Technological improvements have been gaining significant traction in video surveillance over the past couple of years. Steady rise in the number of analytic solutions and increased adoption of high-definition surveillance cameras have been driving the need for larger capacity and more efficient storage systems to accommodate large volumes of data. The transition to more scalable and robust storage solutions is therefore absolutely critical.
In 2021, we may witness wider adoption of deep learning technology, resulting in accurate and reliable video surveillance solutions with optimized cost structure. Computer vision along with deep learning is expected to drive growth in several sectors beyond security, including medical imaging and robotics. Tendency toward the digitalization of video surveillance networks, especially investments in real-time technology and analytics, is projected to further stimulate the market growth for video surveillance.
The global video surveillance market is estimated to register a CAGR of over 11% during the forecast period of 2022-2031.
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Company Profiles:
- Honeywell International Inc.
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Bosch Security Systems, Inc.
- Dahua Technology Co., Ltd.
- FLIR Systems, Inc.
- Cisco Systems, Inc.
- Samsung Electronics Co. Ltd.
- NICE Systems Ltd.
- Pelco Inc.
- Panasonic i-PRO Sensing Solutions Co., Ltd.
- Avigilon Corporation
- Axis Communications AB
- CP Plus
- NEC Corporation
- Genetec Inc.
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Key Takeaways from Market Study
- Demand for IP/network-based cameras in the residential sector is estimated to surge. However, the commercial sector is estimated to continue to hold a significant market share through 2031.
- IP video surveillance systems are anticipated to retain significant market share throughout the forecast period, and are expected to further expand further at a CAGR of more than 12% over the next ten years.
- Corporate and transportation sectors are expected to emerge as high-growth markets during the forecast period. This is mainly due to increasing awareness about video surveillance application management and rising demand for cloud services. Commercial and residential real estate projects, and home offices are expected to adopt Video Surveillance as a Service (VSaaS), along with the banking sector.
- Among the regions, the market in South Asia & Pacific is estimated to register a high CAGR, owing to rising number of concerns related to security threats in India, Indonesia, Australia, and other countries. Growing incidence of terrorist attacks, theft, and other crimes has resulted in a major spike in the demand for video surveillance systems.
- The market in China is expected to progress at a noteworthy CAGR of more than 10% through 2031.
- In the U.S., sales are expected to increase at a CAGR of close to 9% over the next ten years.
- The market for video surveillance in the U.K. and India is expected to surge ahead at CAGRs of around 15% and 19%, respectively.
“Currently, video surveillance is experiencing innovations in security cameras embedded with AI-enabled technology, deep learning, and advanced big data features. Moreover, in this novel COVID-19 pandemic, AI technologies with superior capabilities such as face, event, and object recognition have helped detect people who might have contracted the virus,” says a Persistence Market Research analyst.
Rising Adoption of Video Analytics to Boost Sales
Smart video surveillance systems are able to recognize, detect, track, and analyze people, objects, and vehicles. Video analytics software in IP-based network cameras also monitor in real time, without distraction, and add major benefits in incident review operations and live monitoring. Video analytics enables effective security monitoring and enhanced operational performance to identify unauthorized physical intrusions across perimeters.
More Valuable Insights
Persistence Market Research’s report on the video surveillance market is segmented into four major sections – type (analog video surveillance systems and IP video surveillance systems), component (hardware, video management software, and services), application (residential, commercial, industrial, and government & defense), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the video surveillance market.
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