Residential Video Surveillance Market Outlook – 2027
The global residential video surveillance market is experiencing significant growth and is expected to grow considerably in the next few years. Residential video surveillance systems integrate one or more video cameras on a network that sends the captured video or audio information to a particular place. The captured images are live monitored or transferred to a central location for recording and storage.
Increasing demand for security observation products on account of increasing threat and criminal activities is the key factor to propel the video surveillance systems market. Growing use of smart security solutions across the residential sector and increasing integration of IoT technology in home security solutions are some of the key factors supporting the market growth.
The global residential video surveillance market is segmented on the basis of offering, system type, and region. Based on offering, the residential video surveillance market is divided into hardware, software and service. In terms of system type, the market is categorized into analog surveillance, IP surveillance, and hybrid surveillance. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global residential video surveillance industry include Hangzhou Hikvision Digital Technology Company Limited, Axis Communications AB, FLIR Systems Incorporation, Avigilon Corporation, and Bosch Security Systems Incorporation. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global market.
Top Impacting Factors
Growing concerns about safety and security, increasing adoption of IP cameras, and growing demand for wireless and spy cameras are the factors driving the residential video surveillance market growth. In addition, the demand for smart security solution for homes to exercise more control with further facilitation of energy savings fuels the market.
However, violation of privacy is a major restraint. Rising government and stakeholder funding for developing smart cities and employing city surveillance solutions, growing demand for VSaaS services, ongoing technological advancements in Big Data, IoT, cloud-based services, trends of artificial intelligence, and deep learning for residential video surveillance systems are expected to provide opportunities to players in the market during the forecast period.
New Product Developments to Boost the Market
Development in technology and the need to lowering cost of security solutions fuel the global residential video surveillance market. In addition, a large number of players have entered the market and started offering innovative home security solutions.
Rising Demand For Video Surveillance Software
The demand for video surveillance software is expected to grow during the forecast period. Software solutions contain video management and video analytics system. Video analytics improves video surveillance systems by performing the tasks of real-time event detection, extraction of statistical data while saving manpower costs, post-event analysis, and growing the effectiveness of the surveillance system operation.
Developments related to technological advancements, such as deep learning and AI, have augmented the need for launching innovative and new products to tackle the security crisis at every level. AI and deep learning are being adopted in numerous end-use applications, such as retail management, crowd management, and license plate recognition, thus providing opportunities for the market.
Key Benefits of the Report
- This study presents the analytical depiction of the global residential video surveillance market forecast along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global residential video surveillance market share.
- The current market is quantitatively analyzed to highlight the global residential video surveillance market trends and growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed residential video surveillance market analysis based on competitive intensity and how the competition will take shape in the coming years.
COVID-19 Scenario Analysis
- To subdue the spread of COVID–19, respective governments have shutdown day-to-day business operations by implementing a full-scale lockdown. Labor shortages and delays in project completion are a few factors plaguing the global residential video surveillance industry resulting in a decline in the production.
- The global market has been significantly impacted by the outbreak. New projects throughout the world have stalled, which have significant demand for RFID tags.
- The global factories have struggled to manufacture and assemble new devices as workers have stayed in their homes and even the already available devices in various warehouses cannot be transported due to current rules & regulations, which disrupted the global supply chains.
- The impact of COVID-19 on this market is temporary as just the production and supply chain is stalled. Once the situation improves, production, supply chains and demand for these products are gradually going to increase.
- This is expected to provide opportunities for companies to think about ways of increasing production, research about technologies, and improve current products.
- Companies take the initiative to introduce a new type of production line where they follow social distancing
Questions Answered in the Residential Video Surveillance Market Research Report
- Which are the leading market players active in the market?
- What would be the detailed impact of COVID-19 on the residential video surveillance market size?
- How the current residential video surveillance market trends that will influence the industry in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Residential Video Surveillance Market Report Highlights
By System Type
Key Market Players
Hikvision, Bosch Security Systems, Honeywell Security, Axis Communications, Dahua Technology, Vivotek, Speco Technologies, Panasonic Systems Solutions, FLIR Security, Geovision