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%. |
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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.
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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.
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.
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.
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.
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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
Recent Developments in the Market:
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.
The market for video surveillance is valued at USD 64.0 billion in 2023.
The video surveillance industry secured a 14.2% CAGR from 2018 to 2022.
The market for video surveillance is likely to advance at an 11.1% rate from 2023 to 2033.
The video surveillance industry garnered revenue of USD 32.9 billion in 2018.
The hardware sub-segment is likely to lead the market by category.
| Market Size (2023) | USD 12,107.6 million |
|---|---|
| Market Size (2033) | USD 43,846.1 million |
| Market CAGR (2023 to 2033) | 13.7% |
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