The global video surveillance system market was valued at USD 40.37 billion in 2018, and is expected to reach a value of USD 95.98 billion by 2024, recording a CAGR of 15.53% over the forecast period (2019 - 2024). The use of video surveillance in business is growing significantly, owing to the increasing need for physical security, coupled with the use of cloud-based services for centralized data.
- Video surveillance is majorly adopted in manufacturing, banking & financial services, and transportation and retail industries. This incorporation is higher in countries, such as the United States, the United Kingdom, China, and Brazil, owing to the large size of the concerned industries and higher awareness among consumers.
- Globally, the drive to enhance the safety and security across different industries is adding to the market growth, significantly. With rapid developments in cloud computing and video surveillance software, the surveillance market has transformed, in comparison to the previous decade.
- VSaaS has been increasing over the recent years, owing to the market penetration of IP camera sales. Significant factors, such as IT cost containment by major IT organizations, the emergence of data centers, and improving functionalities associated with centralized data, are aiding the VSaaS segment.
- The growth of the video surveillance market is expected to be fueled by the introduction of new IP-based digital technologies, to detect and prevent undesirable behaviors, such as shoplifting, thefts, vandalism, and terror attacks.
Scope of the Report
Video surveillance systems are a group of one or more video cameras on a network that sends the information of the captured video or audio over to a certain place. This information or the captured images are live monitored or sent a central location for storage and recording. This report segments the market based on type, end-user industry and geography.
Key Market Trends
Commercial sector is Expected to Hold the Largest Market Share in the Forecast Period
- In the recent years, the demand for video surveillance in the commercial segment has increased substantially. The various end users in this segment include - banking & financial, retail or wholesale, and media & entertainment industries.
- In banks and financial institutions, the increasing number of thefts and fraudulent transactions, in addition to stringent regulatory environment are expected to bolster the deployment of video surveillance systems.
- For instance BS/2, a Lithuanian banking technology company and VisionLabs, announced a strategic partnership for contactless identification that would help the companies to greatly increase security and would ward off the risks associated with the fraudulent or unlawful activities while operating self-service terminals thereby making ATMeye.iQ full-scale self-service video surveillance and fraud prevention system and LUNA face recognition platform the foundation for the introduced services.
- In the retail sector, video surveillance is deployed to prevent shoplifting. They are also used to keep a tab on the shop-floor activities, such as, the movements of employees, customers, goods, etc.
- The video surveillance systems can also be used to track consumer behavior at a store regarding a particular segment in a retail store. For instance, in a branch of KFC in Beijing, a computer through camera scans their faces decides on what people will eat by placing orders according to age, gender, and mood.
North America is Expected to Showcase Significant Market Growth
- In the United States, after the 9/11 terror attacks, there has been a significant rise in the demand for effective security and Surveillance System. Recently, Memphis Police Department (MPD) has teamed up with Hangzhou Hikvision Digital Technology, a supplier of innovative video surveillance products, to deploy holistic security solutions to ensure safety of the residents of Memphis.
- Stadium operators are using advanced network surveillance System to monitor every corner of the stadium. The famous "Little League World Series" had tied up with Axis communications for implementing effective video surveillance solutions.
- The integration of the video surveillance solutions in the transportation industry is one of the major trends observed in this region.
- To enhance security for the Chicago public transportation System, the second largest city in the United States with 1.7 million daily traffic, the government relied on Sentry360 to establish a unified surveillance System.
The competitive rivalry in the video surveillance market is high due to the presence of many key players constantly upgrading themselves in order to gain a competitive advantage over other players. The video surveillance market is currently dominated by major players like Honeywell, Bosch, Samsung, Schneider Electric, Panasonic and many more.
- January 2019 - Axis launched new vulnerability Notification Email Services, that can be subscribed by customers to identify critical vulnerabilities in Axis surveillance products.
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