Global Video Surveillance Market Booms
The Global Video Surveillance Market size is valued at around USD 50.5 billion in 2023 and is estimated to grow at a CAGR of around 12.2% during the forecast period, i.e., 2024-29, cites Markntel Advisors in its recent study offering valuable statistics on the Global Video Surveillance Market.
The Growth of Smart Cities Boosting the Demand for Video Surveillance
The rise of smart cities worldwide has led to an increased need for video surveillance services. Governments globally have heavily invested in constructing these technologically advanced urban centers, utilizing cutting-edge technologies like Artificial Intelligence, Cloud Computing, Data Analytics, and the Internet of Things (IoT) in video surveillance systems. These advancements enable features such as facial recognition, real-time data sharing, and vigilant monitoring of public spaces, contributing to improved road safety and counterterrorism efforts. This amalgamation of investments and advanced technology deployment is expected to drive the Global Video Surveillance Market from 2024 to 2029.
Government-led Surveillance Initiatives Creating Opportunities for Video Surveillance Companies:
Governments’ growing interest in integrating surveillance cameras in public areas presents a promising opportunity for leading companies in the Video Surveillance Market. This shift is primarily driven by the increase in criminal activities observed in many countries, particularly those with medium and advanced income levels. Governments in countries like India, the US, and others are increasingly motivated to deploy surveillance cameras to monitor activities in public spaces such as subways, airports, and roadways. Hence, this heightened governmental interest is expected to generate a growing demand for video surveillance solutions in the coming years. As a result, governmental initiatives and investments across various countries are poised to create favorable prospects for video surveillance service providers in the future.
Video Surveillance Market, Report Link – https://rb.gy/rbp1f
Privacy Concerns Hindering Market Growth
While video surveillance systems play a crucial role in deterring criminal activities and enhancing security, it’s essential to acknowledge their potential to intrude on individuals’ privacy rights. The vast amount of data generated by these systems carries the risk of vulnerabilities, including data breaches, unauthorized access by individuals without proper clearance, and the potential misuse of personal information. Consequently, these factors could act as significant constraints on the expansion of the Global Video Surveillance Market during 2024-2029.
IoT and AI Transforming Security Through Video Surveillance Systems
The increasing integration of cutting-edge technologies like the Internet of Things (IoT) and artificial intelligence (AI) into video surveillance systems is revolutionizing monitoring and risk assessment, leading to a rapid surge in the deployment of these systems. Their efficiency in curbing criminal activities such as intrusions, robberies, murders, and thefts, along with the subsequent reduction in overall crime rates across diverse regions, is fueling the demand for AI and IoT-integrated video surveillance solutions. In response to this growing demand, numerous video surveillance providers such as Axis Communication, Hikvision, and others are collaborating and investing in these advanced technologies to offer avant-garde systems, thereby contributing to enhancing the Video Surveillance Market size.
The Global Video Surveillance Market Is Segmented as Follows:
- By Component (Camera, By Type (Fixed Camera, Pan/Tilt/Zoom (PTZ) Cameras, Others (Thermal, Panoramic, etc.))
- By Connectivity Type (Wired, Wireless), By Resolution, (Standard Resolution, Megapixel Network Camera, High-Definition Camera), Monitor (LCD, LED, Others) Software (Video Content Analytics, Video Management Software), Services (Video Surveillance as a Service (VSaaS), Managed Service, Hosted Service, Hybrid Service))
- By Media (Hard Disk Drive (HDD), Solid State Drives (SSD), Optical Storage Media)
- By Technology (Storage Area Network, Direct Attached Storage, Network Video Recorder, Network Attached Storage, Digital Video Recorder, Unified or Hybrid Storage)
- By Accessories (Cables, Encoders)
- By End-User (Commercial, Military & Defense, Infrastructure, Residential, Others (Industrial, Institutional))
- By Enterprise (Small, Medium, Large)
- By Customer Type (B2B, B2C)
- By Region (North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa)
- By Competitors (Bosch Security System, HIKVISION Ltd., Honeywell Security Group, FLIR, Panasonic, Dahua Technology, Avigilon, Infinova, Axis Communication, and Pelco)
