Video Surveillance Market

Video Surveillance Market Outlook (2023 to 2033)

In 2023, the video surveillance market recorded a valuation of USD 64 billion, with a projected steady growth rate of 11.1% between 2023 and 2033. By 2033, the market is expected to reach a remarkable value of USD 182.6 billion.

There is a surge in demand for the video surveillance industry due to growing security concerns. Along with these, criminal activity-related increases in demand for security surveillance products, cost savings associated with using various cloud storage solutions, and threat activities are key factors boosting this market.

Deep learning algorithms and applications of artificial intelligence (AI) are likely to have an impact on market expansion. In a similar vein, the use of video analytics is anticipated to open up lucrative commercial potential.

Attributes	Details
Video Surveillance Market Value (2023)	USD 64 billion
Video Surveillance Market Value (2033)	USD 182.6 billion
Video Surveillance Market Growth Rate (2023 to 2033)	11.1%.

2018 to 2022 Video Surveillance Market Outlook in Comparison to 2023 to 2033 Growth Forecast

The video surveillance industry witnessed a significant growth rate of 14.2% from 2018 to 2022, driven by the increasing need for security and surveillance solutions across various industries. The growth outlook for the market from 2023 to 2033 is promising. With advancements in technology, such as AI-powered analytics, the market is predicted to experience a substantial boost.

As per the FMI research, the market for video surveillance is anticipated to garner revenue of around USD 182.6 billion by 2033 at 11.1% CAGR throughout the forecast period. Further, the integration of advanced analytics capabilities with video surveillance systems enables real-time monitoring, proactive threat detection, and actionable insights. This forecasted growth reflects the industry's continuous evolution and the increasing demand for advanced surveillance solutions in the years to come.

In What Ways is the Increasing Utilization of Deep Learning in Video Surveillance Software Contributing to the Market Growth?

• Adoption of deep learning in video surveillance software is revolutionizing the market, enabling accurate and efficient video analysis.
• Deep learning algorithms enhance video surveillance capabilities by enabling functions such as facial recognition, object detection, and behavior analysis.
• Deep learning-based video surveillance software offers real-time monitoring, proactive threat detection, and intelligent decision-making, driving market growth.
• The integration of deep learning algorithms enables advanced video analytics, leading to improved accuracy in identifying and tracking objects of interest.
• Deep learning-based video surveillance software reduces false alarms and enhances overall system performance, increasing its adoption and market demand.
• The trend of deep learning in video surveillance software is boosting market growth by enabling the efficient processing of large volumes of video data, leading to enhanced surveillance capabilities.
• Deep learning algorithms empower video surveillance systems to learn and adapt, improving accuracy and reducing false alarms, thereby driving the adoption of advanced video analytics solutions.
• The integration of deep learning in video surveillance software enables the automatic identification of complex patterns and behaviors, providing valuable insights and proactive security measures.

How is the Growing Adoption of Body-worn Cameras across Industries Swaying the Market?

• The increasing use of body-worn cameras by security forces and law enforcement agencies is driving their adoption across various industries like healthcare and retail.
• Body-worn cameras offer numerous benefits in industries such as healthcare, retail, and hospitality, including improving customer relations, enhancing workforce protection, and preventing unusual activities.
• These cameras enable employees to capture real-time events, send threat alerts, and notify security authorities, contributing to enhanced situational awareness and response.
• Market players in the video surveillance industry are integrating body-worn cameras with video analytics capabilities to cater to the specific needs of end-users.
• Avigilon Corporation, a Motorola Solutions company, has integrated its VideoTag enterprise body-worn cameras with Avigilon Control Center (ACC) video management tools to provide advanced video analytics and security features.

What Factors are Dwindling the overall Video Surveillance Market Size?

• Intense competition among market players and the presence of numerous vendors are causing price wars and reducing profit margins.
• Rapid technological advancements and product innovations lead to short product lifecycles, resulting in the replacement of existing solutions.
• Economic downturns and financial uncertainties can lead to reduced spending on video surveillance systems and solutions.
• Privacy concerns and regulatory challenges regarding the collection, storage, and use of video data may hinder market growth.
• The availability of alternative security solutions, such as biometric systems or artificial intelligence-based security technologies, may divert investments away from traditional video surveillance.

Country-wise Insights

How Promising is the Opportunity in China?

China, being a leading market for video surveillance equipment, is home to leading providers like Hikvision and Dahua. With the world's large surveillance network and significant deployment of cameras globally, China aims to enhance public safety and social stability through extensive video surveillance with facial recognition technology.

The government of China's emphasis on infrastructure development, including railways, airports, stadiums, and highways, has further bolstered the demand for high-definition surveillance systems capable of capturing clear images in low-light conditions. Additionally, China's dominant market share of USD 45.5 billion can be attributed to its government-backed city surveillance and smart city projects.

What is the Growth Potential of the Market for Video Surveillance in the United States?

Due to its quick economic expansion, the United States is anticipated to witness a 9.8% rate of revenue growth during the projection period, touching USD 28.7 billion by 2033. Road rage events, crimes against people on the road, crimes against government property, and public security concerns are all on the rise. In the forthcoming years, it is anticipated that this is going to result in increased demand for video surveillance systems.

Numerous American communities have installed cutting-edge security measures. For instance, according to a study, the neighborhood police used sophisticated facial recognition cameras in 2018 following the Baltimore riots to locate and detain dissidents. According to the data above, the country is likely to need sophisticated surveillance cameras as a result of the growing external and internal threats posed by people.

Category-wise Insights

What can be Attributed to the Supremacy of the IP Surveillance Segment?

The IP video surveillance system segment is poised to experience a significant surge in revenue growth during the forecast period at 11.0% CAGR. IP cameras offer enhanced capabilities such as digital processing, compression, motion detection, and additional hardware components for encoding/decoding or cybersecurity.

Network Video Recorders (NVRs) used in IP systems can efficiently handle multiple video feeds from numerous connected cameras, surpassing the capabilities of Digital Video Recorders (DVRs).

Further, the growing demand for video analytics is also driving industries to adopt IP video surveillance solutions. While analog systems historically had a cost advantage, the declining prices of IP cameras and storage devices have led to a substantial increase in acceptance in recent years.

What is the Anticipated Top Component in the Market?

During the forecast period, the hardware segment is anticipated to be at the forefront in terms of revenue contribution to the global market, advancing at a 10.9% growth rate from 2023 to 2033.

The segment's revenue growth is driven by the rising demand for essential hardware components like cameras, monitors, and storage, which are integral to video surveillance systems. Also, the growing security concerns across various industries have led to an increased installation of cameras worldwide.

The transition to IP cameras has also facilitated hardware-based advancements, improving low-light performance, object tracking, and built-in security features. Technological advancements have resulted in highly specialized surveillance cameras capable of zooming in and scanning specific objects, such as hazardous equipment. These factors collectively contribute to the significant revenue growth of the hardware segment.

How is the Competitive Landscape in the Video Surveillance Market?

The competitive landscape in the video surveillance market is characterized by intense competition among key players. Additionally, established companies and new entrants are striving to gain a competitive edge through product innovations, strategic partnerships, mergers and acquisitions, and geographical expansions.

Key players are focusing on developing advanced video surveillance solutions that incorporate cutting-edge technologies such as artificial intelligence, deep learning, and facial recognition. Companies are investing in research and development activities to enhance their product offerings and cater to evolving customer demands.

The market is witnessing collaborations between video surveillance providers and software developers to provide integrated solutions with enhanced functionalities. Further, with the increasing adoption of video surveillance systems across various industries and the growing demand for intelligent analytics, the competition is expected to intensify.

Key Players Profiled in the Market

• Avigilon
• Axis Communications AB
• Bosch Security Systems GmbH
• Cisco Systems Inc.
• Dahua Technology Co., Ltd.
• Eagle Eye Networks
• Flir Systems Inc.
• Honeywell Security
• Panasonic Corporation
• Pelco
• The Infinova Group
• Verkada Inc.

Recent Developments in the Market:

• The addition of 5 Megapixel IP cameras to Zhejiang Dahua Technology Co., Ltd.'s Lite line was announced. For increased accuracy and to reduce false alerts, the company has also implemented smart motion detection (SMD) technology.
• The StereoVision camera was unveiled by Zhejiang Dahua Technology Co. Using a 3MP dual sensor and incorporating artificial intelligence (AI), the StereoVision camera counts the number of individuals in a scene.
• To deliver Smart Suspect Identification Systems (SSIS), Vehicle Identification and Tracking (VIT), and Preventive Threat Detection (PTD), Hangzhou Hikvision Digital Technology Co., Ltd. joined forces with Scylla Technologies Inc. Through this collaboration, Scylla Technologies' AI-powered solutions might be integrated with Hikvision cameras and NVRs.
• The ONVIF Profile M conformant camera options have been announced by Axis Communications AB.

In a multi-vendor surveillance setup, these cameras offer standardized streaming of events and information feeding from edge-based analytics use cases. Further, integration of events and information with ONVIF Profile M compliant users, such as video management software and services, is made easy by conformance to Profile M.

Segmentation Analysis

By System Type:

• Analog Surveillance
• IP Surveillance
• Hybrid Surveillance

By Component:

• Hardware
• Software
• Services

By Application:

• Commercial
• Military & Defense
• Infrastructure
• Residential
• Others

By Enterprise Size:

• Small Scale Enterprises
• Medium Scale Enterprises
• Large Scale Enterprises

By Customer Type:

• B2B
• B2C

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• The Middle East and Africa

Frequently Asked Questions

What is the Current Valuation of the Video Surveillance Market?

The market for video surveillance is valued at USD 64.0 billion in 2023.

At What Rate did the Video Surveillance Industry Expand in the Last Five Years?

The video surveillance industry secured a 14.2% CAGR from 2018 to 2022.

What is the Growth Outlook for the Video Surveillance Industry?

The market for video surveillance is likely to advance at an 11.1% rate from 2023 to 2033.

What was the Historical Size of the Video Surveillance Industry?

The video surveillance industry garnered revenue of USD 32.9 billion in 2018.

Which Sub-segment is Likely to Lead by Component?

The hardware sub-segment is likely to lead the market by category.