Video Surveillance Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of VideSurveillance Market

The global videsurveillance market has experienced significant growth in recent years, driven by technological advancements and increasing security concerns across various sectors. According ta report by Fortune Business Insights, the market was valued at USD 19.12 billion in 2018 and is projected treach USD 33.60 billion by 2026, exhibiting a Compound Annual Growth Rate (CAGR) of 6.8% during the forecast period.

Technological Advancements Fueling Market Growth

One of the primary drivers of this growth is the integration of artificial intelligence (AI) and deep learning algorithms intvidesurveillance systems. Deep learning, a subset of AI, enables systems tanalyze vast amounts of data, facilitating advanced features such as facial recognition, object detection, and behavioral analysis. The availability of sophisticated graphic processing units (GPUs) has further enhanced the capabilities of deep learning in surveillance applications. Companies like Nvidia Corporation have developed GPUs that support deep learning algorithms, allowing for more efficient and accurate videanalytics.

The integration of videanalytics intnetwork cameras has alsgained momentum. Advanced microprocessors now enable manufacturers tembed analytics capabilities directly intcameras, facilitating early detection and identification of criminal activities. Features such as crowd detection, people counting, and automated number plate recognition have become more accessible, contributing tthe expansion of the videsurveillance market.

Impact of COVID-19 on the VideSurveillance Market

The COVID-19 pandemic has had a mixed impact on the videsurveillance market. On one hand, the production of surveillance equipment faced challenges due tlockdowns and restrictions, particularly in manufacturing hubs like China. The lack of manpower and disruptions in the supply chain led tdelays and reduced production capacities. On the other hand, the pandemic underscored the importance of surveillance systems in monitoring public spaces tensure compliance with health guidelines. Thermal imaging and security cameras were increasingly deployed ttrack quarantine measures and maintain safety in various facilities.

Regional Insights

Asia Pacific dominated the global videsurveillance market, accounting for 55.33% of the share in 2018. This dominance is attributed tsignificant contributions from countries like China, where government initiatives such as the 'Sharp Eyes' and 'Skynet' programs have promoted extensive use of surveillance systems. These initiatives aim tcreate comprehensive surveillance networks tenhance public security.

North America is alsa significant market for videsurveillance, driven by the adoption of advanced security technologies and substantial investments in defense and public safety. The presence of key industry players and the implementation of smart city projects further bolster the market in this region.

Market Segmentation

The videsurveillance market is segmented based on components inthardware, software, and VideSurveillance as a Service (VSaaS). The hardware segment, which includes cameras, storage devices, and other network devices, held a major share of the market. Despite higher costs, there is a growing demand for advanced hardware equipped with embedded videanalytics and deep learning applications. The software segment is alsexperiencing significant growth due tthe increasing penetration of network security cameras and the development of sophisticated videmanagement and analytics software. VSaaS, a cloud-based surveillance solution, is anticipated texhibit a high growth rate, offering services such as cybersecurity solutions, viderecording, and remote viewing.

Emerging Trends

The adoption of body-worn cameras across various industries, including healthcare and retail, is a notable trend in the videsurveillance market. These cameras offer benefits such as real-time event capture and the ability tsend immediate threat alerts tsecurity authorities, enhancing workforce protection and improving customer relations. For instance, Avigilon Corporation integrated its videanalytics with body-worn cameras and videmanagement tools, providing comprehensive security solutions.

Another emerging trend is the increasing use of IP cameras, which are anticipated tsee growing demand due ttheir advanced features and flexibility. IP cameras offer high-resolution imaging and can be easily integrated intexisting network infrastructures, making them suitable for various applications across different sectors.

Challenges and Restraints

Despite the positive outlook, the videsurveillance market faces challenges, particularly concerning data security and privacy. The increasing use of cloud-based storage solutions raises concerns about data breaches and unauthorized access tsensitive information. Ensuring robust cybersecurity measures and compliance with data protection regulations are essential taddress these issues and maintain user trust.

Conclusion

The global videsurveillance market is poised for substantial growth, driven by technological advancements such as AI and deep learning, increasing security concerns, and supportive government initiatives. While challenges related tdata security and the impacts of global events like the COVID-19 pandemic present obstacles, the ongoing development and integration of innovative solutions are expected tsustain the market's upward trajectory.

ATTRIBUTE DETAILS

Study Period - 2015 - 2026

Base Year - 2018

Forecast Period - 2019 - 2026

Historical Period - 2015 - 2017

Unit - Value (USD billion)

Segmentation By Component

• Hardware

Camera

• Hybrid Camera
• Analog Camera
• IP Camera

Storage devices

Others (VideEncoders and Network Devices)

• Software

VideManagement Software

VideAnalytics Software

• Videas a Service (VSaaS)

By End-User

• Commercial
• Industrial
• Residential
• Government

By Region

• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, and Rest of Europe)
• Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
• Latin America (Brazil, Mexico, and Rest of Latin America)

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