Video surveillance systems employ cameras used principally for monitoring & surveillance and play a crucial role in ensuring safety & security from remote distances. These surveillance systems are observing extensive utilization across different sectors for multiple applications like traffic monitoring, public safety, vandalism deterrence, internet security systems, parking lots, employee safety, etc. Additionally, the integration of the Internet of Things (IoT) & Artificial Intelligence (AI) into video surveillance systems is also displaying the increasing popularity of these systems across different end-user industries.
These systems aid security managers to track activities of the people in a targeted location & engage several video cameras in a network. The data generated can be sent to an intermediate network station from where it is controlled, managed, or forwarded for recording & storage purposes. Moreover, video surveillance systems with advanced functionalities are swiftly gaining traction, with their extensive use in smart cities to improve security & provide better facilities to the consumers.
The Global Video Surveillance Market is projected to grow at a CAGR of around 10.4% during the forecast period, i.e., 2021-26. The growth of the market is driven primarily by the rapidly growing number of terrorist attacks & increasing criminal activities. Hence, to prevent these acts, the demand for video surveillance systems is significantly upsurging worldwide and driving the global market.
Additionally, escalating support from governments of different countries worldwide through massive investments in video surveillance systems to boost national security & enhance the deployment of these systems to ensure public safety shall also augment the market growth during the forecast period.
Besides, rapid technological advancements like AI, deep learning, and software analytics introducing upgrades & new video surveillance systems with improved hardware capabilities like better camera prospects, enriched features, customized devices, and maturing technology are other crucial aspects projected to augment the market growth.
Moreover, propelling demand for body-work video surveillance systems across industries like retail, healthcare, police & law enforcement administration, etc., are other areas where the market can display steady expansion. Nevertheless, the active participation of governments through initiatives like the construction of smart cities would also present a significant boost to the global market in the coming years. For instance:
Key Trend in the Global Video Surveillance Market
The increasing utilization of technologies like the Internet of Things (IoT) & Artificial Intelligence (AI) in video surveillance systems is bringing greater efficiency in monitoring & detecting movement and determining possible risk factors. It, in turn, is helping governments of different countries worldwide enhance their security systems & build a safer environment for citizens.
Due to such advantages, the deployment of video surveillance systems is rising swiftly to curtail activities like intrusions, robberies, murders, thefts, etc., and reduce the overall crime rate across different regions. With IoT & AI integrated into these systems, security managers receive notifications about the potential threats in real-time that enable them to prevent break-ins or illegal activities beforehand.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada|
|Europe: Germany, UK, France, Italy, Spain|
|Asia-Pacific: China, India, Japan, South Korea, Australia and Others|
|South America: Brazil|
|Middle East & Africa: UAE, Saudi Arabia, South Africa|
|Key Companies Profiled||Bosch Security System, HIKVISION Ltd., Honeywell Security Group, FLIR, Panasonic, Dahua Technology, Avigilon, Infinova, Axis Communication, and Pelco|
|Unit Denominations||USD Million/Billion|
Impact of Covid-19 on the Global Video Surveillance Market
The unfortunate Covid-19 pandemic in 2020 severely impacted the operations & growth of most industries worldwide, where the Global Video Surveillance Market was no exception. Stringent restrictions & lockdowns imposed by governments to reduce the virus spread resulted in several challenges for the market like the unavailability of labor & logistics, declining demand, shut down of manufacturing units. It, in turn, hampered the production & deployment of video surveillance systems and displayed a downfall in the domestic & international distribution of the equipment.
Moreover, with the emergence of the pandemic, the demand for video surveillance systems observed a temporary hike across different regions, principally to detect & prevent the spread of the dreadful disease. Countries like the US & China, amongst the largest producers of video surveillance systems, witnessed maximum fluctuations in the demand & supply amidst the global crisis.
However, the rising geopolitical tensions between the two led to blacklisting Chinese vendors within the US. It was anticipated that these situations would hamper the market growth & the prices of video surveillance systems would strike high. However, small vendors witnessed growth opportunities & participated actively, thereby saving the market amidst the pandemic.
Nonetheless, the gradual betterment in the pandemic situation has allowed the recommencement of business operations, and the market is expected to create lucrative growth opportunities for the leading players, with product upgrades & new launches arriving in the coming years.
Of them all, the Commercial sector acquired the largest share in the Global Video Surveillance Market in recent years, and the same trend is likely to be followed over the forecast years. It owes to the increased adoption of video surveillance systems to address security threats across banks, retail stores, enterprises, and other institutions. Additionally, the capabilities of the video surveillance systems to monitor instances of security breaches like unauthorized access, robbery, inventory loss, etc., are playing a crucial role in augmenting the market growth across commercial spaces like shopping malls, retail businesses, etc.
On the other hand, the Industrial sector is anticipated to display substantial market growth during 2021-26. It attributes prominently to the rising security concerns across the manufacturing, construction, & automobile industries on account of the surging incidences of vandalism, thefts, & robbery of raw materials like copper, aluminum, steel, optical fibers, etc.
Furthermore, across the Institutional sector, the immense use of analog security cameras to enhance situational responses & awareness and monitor operations across educational, healthcare, government, & religious buildings is projected to generate significant growth opportunities for the leading market players in the coming years.
By Connectivity Type:
Of both types of connectivity, the burgeoning demand for wireless video surveillance systems is expected to contribute substantially to the overall growth of the global market during 2021-26. It owes principally to their capabilities to easily connect with a remote system over Wi-Fi or Bluetooth for monitoring & surveillance purposes. The adoption of wireless webcams is rising substantially across the residential sectors to enhance home security while streaming live through smartphones connected to the internet.
Moreover, with the increasing utilization of the Internet of Things, wireless video surveillance cameras can be controlled over an application & integrated with other smart home devices, such as Amazon Alexa, speakers, & smart locks, among others. It, in turn, is another crucial aspect augmenting the adoption of wireless video surveillance systems & fueling the overall market growth.
Geographically, the Global Video Surveillance Market is spread across:
Of them all, Asia-Pacific is projected to acquire the largest market share during the forecast period. It owes principally to the active participation of the governments through initiatives like smart city projects, especially across countries like China & India, i.e., propelling the demand for video surveillance systems to enhance the security infrastructure.
In Asia-Pacific, China holds the majority market share. In 2020, owing to the Covid-19 pandemic that affected several sectors of the economy, video surveillance vendors played a crucial role in control measures. With enhancements in access to data gathering technologies like facial recognition, intelligent video cameras, & computer monitoring programs, the surveillance market in the country has become more extensive.
On the other hand, India has been undergoing increasing crimes, terrorist acts, communal violence, etc., which is why the Video Surveillance Market has observed significant growth across the country. Moreover, various ongoing & scheduled government projects, including smart cities, citywide monitoring, educational reforms, etc., have also infused the need for high-impact video surveillance systems. Apart from the surging demand for these systems in government projects & industrial developments, they are also being installed extensively in residences, commercial spaces, & transportation services.
Besides, the rapidly growing population across Asia-Pacific is stimulating the development of manufacturing, retail, & other industries and, in turn, infusing the need for surveillance systems to be installed in them. Moreover, the extensive presence of several well-established manufacturers of video surveillance systems entwined with their low costs shall further boost the regional market in the coming years.
On the other hand, North America is anticipated to observe the fastest market growth during the forecast period, primarily due to the active participation of prominent video surveillance system manufacturers & providers across the region and the growing focus of governments of countries like the US & Canada on enhancing national security by adopting robust video surveillance systems.
Across North America, the United States has witnessed a rapid & exponential rise in the demand for effective security & surveillance systems in the past few years, especially after the 9/11 attacks. Police departments in different states have collaborated with the leading manufacturers of video surveillance systems for deploying holistic security solutions to ensure the safety of the residents.
Some states have adopted facial surveillance systems, which is another crucial aspect contributing to the regional market growth. Moreover, the transportation sector is increasingly adopting advanced video surveillance systems for the enhanced safety & security of both daily commuters & tourists.
Recent Developments by Leading Companies
Hefty investments by governments worldwide in building smart cities, coupled with the use of technologies like Artificial Intelligence, Cloud Computing, Data Analytics, & the Internet of Things (IoT) in video surveillance systems for facial recognition, real-time data sharing, & closely monitoring public places to reduce road accidents & prevent terrorism, would altogether be driving the Global Video Surveillance Market during 2021-26. Besides, commercial applications like tracking the functioning of power plants, industries, & waste management systems, among others, shall further propel the overall market growth in the coming years.
New upgrades in surveillance systems with higher resolution capabilities to maintain the quality of images & retain finer details upon magnification are swiftly gaining momentum. Additionally, other features like inbuilt microphones for audio recording with video, low-light performance, internal heating in extremely-cold weather conditions, wireless connectivity, extensive coverage area, etc., are also infusing the overall growth of the Global Video Surveillance Market.
Growth Restraint: Privacy Concerns with Data Gathered
While video surveillance systems help curtail criminal activities & provide security to individuals, they might also violate people's privacy rights. Additionally, the data generated through these systems might show vulnerabilities to data breaches, illegal access by unauthorized personnel, & misuse of personal information. Hence, these factors might act as significant growth restraints for the Global Video Surveillance Market during 2021-26.
According to MarkNtel Advisors, the major leading players in the Global Video Surveillance Market are Bosch Security System, HKVISION Ltd., Honeywell Security Group, FLIR, Panasonic, Dahua Technology, Avigilon, Infinova, Axis Communication, and Pelco.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The Global Video Surveillance Market is projected to grow at a CAGR of around 10.4% during 2021-26.
A. The Commercial Sector is anticipated to emerge as an area of remunerative opportunities for the leading players in the Global Video Surveillance Market during 2021-26.
A. Various initiatives & massive investments by governments of different countries worldwide in building smart cities, coupled with the active participation of leading players toward improving features & hardware capabilities of video surveillance systems, are the prominent growth opportunities anticipated to drive the Global Video Surveillance Market through 2026.
A. In the coming years, the Global Video Surveillance Market would expand on account of several leading players planning to introduce advanced solutions in video surveillance systems for high-quality data collection & ensuring the safety & security of the people.