The global video surveillance market size was calculated at US$ 42 billion in 2019. The global video surveillance market is forecast to reach US$195 billion by 2030 by growing at a compound annual growth rate (CAGR) of 15% during the forecast period from 2021 to 2030.
A video surveillance system enables the safety and security of a particular place, person, or thing. The system allows real-time monitoring of a place where the system has been installed.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Factors Influencing
The global video surveillance camera market is expected to gain traction due to the growing technology upgrades. The integration of AI has been the most powerful invention in recent years. Apart from that, IoT integration and drones have contributed significantly to the growth of the global video surveillance market. The integration of the Internet of Things (IoT) ensures secure and easy WI-FI access to the users.
Growing government investments and the use of video surveillance devices in the government sector would boost the growth of the overall market. Governments of various countries have been deploying smart monitoring systems for monitoring traffic. Thus, the growing deployment of the video surveillance system in the government sector would boost the market growth during the analysis period.
The video surveillance system is gaining rapid popularity because of its beneficial applications throughout all verticals. Small and medium-scale enterprises are adopting video surveillance cameras to monitor physical changes at the place. Apart from that, video surveillance technologies are installed in public areas, public infrastructures, and commercial buildings to protect against theft, burglaries and monitor employees.
Growing crime rates and concerns over public safety would boost the growth of the global market for video surveillance. Public safety has become a major concern for various government authorities.Thus, the agencies are highly investing in the upgrading of technologies to ensure public safety and security. Thus, with the growing necessity for public safety, the global video surveillance market would ultimately grow during the forecast period.
Geographic Analysis
Regionally, the Asia-Pacific region would experience rapid growth in the global video surveillance market. The government authorities in the region have been focusing on the development of smart cities. Thus, the growing investments in the region would ultimately boost the growth of the market.
Prominent countries, such as China, Japan, India, and South Korea, are witnessing rapid growth in the crime rate. As a result of growing terrorist attacks, thefts, and other crimes, the global video surveillance market is forecast to grow during the projected time.
In addition, other developing countries such as Malaysia, Taiwan, and Thailand are focusing more on enhancing infrastructure. Thus, these countries would also contribute to the growth of the global video surveillance market.
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COVID-19 Impact Analysis
COVID-19 has had a notable impact on retail, hospitality, and many small and medium-sized firms, culminating in a significant economic drop in 2020. As a result of the lockdown measures enforced by governments across the globe, operations in the retail sector have slowed. The global video surveillance market has had witnessed slight growth in the health sector because of remote patient monitoring, sanitation inspections, safety equipment checks, and distance monitoring.
Competitors in the Market
- Dahua Technology
- Axis Communications
- Bosch Security and Safety Systems
- Hikvision
- Hanwha Techwin
- Panasonic i-PRO Sensing Solutions
- Pelco
- Qognify
- Nice Systems
- Huawei Technologies
- Honeywell Commercial Security
- Other prominent players
Market Segmentation
By Offering:
- Hardware
- Software
- Service
By System:
- Analog Video Surveillance Systems
- IP Video Surveillance Systems
By Vertical:
- Commercial
- Infrastructure
- Military & Defense
- Residential
- Public Facility
- Industrial
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What is the goal of the report?
The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
During the forecast period, the report analyzes the growth rate, market size, and market valuation.
The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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