Video Surveillance Market Revenue Outlook by Type (Hardware, Software, Services), Vertical (Commercial, Infrastructure, Institutional, Industrial, Residential, Defense) - Forecast to 2030

Market Overview

The global video surveillance market revenue was $42.3 billion in 2021, and it is expected to reach $114.9 billion by 2030, advancing at a CAGR of around 11.7% during 2021–2030. China is a major consumer of video surveillance technology in the APAC region, and it accounted for the largest share of the regional market, of nearly 42.7%, in 2021. Moreover, the country holds the largest surveillance network and employs more than half of all surveillance cameras in use, in the region. As per a source, all significant public spaces in China are projected to be covered by video surveillance cameras equipped with facial recognition technology, in order to minimize crime and preserve social stability.

Furthermore, the country offers a rapidly expanding possibility for small companies and residential units to adopt video surveillance systems. China is now building several infrastructure projects, such as airports, railways, stadiums, and highway networks, which are likely to necessitate high-definition surveillance systems capable of capturing crisp pictures even in complete darkness. Moreover, the government's city surveillance and smart city infrastructure development programs are enhancing the use of video surveillance equipment, which is thereby augmenting the video surveillance market demand.

Rising Usage of Artificial Intelligence and Software Analytics in Video Monitoring

Intelligent video surveillance systems are becoming increasingly important for maintaining security and safety while also analyzing trends and patterns, as these systems use artificial intelligence software. The application aids in the analysis of audio and picture data from video cameras, in order to identify individuals, cars, objects, and different events. Also, AI-powered video analytics can handle duties such as real-time surveillance, people counting, and automated license plate identification, while also providing organizations with non-security-related data.

In the retail business, for example, store owners may detect shoplifters, and information security officers act in real-time by utilizing surveillance cameras with analytics. Aside from retail outlets, sophisticated video surveillance is being used in industrial plants, businesses, warehouses, and banks to identify unexpected activities. As a result, the surging need for intelligent monitoring is driving the demand for software analytics and artificial intelligence, which is bolstering the video surveillance market growth.

Geographically, the North American market is showing a substantial growth rate during the forecast period, owing to the steady rise in robust infrastructure, increase in cases of road rage accidents, and surge in concern for public safety. Therefore, the aforementioned factors are expected to boost the need for video surveillance systems in the region in the upcoming years.

Cameras Are the Most Preferred Hardware Type

Cameras are the highest-revenue generators in the market, accounting for $16.9 billion in 2021, which is projected to grow at a CAGR of around 11.9% during the forecast period, based on hardware type. This is because the combination of deep learning technology and video analytics increases the need for security cameras for a wide range of end-use applications. Moreover, the storage category is also expected to witness significant growth in the coming years. As the adoption of cloud-based surveillance technologies by end users rises, industry players are all being encouraged to leverage resources such as processing power and storage devices. Thus, this factor is driving the market demand for data storage equipment.

Surge in Adoption of IP-Based Video Surveillance Systems

Improved processing capabilities and compression methodologies are driving the use of IP-based video surveillance systems. Furthermore, emerging technologies such as artificial intelligence, computer vision, and pattern recognition are rapidly being used in current surveillance systems to discover aberrant behavior and patterns in various recordings. Moreover, traditional analog video surveillance systems are losing popularity as more advanced and dependable IP-based video surveillance systems reach the market.

In addition, the demand for IP-based video surveillance systems is expected to increase as a consequence of significant advances in security, network services, and, most importantly, dropping specialized product prices. Furthermore, advances are helping reduce the expenses associated with the installation of surveillance systems. Further, the emergence of 360o video recording technology, for example, has enabled customers to replace 3–4 pan-tilt-zoom (PTZ) cameras. Therefore, this technology is expected to be one of the most revolutionary inventions in the video surveillance business.

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Video Management Software Category To Witness the Fastest Growth

The video management software (VMS) category is projected to witness the fastest growth, propelling at a CAGR of 12.2%, during the forecast period, based on software type. The increasing trend in security and surveillance shows a greater dependence on technological developments. Another aspect of rising security and surveillance concerns leads to the increased demand for CCTV cameras. CCTV security and surveillance cameras come in a wide variety of configurations, including IP-powered cameras and those with night vision or colored night vision. This is strengthening the demand for video management software and further helping in the video surveillance market growth.

For instance, in April 2022, Qognify announced its new video management platform Qognify VMS. It is developed to suit the unique physical security requirements of organizations all around the world. Moreover, it is built on the established technology of Qognify's popular video management software Cayuga, which is utilized in thousands of security installations across the globe.

To Increase Market Share, Companies Involved in Several Strategic Developments

The market has the presence of several key players, who, in recent years, have been involved in various strategic developments, in order to stay ahead of their competitors. For instance:

• In August 2021, MOBOTIX AG and KONICA MINOLTA Inc. collaborated to make use of KONICA's FORXAI technology, which is based on image AI (deep learning) and an imaging IoT platform, allowing customers and partners to accelerate society's digital transformation.
• In July 2021, Bosch Security & Safety Systems (Germany) announced the launch of a new FLEXIDOME panoramic 5100i camera line, which comprises outdoor and indoor IR variants with a stereographic fish-eye lens and 6- or 12-megapixel resolution.
• In April 2021, VSBLTY Groupe Technologies Corp., a producer of security and retail analytics technology tools, and RADARApp, a provider of Smart City Solutions, announced the implementation of the world's first WiFi6-based surveillance network employing intelligent cameras.

Key Players in the Global Video Surveillance Market Are:

• Honeywell International Inc.
• Hanwha Techwin Co. Ltd.
• Agent Video Intelligence Ltd.
• Tiandy Technologies Co. Ltd.
• Genetec Inc.
• Dahua Technology USA Inc.
• MOBOTIX
• VIVOTEK
• Axis Communications AB

Market Size Breakdown by Segment

The study offers a comprehensive market segmentation analysis along with market estimation for the period 2017-2030.

Based on Type

• Hardware Type
  • Camera
  • Storage
• Software Type
  • Video Analytics
  • Video Management Software
• Services

Based on Vertical

• Commercial
• Infrastructure
• Institutional
• Industrial
• Residential
• Defense

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
• Asia-Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • UAE
  • Saudi Arabia