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A00931 | Pages: 459 | Charts: 72 | Tables: 165 |
The Global Video Surveillance Market was valued at $61.8 billion in 2022 and is projected to reach $204.5 billion by 2032, growing at a CAGR of 12.8% from 2023 to 2032.
A video surveillance system is a security system that captures images and videos, which can be compressed, stored, or sent over communication networks. Digital video surveillance systems can be used in nearly any environment. Governments, enterprises, financial institutions, and healthcare organizations alike are all expected and required to have a certain level of security and monitoring measures. As a result, there has been a dramatic increase in the demand for security applications such as video surveillance to monitor and record borders, ports, transportation infrastructure, corporate houses, educational institutes, public places, and buildings.
The rise in the need for safety in high-risk areas, the transition from analog surveillance to IP cameras, and the integration of the Internet of Things boost the growth of the global video surveillance market. However, high investment costs and lack of professional expertise in handling IP cameras hamper the video surveillance market forecast. Furthermore, the increase in the trend toward developing smart cities is expected to offer lucrative opportunities for market expansion.
With the increasing adoption of advanced surveillance by the government sector, manufacturers have realized the need for optimum IP surveillance systems. There are many advantages that an intellectual property (IP) camera CCTV system offers over an analog format. IP security cameras send their signals over a network, allowing greater information transfer than an analog signal sent to a digital video recorder (DVR). Network cameras can be wireless and still work through a network and are used in big departmental stores, food chains, malls, factories, workshops, and many other public places to keep a check on activities.
The video surveillance market is segmented into components, enterprise size, system type, customer type, and application.
By component, the market is divided into hardware, software, and services. In 2022, the Software segment is expected to grow at a high CAGR from 2023 to 2032.
[COMPONENTGRAPH]
By enterprise type, the market is analyzed across small-scale enterprises, medium-scale enterprises, and large-scale enterprises. In 2022, the large-scale enterprise segment dominated the market in terms of revenue and is expected to follow the same trend during the forecast period. However, the Small-Scale Enterprise segment is expected to grow at a high CAGR from 2023 to 2032.
[ENTERPRISESIZEGRAPH]
By system type, the market is analyzed across analog surveillance, IP surveillance, and hybrid surveillance. In 2022, the IP surveillance segment dominated the market in terms of revenue and is expected to follow the same trend during the forecast period.
[SYSTEMTYPEGRAPH]
By customer type, the market is bifurcated B2B and B2C. In 2022, the B2B segment dominates the market in terms of revenue and is expected to follow the same trend during the forecast period.
[CUSTOMERTYPEGRAPH]
By application, the market is divided into commercial, military and defense, infrastructure, residential, and others. In 2022, the commercial segment dominated the market in terms of revenue and is expected to follow the same trend during the forecast period.
[APPLICATIONGRAPH]
By region, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and the rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific, Specifically China., remains a significant participant in the video surveillance market. Major organizations and government institutions in the Asia-Pacific region have significantly put resources into action to develop enhanced video surveillance and CCTV camera systems which is driving the growth of the video surveillance market in the Asia-Pacific region.
[REGIONGRAPH]
The key players profiled in the report include Teledyne FLIR LLC, Verkada Inc., Eagle Eye Networks, Inc., Zhejiang Dahua Technology Co., Ltd, Canon Inc., BCD International, Inc., Panasonic Corporation, Infinova Corporation, HONEYWELL Commercial Security (HONEYWELL INTERNATIONAL INC.), Motorola Solutions, Inc. These key players have adopted strategies such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their market penetration for CCTV camera systems.
North America-wise, the U.S. acquired a prime share in the video surveillance market in the North American region and is expected to grow at a CAGR of 13.01 % during the forecast period of 2023-2032. The U.S. holds a dominant position in the video surveillance market, owing to an increase in several applications in the commercial, industrial, and residential sectors, which fuels the demand for video surveillance cameras and equipment in the region.
In Europe, the Rest of Europe dominated the Europe Video surveillance market share in terms of revenue in 2022 and is expected to follow the same trend during the forecast period. Furthermore, France is expected to emerge as one of the fastest-growing countries in Europe's Video surveillance industry with a CAGR of 14.05%, owing to the rise in per capita income, and the increase in penetration of technological advancements in surveillance and security systems across the region.
In Asia-Pacific, the Rest of Asia-Pacific holds a dominant market share in Asia-Pacific region and is expected to follow the same trend during the forecast period, owing to an increase in investment activities by the government in transportation infrastructure across the region. However, China is expected to emerge with the highest CAGR in the video surveillance market Asia-Pacific in this region.
In LAMEA, the Middle East is growing the fastest in the video surveillance market because of its growing economy, increasing disposable income, and rise in demand for enhanced technologies in countries such as Dubai, and Abu Dhabi. Moreover, the Latin America region is expected to grow at a high CAGR of 12.14% from 2023 to 2032, owing to a growing economy.
The video surveillance market overview is expected to witness notable growth owing to the rise in the need for safety in high-risk areas, growth in the transition from analog surveillance to IP cameras, and the integration of IoT in surveillance cameras. Moreover, emerging trends toward the development of smart cities and an increase in the adoption of spy and hidden cameras are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, high investment and lack of professional expertise in handling IP cameras limit the growth of the video surveillance market.
The video surveillance market is highly competitive, owing to the strong presence of existing vendors. Vendors of video surveillance with extensive technical and financial resources are expected to gain a competitive advantage over their competitors because they can cater to market demands. The competitive environment in this market is expected to increase as technological innovations, product extensions, and different strategies adopted by key vendors increase.
Key Market Segments
Key Market Players