PUBLISHER: Allied Market Research | PRODUCT CODE: 1414899
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414899
According to a new report published by Allied Market Research, titled, "Video Surveillance Market," The video surveillance market was valued at $61.8 billion in 2022, and is estimated to reach $204.5 billion by 2032, growing at a CAGR of 12.8% from 2023 to 2032.
An IP camera CCTV system provides numerous benefits compared to its analog counterpart such as enhanced image quality, remote access & monitoring, scalability, and advanced functionalities like analytics and integration with other smart technologies. There has been an increase in the demand for security applications such as video surveillance to monitor and record borders, ports, transportation infrastructure, corporate houses, educational institutes, public places, buildings, and others. The video surveillance market involves the integration of cutting-edge solutions for video capture, storage, and analytics, contributing to elevated levels of security, safety, and operational efficiency. Core components include surveillance cameras, video management systems (VMS), storage solutions, and analytics software. The introduction of high-definition and network-based cameras has transformed the industry, providing sharper and more detailed footage. Furthermore, the integration of artificial intelligence and deep learning technologies into video analytics has enabled advanced features such as facial recognition, object detection, and behavior analysis. Increasing concerns about security, coupled with the growing adoption of smart city initiatives, and the demand for comprehensive monitoring across various sectors, are key drivers of the video surveillance market's expansion.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. An increase in focus on public safety and security is a key driver of the video surveillance market, leading to substantial investments in robust surveillance solutions by both governmental bodies and private entities. However, privacy concerns and ethical considerations related to the extensive deployment of video surveillance technologies, resulting in regulatory complexities and public debates, hamper market growth. On the other hand, the advancement of artificial intelligence (AI) and analytics is an opportunity for video surveillance market. AI and analytics can enhance video surveillance capabilities, enabling more sophisticated threat detection, predictive analytics, and the efficient use of collected data across various applications, extending beyond security to include areas such as business intelligence and operational optimization.
The global video surveillance market covers segmentation based on system type, component, application, enterprise type, customer type, and region. The study highlights the details of various system types such as analog surveillance, IP surveillance, and hybrid surveillance. In addition, it provides information about different components such as hardware, software, and services. Furthermore, the applications covered in the study include commercial, military & defense, infrastructure, residential, and others. small-scale enterprise, medium-scale enterprise, and large-scale enterprise are the enterprise types studied in the report. The key customer types discussed are B2B and B2C. Moreover, it analyzes the current market trends of video surveillance across different regions such as North America, Europe, Asia-Pacific, and LAMEA and suggests future growth opportunities.
The key players profiled in the report include: Teledyne FLIR LLC, Verkada Inc., Eagle Eye Networks, Inc., Zhejiang Dahua Technology Co., Ltd, Canon Inc., BCD International, Inc., Panasonic Corporation, Infinova Corporation, HONEYWELL Commercial Security (HONEYWELL INTERNATIONAL INC.), Motorola Solutions, Inc. These key players have adopted strategies such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their market penetration.
This report further highlights the key areas of investment. In addition, it includes Porter's five forces analysis to understand the competitive scenario of the global video surveillance market and the role of each stakeholder. Value chain analysis for this industry, which includes R&D, components manufacturers, assembly, programming & testing, marketing & sales, customers, and post-sales services, is explained. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to increase their market share and sustain intense competition in the industry.
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