The global video surveillance market will triple in size in the upcoming 7 years
According to a recent report published by Allied Market Research, titled, “Video Surveillance Market by System Type, Component, Application, Enterprise Size, and Customer Type: Opportunity Analysis and Industry Forecast, 2019–2027,” the global video surveillance market was valued at $42.94 billion in 2019, and is projected to reach $144.85 billion by 2027, registering a CAGR of 14.6% 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 the users. Next-generation video surveillance cameras is one of the most promising security solutions that has the capability of offering real-time surveillance and is superior compared to the traditional surveillance systems. Video surveillance system helps the end user to maintain flexible security solutions in the respective environment.
Video surveillance is witnessing wide acceptance and is expected to experience growth in the security service market in 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. This system is gaining popularity among the small and medium-scale enterprises. Advancements in technology are anticipated to help the video surveillance cameras and accessories manufacturing companies to reduce the overall cost of production of the system. The global video surveillance market is predicted to exhibit growth during the forecast period owing to the increased demand for enhanced security products. This boosts the global video surveillance market growth.
According to 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 video surveillance market share globally.
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 growth of the video surveillance market.
According to video surveillance market forecast, Asia-Pacific occupies a major share in the global video surveillance technology market. This is due to an increase in the population and adoption of enhanced technologies in the security system in developing countries such as India, China, and Indonesia. Various product launches and advancements in technologies in the surveillance security market anticipate huge growth in the Asia-Pacific video surveillance market. Rise in demand for video surveillance and video security systems from verticals such as commercial facilities and city surveillance in the region drive the growth of the market.
The market for video surveillance is expected to witness growth in Asia-Pacific owing to the increased security concerns. The governments in these countries have started to invest heavily in video surveillance systems. In addition, other emerging countries such as Taiwan, Malaysia, and Thailand are working toward improving infrastructure and city surveillance, which is further expected to boost the growth of the video surveillance market in the region.
The key players profiled in the video surveillance industry include HIKVISION, Ltd., Bosch Security System, Honeywell Security Group, Dahua Technology, FLIR, Panasonic, Avigilon, Axis Communication, Infinova, and Pelco.