DELRAY BEACH, Fla., Nov. 6, 2024 /PRNewswire/ -- The Video surveillance market is expected to be valued at USD 54.42 billion in 2024 and is projected to reach USD 88.71 billion by 2030, growing at a CAGR of 8.5% during the forecast period according to a new report by MarketsandMarkets. Additions to existing applications in various industries and technological advancements in video surveillance product offerings are key factors driving the expansion of the video surveillance market. Restraints such as privacy concerns and bandwidth and storage issues hinder market growth. However, factors such as expansion in emerging markets and the emergence of smart cities provide lucrative opportunities for market players in the coming years.
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Video Surveillance Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 54.42 billion |
Estimated Value by 2030 | $ 88.71 billion |
Growth Rate | Poised to grow at a CAGR of 8.5% |
Market Size Available for | 2020-2030 |
Forecast Period | 2024-2030 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Offering, System, Vertical and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Cybersecurity risks |
Key Market Opportunities | Emergence of AI and ML-powered video analytics |
Key Market Drivers | Increasing use of edge AI |
Hardware by offering to witness the highest market share during the forecast period
Cameras, monitors, and storage devices hold the maximum share in the market of the video surveillance market. Demand for security across various verticals is acting as driver for the market. High-resolution IP cameras and thermal cameras are gaining wider acceptance because they allow better image clarity under low-light conditions. In addition, the advanced features of modern cameras, such as AI-enabled facial recognition, motion detection, and real-time analytics, further go to enhance them, which are also necessary for the new surveillance system. Even the monitors and storage solutions are significant because the requirement for large-scale monitoring and long-term data retention builds up with the increased deployment of surveillance systems in smart cities and different critical infrastructures. Additionally, it is widely seen that the software capabilities are often accompanied by hardware updates to maintain the evolution of software capabilities and increasing payloads for data processing, where the dominance of hardware continues to prevail. A notable addition includes the steady increase in the need for cameras and associated hardware in the consumer and enterprise markets with the trend toward IoT and smart home solutions. With mushrooming surveillance needs worldwide, hardware will continue to be an important investment in the effective management of security.
Video surveillance market for IP video surveillance systems by system to hold the highest market share during the forecast period
IP video surveillance systems are likely to maintain the highest market share in the video surveillance market due to several key factors. The technology provides superior image quality and better flexibility, and scalability compared to traditional analog systems. As the dimensions of high-resolution video and unhindered system scalability are gaining traction amongst businesses and governments, this makes IP cameras very prone to adoption while giving them the room to integrate with complex software solutions like video analytics, facial recognition, and AI-based monitoring. In addition, the rising demand for smart city projects and infrastructure programs globally is also pushing the need for effective and scalable surveillance solutions that IP systems can easily deliver. The system also facilitates remote monitoring from geographically dispersed sites through cloud-based platforms, thus making it a product in huge demand for large installations spread across diverse locations, further propelling the demand among enterprises as well as among urban centers. Moreover, continuous shifts toward wireless connectivity and gradually decreasing costs of IP cameras are making them increasingly available to small and medium businesses. The upsurge in security fears about theft, terrorism, and public safety is yet another factor paving the way for new generations of security solutions, of which IP video surveillance stands out in terms of flexibility and integration into modern IT infrastructure. All these tendencies point to the expected dominating positions of the IP systems in the market.
Infrastructure by vertical in the video surveillance market to exhibit the highest CAGR during the forecast period
Governments and private sectors have identified the security of vital infrastructure, such as airports, railways, highways, energy facilities, and public space, to be of paramount importance. All these institutions pose a great threat to vandalism, terrorism, and also unauthorized access, hence the quest for advanced surveillance systems. Urbanization and smart city initiatives all amount to requiring monitored solutions that ensure not only public safety but also a smooth management of traffic in the infrastructure expansion. Video surveillance systems with AI and analytics capabilities allow real-time monitoring, threat detection, and automated alerts-all of which are critical in securing an expanding urban space. The increased demand for robust security solutions that are secure and protected infrastructure is compelling industries worldwide to go for these strong security solutions. Advanced technologies in facial recognition, thermal imaging, and cloud-based surveillance systems accelerate the process, further increasing the efficiency and scalability of video surveillance systems. The huge growth in the video surveillance market will be driven by the dependency of the sector on such sophisticated solutions to prevent potential threats against their infrastructures.
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Based on region video surveillance market for Asia Pacific is expected to hold the highest CAGR during the forecast period
Asia Pacific is expected to dominate the video surveillance industry as urbanization and infrastructure in the region are rapidly expanding. The vast growth of smart city projects and public transport systems, as well as development in industrial zones in countries like China, India, and Japan, is definitely contributing to this emerging demand for video surveillance solutions. The increasing crime rate is also a driver for the market. The increasingly popular technologies in the Asia Pacific, including AI-based video analytics and cloud-based surveillance, are also supported by favorable policies and government initiatives. The importance is that security cameras and video surveillance systems from China occupy a significant share in the production and deployment of security cameras and video surveillance systems globally, and this significantly contributes to Asia's overall domination in this field. Further, the increase in smart home security and demand for surveillance in the commercial sector, including retail, banking, and manufacturing, is fueling market growth further. Altogether, these factors make Asia Pacific a key region for video surveillance solutions.
Key Players
The video surveillance companies includes major Tier I and II players like 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 others. These players have a strong market presence in advanced packaging across various countries in North America, Europe, Asia Pacific, and the Rest of the World (RoW).
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