on several factors, including the need to mitigate criminal activities and terrorist attacks, the suitability of video surveillance for smart cities, and expanding the scope of video surveillance in the commercial segment.
This report extensively covers market segmentation by product (hardware, software, and services), end-user (public, commercial, and residential), 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.
Video Surveillance Market shows accelerated growth during the forecast period
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The need to mitigate criminal activities and terrorist attacks are notably driving market growth. The increasing number of terrorist attacks, especially in countries such as the US and the UK, has necessitated the deployment of video surveillance solutions. Furthermore, video surveillance solutions are also deployed to curb antisocial activities such as intrusion, murder, robbery, and theft. Moreover, the governments of several countries have imposed stringent regulations that require the installation of video surveillance solutions in public locations such as hypermarkets, hospitals, airports, ports, railway stations, hotels, and malls to curb criminal and terrorist activities.
Therefore, the deployment of video surveillance solutions enables a safe and crime-free environment and improves the quality of life of citizens. Video surveillance solutions 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, the need to mitigate criminal activities and terrorist attacks drive the growth of the market.
The advent of smart AI-based video surveillance is another factor supporting the market growth in the forecast period. AI can compensate for human errors by offering a superior standard of facial, faceless, behavioural, and object detection. Therefore, AI-based methodologies are expected to be integrated with video surveillance, which will improve crime spotting and prevention.
Smart AI-based video surveillance systems have features such as intrusion detection, motion and speed detection, object classification, behavioural analysis, global positioning system (GPS) mapping, and vehicle tagging and tracking. Furthermore, AI-based video surveillance solutions are also expected to enable predictive crime monitoring. Therefore, the use of AI-based facial recognition technology is increasing in the country. For instance, SenseTime, an AI start-up based in China, offers AI-based facial recognition technology to several local governments and private security firms in the country. These technologies are extensively used in various pilot smart city projects.
Issues related to privacy will be a major challenge for the market during the forecast period. Though video surveillance is used to prevent and detect crimes, its use could cause 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 video 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 video surveillance systems could infringe on it. Therefore, the line between legitimate monitoring and intrusion is blurred. Furthermore, the key constitutionally protected right challenged by extensive video surveillance is the right to anonymity. In addition, video surveillance in stores and streets can also be misused for voyeurism, wherein women may be spied on and sexually exploited. Thus, the infringement of the moral and constitutional rights of people is a major challenge to the growth of the market.
The market share growth of the hardware segment will be significant during the forecast period. The hardware components of video surveillance solutions include cameras, storage devices, network video recorder (NVR) hardware, video encoders, and network infrastructure. The vital component of video surveillance solutions is a camera. Some vendors that operate in the market are focusing on launching new variants of hardware systems for video surveillance. Additionally, new product launches with innovative features can influence the growth of the market during the forecast period.
The hardware segment was valued at USD 16,151.61 million in 2017 and continued to grow until 2021.
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Several vendors offer products that are preloaded with all the necessary software solutions, including video management software licenses. Hence, they are plug-and-play systems for active high-definition (HD) and 4K surveillance. For instance, Axis Communications offers products such as the AXIS Camera Station S10 Recorder Series and the AXIS Camera Station S20 Appliance Series. Hangzhou Hikvision Digital Technology offers iDS-9632NXI-I8/16S and iDS-9632NXI-I8/4F. Such offerings by the vendors will augment the growth of the market in focus in this segment during the forecast period.
APAC is estimated to contribute 47% to the growth of the global market during the forecast period.
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The growth of the video surveillance market in APAC is driven by rapid urbanization and industrialization and significant investments in defense by countries such as China and India. Beijing, China, is a global leader in the installation of public video surveillance systems. Countries such as Japan, South Korea, and Australia have adopted video surveillance due to the technological maturity of industries and the need to safeguard their citizens. These developed countries have a mature end-user base for video surveillance systems due to the standardization of industries and the presence of a framework for public safety. Therefore, the demand for video surveillance from the residential and commercial segments is high in the region. The focus on infrastructural development by emerging economies also drives the growth of the market in the region.
The outbreak of COVID-19 propelled the growth of the market in focus on the region. , With the containment of the pandemic due to large-scale vaccination drives, lockdowns and stay-at-home restrictions were lifted. This led the population outings. This propelled the thermal screening and surveillance of the individuals. Additionally, the increase in commercial, residential and public infrastructure in the PAPAC region is expected to drive the demand of the market in focus during the forecast period.
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 Video Surveillance Market Customer Landscape
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.
Honeywell International Inc. - The company offers cameras, recording and IP solutions, and other video surveillance systems. Additionally, through its tech segment offers advanced software applications for building control and optimization sensors, switches, control systems, and instruments for energy management, access control, video surveillance, fire products, remote patient monitoring systems, and installation, maintenance, and upgrades of systems.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
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.
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.
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Video Surveillance Market Scope |
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Report Coverage |
Details |
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Page number |
171 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.33% |
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Market growth 2023-2027 |
USD 28,796.25 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
8.89 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 47% |
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Key countries |
US, China, Japan, India, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Agent Video Intelligence Ltd., Costar Technologies Inc., CP PLUS International, Genetec Inc., Hangzhou Hikvision Digital Technology Co. Ltd., Hanwha Corp., Hexagon AB, Honeywell International Inc., Huawei Investment and Holding Co. Ltd., i PRO Co. Ltd., Motorola Solutions Inc., NEC Corp., NICE Ltd., Robert Bosch GmbH, Teledyne Technologies Inc., Tiandy Technologies Co. Ltd., Zhejiang Dahua Technology Co. Ltd., Zhejiang Uniview Technologies Co. Ltd., Zicom Saas Pvt. Ltd., and Canon Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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