Video Surveillance Market To Generate Revenue Worth $114.9 Billion by 2030
- Published: July 2022
The global video surveillance market is projected to advance at a CAGR of 11.7% during 2021–2030, to reach $114.9 billion by 2030. This can be ascribed to the increasing concerns about security and safety, surging infrastructure investments, and rising demand for surveillance systems.
The commercial category accounted for the largest revenue share, of over 31.4%, in the market in 2021, based on the vertical segment. This is driven by the growing relevance of video surveillance systems in the commercial field as a result of the increased security concerns across retail stores, corporations, banks, and financial institutes. Moreover, due to safety breakdowns, such as inventory loss, robbery, unauthorized access, and other criminal activities, the demand for commercial security solutions is increasing.
On the basis of software type, the video analytic software held the largest revenue share in 2021, of around 53.0%. Implementing powerful video analytic software is going to open up attractive market prospects for surveillance systems to give actionable insights and foresight across a variety of use cases. Also, video analytic software features can be combined with current video management software. For instance, Honeywell International Inc. provides a variety of video analytic products, including alarm management servers, active alerts, and video analytics.
Rapid Advancement in Infrastructure Will Augment the Market Growth
The global infrastructure investment has risen over the years for the development and modernization of energy infrastructure, public sector infrastructure including highways, railways, airports, and communication networks, and other infrastructures. Therefore, coordination is required to strengthen and maintain secure and resilient infrastructure, which includes networks, assets, and systems, critical to society. Furthermore, significant impending sporting events, such as the FIFA World Cup 2022 in Qatar, are also augmenting the video surveillance market demand.
Hardware Dominates the Market
The hardware category held the largest market share, of 59.8%, in 2021, and its revenue contribution is expected to reach $67.8 billion by 2030, based on the type segment. This is attributable to the rising demand for hardware like as cameras, displays, and storage devices, which are essential components of video surveillance systems. As a result of growing security concerns in numerous businesses, there is a high rise in the number of cameras placed, globally. The transition to IP cameras has resulted in a slew of hardware advancements that boost low-light performance, object tracking, and built-in security. Furthermore, technological advancements have resulted in highly specialized surveillance cameras capable of zooming in and scanning objects such as dangerous equipment. Therefore, these elements are supporting the market growth in this category.
Product Launches Are Most-Effective Strategic Measures for Market Players
Players in the market have been involved in various strategic developments, such as product launches and collaborations, to remain competitive. For instance, Hanwha Techwin introduced six new PTZ PLUS cameras that are 65% lighter than ordinary PTZ cameras, in January 2021. Moreover, in April 2021, BCDVideo collaborated with Wasabi, a hot cloud storage company, to provide cloud-based video surveillance storage.
Some of the major players operating in the video surveillance market include Honeywell International Inc., Hanwha Techwin Co. Ltd., Agent Video Intelligence Ltd., Tiandy Technologies Co. Ltd., Genetec Inc., Dahua Technology USA Inc., MOBOTIX, VIVOTEK, and Axis Communications AB.