Video Surveillance Market Size to Worth USD 135.68 Billion by 2033 | Straits Research
New York, United States, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Video surveillance technology enables the capture of videos and images that can be compressed, stored, or transmitted over communication networks, adaptable to any environment. Cameras are typically connected to a recording device or an IP network, allowing for both local and remote monitoring. This technology offers an effective security solution for government facilities, corporations, businesses, and other large organizations. The increasing need for cost-effective, high-efficiency surveillance systems, driven by rising security concerns, is boosting demand. The growing adoption of video surveillance in businesses, the rise of video surveillance-as-a-service (VSaaS), and the development of advanced IP-based digital technologies are anticipated to fuel market growth in the coming years. These cloud-based wireless systems enable users to remotely record, store, manage, play back, and monitor surveillance footage.
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Segmental Insights
The video surveillance market has been segmented on the basis of type, component, and industry vertical.
On the basis of type, the video surveillance market has been segmented into analog and IP based. The IP based segment is expected to register the highest CAGR over the forecast period. This can mainly be attributed due to the shifting consumer preference from analog video surveillance to IP based video surveillance.
By component type, the market has been segmented into hardware, software, and services. Among these, the hardware segment is likely to hold the largest market share over the forecast period. Reduced pricing and ongoing innovation are expected to surge the adoption of video surveillance systems around the globe.
On the basis of industry vertical, the video surveillance market has been segmented into commercial, industrial, residential, defense, and others. The commercial sector is projected to grow at the highest rate as compared to its counterparts, as the demand for video surveillance has been observing an upward trend in the retail sector, malls, and entertainment centers.
Regional Insights
North America is anticipated to lead the video surveillance market over the forecast period. Growing implementation of security solutions by the commercial sector, declining camera prices and shift from analog to IP cameras are key drivers for market expansion in this region.
Europe is projected to witness significant growth in the video surveillance market with increasing demand for premium security surveillance systems such as high-resolution and real-time analytics from governments, security agencies and the business sector.
Asia Pacific is slated to witness significant growth in the video surveillance market with rising security concerns and government initiatives that aim to address them. Real-time access, video analytics and affordability of IP surveillance systems are some the factors that are expected to favorably impact market growth in the years to come.
The LAMEA region is expected to grow at a considerable rate in the video surveillance market. Increasing security spending, coupled with growing security concerns, has been contributing to market growth to an extent.
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Competitive Players
- Hikvision
- Dahua
- Axis Communications
- Samsung Electronics Co.
- Bosch Security Systems
- FLIR (US)
- Honeywell Security Group
- Infinova
- Pelco
- BCD Video
- Schneider Electric
- Panasonic
- Tandy
- Uniview
- Zicom.
Recent Developments
- July 2022 - Samsung Electronics Co. launched the Samsung Newsroom in Singapore, which will serve as the official Samsung Electronics news source for local consumers and media.
- July 2022 - Schneider Electric SE launched its omnichannel retail outreach called Schneider Electric SE Retail Pavilion in India.
Segmentation
- By Type
- Analog
- IP
- Hybrid
- By Component
- Hardware
- Camera
- Monitors
- Storage Devices
- Others
- Software
- Services
- Hardware
- By Vertical
- Commercial
- Retails Stores & Malls
- Data Centers & Enterprises
- Banking & Finance Building
- Hospitality Centers
- Warehouses
- Others
- Industrial
- Defense
- Residential
- Government
- Healthcare Buildings
- Educational Buildings
- Religious Buildings
- Government Buildings
- Others
- Others
- Commercial
- By Region
- North America
- Europe
- APAC
- LAMEA
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