Global Video Surveillance Market Size, Share, Growth Analysis, By Offering(Hardware, Software), By System(Analog Video Surveillance Systems, IP Video Surveillance Systems) - Industry Forecast 2024-2031

Global video surveillance market size was valued at USD 48.20 billion in 2022 and is poised to grow from USD 52.68 billion in 2023 to USD 107.31 billion by 2031, at a CAGR of 9.3% during the forecast period (2024-2031).

The surge in demand for security, spanning both public and private spheres such as schools, airports, businesses, and residences, primarily propels this growth. With the emergence of smart cities, intelligent video surveillance systems are crucial for monitoring various activities. Cloud-based solutions are gaining popularity due to their scalability and affordability, while advancements like Artificial Intelligence (AI) and deep learning enhance monitoring effectiveness, promising substantial industry growth in the forthcoming years. The Asia Pacific region is poised for significant expansion in the video surveillance market from 2023 to 2030, attributed to factors like escalating security concerns, regional economic advancement, and infrastructural development. For instance, Infinova secured a substantial contract in April 2023 to provide video surveillance solutions for over 60 airports in India, encompassing more than 6,000 cameras strategically positioned in critical airport areas. These cameras are anticipated not only to bolster security but also to enhance airport operations by monitoring passenger and cargo movement. Businesses worldwide are strategically investing in AI-capable video surveillance systems to automate tasks like object and facial recognition, allowing human operators to focus on crucial security responsibilities. The advent of 5G technology brings significant advantages to video monitoring. Its higher bandwidth and lower latency enable real-time high-definition video streaming, essential for live monitoring and video analytics. Moreover, its wide connectivity range allows for the connection of numerous devices, facilitating applications such as traffic control and crowd surveillance. Enhanced encryption safeguards video data, while increased mobility enables flexible camera placement, particularly beneficial for event monitoring and public safety. Additionally, 5G's affordability encourages the deployment of more cameras and sensors, ultimately reducing overall monitoring costs.

Top-down and bottom-up approaches were used to estimate and validate the size of the global video surveillance market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Video Surveillance Market Segmental Analysis

The global video surveillance market is segmented based on offering, system, and region. By component, the market is segmented into hardware, software, and service. By system, the market is segmented into analog video surveillance systems, IP video surveillance systems, hybrid Video Surveillance Systems. By verticals, the market is segmented into commercial, industrial, residential, and government. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Video Surveillance Market

Artificial intelligence (AI) technology has seen widespread adoption in recent years. According to a paper published by the Carnegie Endowment for International Peace Organization, in 2019, out of 176 countries surveyed, 75 countries were actively utilizing AI capabilities for surveillance purposes, which included the implementation of facial recognition systems, smart cities initiatives, among others. This data suggests that the increasing focus on smart city initiatives and the proliferation of facial recognition applications are expected to fuel the adoption of surveillance systems employing cameras during the forecast period.

Restraints in the Global Video Surveillance Market

The widespread adoption of video surveillance is rapidly escalating in developed countries, driven by persistent security threats to public safety. Modern video surveillance systems come equipped with advanced functionalities that pose a potential threat to the privacy of individuals captured in the footage. Therefore, there is a pressing need to strike a balance between the utilization of video surveillance for security purposes and its potential negative impact on privacy. Recently, some countries have begun leveraging this surveillance capability to aid in managing the coronavirus outbreak by enforcing stay-at-home and social distancing mandates. While this application of video surveillance may contribute to public health efforts, it also raises concerns regarding privacy rights and potential misuse of surveillance data. Thus, it becomes imperative to carefully consider and regulate the use of video surveillance systems to safeguard both public safety and individual privacy rights.

Market Trends of the Global Video Surveillance Market

Deep learning stands out as the fastest-growing application of artificial intelligence. The surveillance industry benefits significantly from the abundant availability of deep learning algorithms and infrastructure tailored for pattern analysis. Notably, vendors like Nvidia Corporation offer new iterations of graphic processing units (GPUs) equipped with deep learning algorithms specifically designed for cameras and recorders. The capabilities of deep learning technology to enhance video analytics and streamline algorithm calibration mark a significant advancement in the future utilization of video surveillance software. Consequently, deep learning in surveillance systems is currently emerging as a prominent trend in the market.