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(USGovernment-News.Com, November 07, 2024 ) The global video surveillance market is expected to be valued at 54.42 billion in 2024 and is projected to reach USD 88.71 billion by 2030, at a CAGR of 8.5% from 2024 to 2030. Emerging applications in industries push the market's growth due to the growing demand for surveillance in the infrastructure and commercial sectors, among others. However, challenges such as issues of data compression and longer retention requirements for digital surveillance still hinder market growth. Despite these, opportunities arise for the market due to increasing applications across various sectors, such as AL and ML-powered video analytics, and the existence of emerging markets.
North America by region is expected to attain the second-highest market share during the forecast period. North America is expected to hold the second-largest market share in the video surveillance market due to several factors. First, the advanced infrastructure pertaining to the commercial, industrial, and residential sectors of the region leads to this demand for robust security solutions. On top of these factors, an upsurge in urbanization, together with continuous projects that deal with the improvement of infrastructures, has increased the demand for advanced surveillance systems for both public and private spaces. The factors driving demand for surveillance technologies include security concerns in the government facilities, retail, and education sectors. Increased security concerns within these sectors have forced organizations to invest in such technologies. Increased usage of video analytics further fueled growth in artificial intelligence and cloud-based surveillance systems. Moreover, with the strict government rules and policies regarding security and public safety, especially in the US, surveillance systems have to be based in public areas. Other establishments and organizations likewise promote the adoption of surveillance technology in crime prevention in the US. Moreover, integration of IP cameras, HD video systems, face recognition, and many more advanced technologies is becoming immensely popular among various sectors. This, in addition, contributes to supporting the demand. The easier availability of surveillance solutions, clubbed with these factors, makes North America a significant player in the global video surveillance market.
Cameras for hardware by type are expected to have the highest CAGR during the forecast period. Cameras will likely witness the largest CAGR in the video surveillance market for a combination of two main reasons. First and foremost, it has high-tech features, such as higher resolution, night vision, and even AI-enabled capabilities in facial recognition and object detection. All this promises more accurate monitoring in business, residential, and industrial scenarios. The cost of high-quality cameras is becoming affordable for small businesses as well as large enterprise customers, which can allow mass adoption across different verticals. More demand for security in public and private places coupled with urbanization means there will be more deployment for safety and surveillance. It will further fuel the growth of cameras because the emergence of smart cities and the integration of IoT in surveillance systems also leads to greater demand. Cameras will be able to connect to much larger networks, thereby enabling instant data and analytics in real time, thereby making cameras much more value-added to proactive security. The governments, as well as organizations, are investing majorly in video surveillance infrastructure, thus resulting in boosting demand for advanced cameras. These factors cumulatively position cameras as the largest growth segment in the video surveillance market.
IP cameras for hardware by type are anticipated to have the highest market share over the forecasted period. IP cameras shall lead the way in the video surveillance market due to the several key advantages over traditional analog systems. These cameras will come with image quality far better than analog systems, and this would increasingly become a critical need for industries seeking sharper, high-definition images to monitor and secure entities more effectively. It also integrates better with most modern network systems. The integration of IP cameras is relatively smooth into IT infrastructure; therefore, they are very inexpensive to install. IP cameras can allow viewing access to be available remotely as well, which would be extremely important for multi-site businesses. Smart cities or the integration of IoT are among the leading trends driving the demand for IP cameras. As cities expand, governments and private entities invest in advanced surveillance solutions that will improve public safety and infrastructure management. Declining IP camera prices with faster advancements in the arena of cloud storage also tends to lower their prices, making it the last and final factor. All these factors combined will cause IP cameras to capture the biggest market share in the near future.
Cloud-based software by offering is expected to hold the highest CAGR during the forecast period. Cloud-based software is expected to have the highest CAGR in the video surveillance market based on several key factors. Scalability and flexibility attract businesses of all sizes toward using this software since storage and processing capacities can be customized to meet real-time requirements. Escalating video data requirements does make it significantly cost-effective to consider cloud solutions over traditional on-premises ones. Another trend that brings about an increased need for centralized monitoring is the one toward decentralized operations and remote working around the world. Cloud-based software allows users to receive video surveillance data from anywhere in the world to facilitate real-time decision-making and improve security operations. In addition to this, cloud-based systems bring the integration of AI and analytics tools with features such as facial recognition and analysis of behavior apart from the reporting alerts in real time. This is increasingly becoming a necessary requirement in modern surveillance applications. Therefore, the solutions based on the cloud have seen an increased requirement over time.
Major players operating in the video surveillance market include Hangzhou Hikvision Digital Technology Co., Ltd. (China), Dahua Technology Co., Ltd (China), Honeywell International Inc. (US), Motorola Solutions, Inc. (US), Bosch Sicherheitssysteme GmbH (Germany), and many more.
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