CHICAGO, Aug. 25, 2023 /PRNewswire/ -- The global video surveillance market is expected to be valued at USD 53.7 billion in 2023 and is projected to reach USD 83.3 billion by 2028; it is expected to grow at a CAGR of 9.2% from 2023 to 2028 according to a new report by MarketsandMarkets™. Growing security concerns, the embrace of smart city projects, increasing demand for analytics, and advancements in AI-driven video analysis collectively fuel the video surveillance market.
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278 – Pages
Video Surveillance Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $53.7 billion |
Estimated Value by 2028 | $83.3 billion |
Growth Rate | Poised to grow at a CAGR of 9.2% |
Market Size Available for | 2019–2028 |
Forecast Period | 2023–2028 |
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 | Need for high-capacity storage systems and increased bandwidth |
Key Market Opportunities | Increasing adoption of smart devices for remote monitoring |
Key Market Drivers | Deployment of AI-driven video analytics algorithms |
Video Surveillance market for a software segment to hold the highest CAGR during the forecast period.
The software segment in the video surveillance market is projected to exhibit the highest compound annual growth rate (CAGR) due to several factors. Firstly, advancements in artificial intelligence (AI) and machine learning (ML) have led to the development of sophisticated video analytics software, enhancing the capabilities of surveillance systems. Secondly, the increasing integration of video surveillance with other technologies such as IoT and access control necessitates robust software solutions. Moreover, the demand for real-time monitoring, data analysis, and remote access drives the adoption of software platforms. The innovations in cloud-based solutions further boost the growth potential of the software segment in the video surveillance market.
Video Surveillance market for IP Video Surveillance System segment to hold the highest market share during the forecast period.
The significant growth of IP video surveillance systems can be attributed to various factors. IP cameras offer higher image quality and advanced features compared to analog alternatives, aligning with the shift towards digital technology. Additionally, the integration of video surveillance into the Internet of Things (IoT) framework enhances overall security and operational efficiency through seamless data sharing. The ability to provide remote access and real-time monitoring meets modern security demands, while the incorporation of AI-powered analytics further bolsters threat detection and response capabilities.
Video Surveillance market for infrastructure vertical to exhibit the highest CAGR during the forecast period.
The infrastructure vertical in the video surveillance industry is positioned for the largest CAGR due to the escalating need for advanced security solutions in urbanization and smart city initiatives. Critical infrastructure like transportation hubs, utilities, and public facilities demand robust surveillance systems to ensure safety and operational efficiency. Growing investments in infrastructure modernization, particularly in both developed and developing regions, drive the adoption of video surveillance technologies. Regulatory mandates for increased security measures in critical facilities further contribute to the rapid expansion of this vertical.
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Video Surveillance market for Asia Pacific to hold the highest CAGR during the forecast period.
Rapid urbanization, particularly in countries like China and India, drives the demand for robust security measures across various sectors. Concurrently, the escalating security concerns in both developed and developing economies fuel the adoption of advanced video surveillance technologies. The region's increasing investments in smart city initiatives further amplify the integration of surveillance systems for enhanced safety and efficient urban management. Moreover, technological advancements, including AI-powered analytics, find strong footholds in the Asia Pacific, contributing to the prominence of Asia Pacific in the global video surveillance market.
The video surveillance companies includes major Tier I and II players like Hangzhou Hikvision Digital Technology Co., Ltd. (China), Zhejiang Dahua Technology Co., Ltd. (China), Zhejiang Uniview Technologies Co., Ltd. (China), i-PRO Co., Ltd. (Japan), Huawei Technologies Co., Ltd. (China) and others. These players have a strong market presence of video surveillance across various countries in North America, Europe, Asia Pacific, and RoW.
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