Video Surveillance Market Set for 9.3% CAGR Surge, Reaching USD 107.31 Billion by 2031 | SkyQuest Technology
Westford, USA, Aug. 14, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the global Video Surveillance Market will attain a value of $107.31 Billion by 2031, with a CAGR of 9.3% during the forecast period (2024-2031). The necessity for security in both public and private spaces, such as residences, workplaces, airports, and educational institutions, is the main factor contributing to this rise. Smart video surveillance systems are now required for various activity monitoring due to smart cities’ emergence. The growing popularity of cloud-based solutions is attributed to their cost and flexibility. The effectiveness of monitoring is rising due to developments such as artificial intelligence (AI) and deep learning, which is expected to greatly aid in the industry’s growth in the next years. The market for video surveillance would expand quickly in the Asia Pacific area between 2023 and 2030. Numerous variables, such as expanding security concerns, regional economic growth, and infrastructure development, could be responsible for this surge.
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Browse in-depth TOC on the ” Video Surveillance Market “
- Pages – 197
- Tables – 63
- Figures – 75
Video Surveillance Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $52.68 Billion |
| Estimated Value by 2031 | $107.31 Billion |
| Growth Rate | Poised to grow at a CAGR of 9.3% |
| Forecast Period | 2024-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offering, System, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Growth factors driving the video surveillance market |
| Key Market Opportunities | Technological Advancements |
| Key Market Drivers | Integration of IoT and Cloud |
IP Video Surveillance Segment Dominated the Video Surveillance Market, Owing to Rise in Acceptability of Cloud-Based Video Monitoring
With a sales share of more than 54% in 2022, IP video surveillance systems were the most popular system type. Falling IP camera prices, an increase in the market for high-end video surveillance systems, and the growing acceptability of cloud-based video monitoring are the reasons behind this. Compared to classic analog systems, IP video surveillance systems offer greater scalability and flexibility since they use digital technology for both the delivery and reception of video signals across IP networks. IP cameras are ideal for large, dispersed environments since they provide both control and remote monitoring.
Industrial Segment is Anticipated to Grow Due to Rise in Need for Security At Industrial Sites
The industrial segment is expected to grow at a considerable rate. The increased need for security at industrial sites to deter theft, vandalism, and other criminal activity is what’s causing this expansion. In addition, as smart manufacturing technologies become more widely used, there is a greater need for video surveillance systems, which are necessary for process control and oversight. Another reason for this increase is the requirement to follow safety rules, especially those pertaining to worker health and environmental protection. Moreover, integration of artificial intelligence and deep learning into video surveillance makes it more successful in the industrial sector.
Asia-Pacific Dominated the Video Surveillance Market, Owing to Rise in Government Efforts Toward Promoting the Use of Surveillance Equipment
Asia-Pacific dominated the global video surveillance market, with China holding a significant share. The Chinese government has been proactive in promoting the use of surveillance equipment; two instances are the “Sharp Eyes” project and the completion of the “Skynet video surveillance program,” which is the largest video-monitoring network in the world. These steps are predicted to result in an increase in the local market for video surveillance.
North America is Predicted to Grow Significantly, Attributed to Rise in Modern Surveillance Systems
In the next years, it is anticipated that North America will witness significant growth in the video surveillance sector due to an increase in human dangers, both foreign and internal. Modern surveillance systems have already been installed in several American towns. For instance, during the Baltimore riots, the local police located and detained protestors using facial recognition cameras.
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Video Surveillance Market Insights
Drivers:
- Technological Advancements
- Integration with IoT and Cloud
- Increase in Security Concerns
Restraints:
- High Initial Costs
- Privacy Concerns and Regulations
- Cybersecurity Risks
Leading Players Operating in the Video Surveillance Market
The following are the Top Video Surveillance Companies
- Pelco Inc.
- IDIS Co. Ltd.
- CP Plus International
- Genetec Inc.
- Flir Systems Inc.
- Panasonic Corporation
- Honeywell International Inc.
- Axis Communications AB
- Agent Video Intelligence Ltd.
- March Networks Corporation
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Key Questions Covered in the Video Analytics Market
- What are the factors driving the market growth?
- Which key players are operating within the Video Surveillance market?
- What are the opportunities present in the market?
This report provides the following insights:
- Analysis of key drivers (advancements in AI and ML and integration with IoT), restraints (high implementation costs), opportunities (increase in demand for customized video surveillance solutions), and challenges (security and privacy concerns) influencing the growth of the video surveillance market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the video surveillance market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the video surveillance market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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