According to a recent report published by Allied Market Research, titled, “U.S. video surveillance market by component, application, and customer type: opportunity analysis and industry forecast, 2019–2027,” the U.S. video surveillance market was valued at $8.29 billion in 2019, and is projected to reach $23.60 billion by 2027, registering a CAGR of 13.9% from 2020 to 2027.
Video surveillance system provides real-time monitoring of environment and people. This surveillance system is used to promote safety and security among users. Next-generation video surveillance cameras are one of the most promising security solutions with the capability to offer real-time surveillance. In addition, itis superior compared to traditional surveillance systems. Video surveillance system helps end users to maintain flexible security solutions in respective environments.
Video surveillance is witnessing wide acceptance and is expected to experience growth in the security service market in the future. Currently, this technology is in its growing stage; however, it is expected to gain a major position in the market, owing to technological developments. On the basis of features offered by video surveillance system, it has increasingly become popular among end users such as small and medium-scale enterprises. Moreover, advancements in technologies are anticipated to help security camera system and accessories manufacturing companies to reduce the overall cost of production of the system. The U.S. video surveillance market analysis is predicted to exhibit growth during the forecast period, owing to rise in demand for enhanced security products. This is the major factor that propels growth of the U.S. video surveillance market.
According to U.S. video surveillance market trends, IoT is expanding at a rapid rate and is expected to grow over the coming years at a constant pace. Around 20 billion connected devices are estimated to be worldwide by 2020. Integration of IoT in video surveillance for security and monitoring offers greater visibility over asset monitoring to improve security and prevent critical loss through real-time surveillance. This feature ensures secured monitoring facility from any location with WI-FI access, security alerts, and real-time data capturing. For instance, integration of IoT in video surveillance assists in the working of intelligent transportation system. Rise in demand for integrated security and monitoring in traffic management system and network encourages the governments of various countries to deploy smart monitoring system for intelligent transport model. This in turn supplements the U.S. video surveillance market share.
Public safety is of top priority in the world. Public safety agencies are investing in numerous new technologies to ensure efficiency. This includes smart applications to securely connect radio networks with users carrying smartphones and other devices, video surveillance devices that can be worn to increase safety and accountability for officers and citizens, and purpose-built mobile applications to improve the management of daily workflows. The government has introduced new technologies and strategies to ensure public safety and security due to surge in crime rates, antisocial behavior, and terrorist attacks. It has become necessary to improve the system and responses for catastrophic attacks and to find safe, cost-effective, and feasible solutions. This feature adds traction to the market growth and offers lucrative opportunities for the U.S. video surveillance market growth.
The U.S. video surveillance industry is expected to witness growth in U.S. owing to the increased security concerns. The governments in these countries have started to invest heavily in video surveillance systems.
Key Findings Of The Study
- By application, the commercial segment generated the highest revenue in 2019.
- By component, the solution segment generated the highest revenue in 2019.
- By customer type, the B2B segment generated the highest revenue in 2019