PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1371928
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1371928
According to Stratistics MRC, the Global 4K Video Surveillance Market is accounted for $22,237.7 million in 2023 and is expected to reach $41,894.5 million by 2030 growing at a CAGR of 9.5% during the forecast period. A high-definition video surveillance system known as 4K records and gathers video at a resolution of approximately 3840x2160 pixels. It offers enhanced image quality that is four times that of regular HD, making it possible to precisely identify objects and people. High-security places and public settings are two examples of where 4K surveillance systems are being utilized. They provide better forensic ability, situational awareness, and post-incident analysis. Compatibility with 4K surveillance requires appropriate hardware, including cameras, recorders, and screens, as well as enough network bandwidth and storage space.
Over the past few years, there is a considerable increase in the need for 4K video surveillance across a variety of businesses, as well as technological improvements. Additionally, the growing use of 4K video surveillance equipment in a variety of sectors, including healthcare, manufacturing, and retail, is one of the major factors driving this expansion. For instance, 4K video surveillance is used in the healthcare industry to enhance patient outcomes, simplify procedures, and cut expenses. Thus, 4K video surveillance is being used in the retail sector to enhance customer experiences, boost productivity, and boost sales.
In addition to lower-resolution systems, installing a 4K surveillance system can be more expensive. Moreover, the rising expenditures are caused by higher-resolution cameras, network infrastructure upgrades, and larger storage needs. Therefore, the adoption of 4K surveillance may be hampered by the expense, especially for smaller firms or groups with tighter budgets.
The development of contemporary camera technologies has also made it possible for higher-resolution sensors, quicker image processing, and better compression techniques, all of which have increased the availability and affordability of 4K surveillance. Hence, this has accelerated the use of 4K video surveillance systems in both the commercial and residential sectors which creates an opportunity for the market expansion.
Despite improvements over time, 4K cameras and equipment may still be more difficult to get than lower-resolution options. This can make discovering and putting in 4K video surveillance systems difficult, particularly for businesses operating in sectors or geographies with limited access to high-resolution surveillance technology. Moreover, slow internet connections or bandwidth restrictions may make it difficult to view 4K video remotely or store high-resolution information in the cloud. Thus, for remote monitoring or multi-site deployments, this may affect the utility and availability of 4K video surveillance systems.
The 4K video surveillance market was negatively impacted by the COVID-19 epidemic, the global economic recession, supply chain interruptions, and decreased investments. Moreover, due to financial difficulties, many industries had to postpone or abandon their surveillance system upgrades. The introduction of 4K surveillance technologies was hampered by lockdowns and travel restrictions that restricted installation activity. Furthermore, the reduction in the retail, hospitality, and business sectors decreased the demand for sophisticated monitoring systems.
The hardware segment is estimated to hold the largest share; due to high-resolution image sensors and cutting-edge optics which are the main features of 4K cameras, which ensure the clarity and detail of the recorded video. They might have capability for low light, wide dynamic range (WDR), and pan-tilt-zoom (PTZ) capabilities. Additionally, for a 4K video surveillance system to be installed as well as functioning properly, it needs supporting hardware components such as a power supply, cables, connectors, and mounting hardware. Therefore, these parts guarantee the physical placement of the cameras, NVRs, and other devices, along with consistent electricity delivery and connectivity.
The banking, financial services and insurance (BFSI) segment is anticipated to have lucrative growth during the forecast period, due to customers' personal information, priceless assets, and delicate financial transactions are all handled by the BFSI industry. Furthermore, an improved ability to identify people, things, and activities is made possible by the increased image quality of 4K video surveillance. Hence, some instances, like theft, fraud, or illegal access, can be promptly addressed due to improved security monitoring, threat identification, and response time improvements.
North America commanded the largest market share during the extrapolated period owing to more retail establishments, commercial structures, and residential infrastructures are setting up video surveillance systems. Additionally, due to difficulties such as an increase in terrorism-related activity and cybercrime, public spaces are also a major driver of demand for indoor surveillance solutions in this region. However, a few of the important nations that have a big impact on the expansion of the regional market include the U.S., Canada, Mexico, and Costa Rica which therefore helps in propelling the market's share.
Europe is expected to witness profitable growth over the projection period, owing to increasing security concerns, strict laws, and the necessity for sophisticated monitoring capabilities. In industries including transportation, retail, and government, 4K video surveillance has been widely used in European nations like the UK, Germany, France, and Italy. Furthermore, the region is known for its intense focus on data security and privacy, which has prompted the adoption of cutting-edge video analytics and encryption technologies. The 4K video surveillance industry is expanding in Europe primarily due to the presence of key players and technological improvements.
Some of the key players in the 4K Video Surveillance Market include: Axis Communications AB, Bosch Security Systems Inc., FLIR Systems Inc., Ganz Security, GeoVision, Hangzhou Hikvision Digital Technology Co. Ltd., Hanwha Techwin Co. Ltd., Honeywell Security Group, Kintronics, Leopard Imaging, Lorex, Mobot, NICE System Ltd., Panasonic System Networks Co. Ltd., Pelco Samsung, Sony and Zhejiang Dahua Technology Co. Ltd.
In June 2023, Sony Corporation ("Sony") signed a multiple-year global partnership agreement with Fnatic Ltd, which operates a professional esports team headquartered in London, UK, including product co-creation of Sony's gaming gear brand, INZONE™.
In May 2023, Sony Corporation and Astellas Pharma Inc. announced that they have entered into a collaborative research agreement to discover a novel Antibody-Drug Conjugate (ADC)*1 platform in oncology based on Sony's unique polymeric material, "KIRAVIA™*2 Backbone*3."
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.