Video Surveillance Market to Reach $144.85 Billion, Globally, by 2027 at 14.6% CAGR: Allied Market Research

PORTLAND, Ore., Jan. 25, 2022 /PRNewswire/ — Allied Market Research published a report, titled, Video Surveillance Market by System Type (Analog Surveillance, IP Surveillance, and Hybrid Surveillance), Component (Hardware, Software, and Services), Application (Commercial, Military & Defense, Infrastructure, Residential, and Others), Enterprise Size (Small Enterprise , Medium Enterprise, and Large Enterprise) and Customer Type (B2B and B2C): Global Opportunity Analysis and Industry Forecast, 2020–2027.” As per the report, the global video surveillance market was pegged at $42.94 billion in 2019, and is expected to reach $144.85 billion by 2027, growing at a CAGR of 14.6% from 2020 to 2027.

Major determinants of the market growth

Rise in the need for safety in high-risk locations, the integration of IoT with security cameras, and an increase in the shift from analog surveillance to IP cameras have boosted the growth of the global video surveillance market. However, rise in privacy concerns among consumers, high initial investment during installation, large data storage issues, and lack of professional expertise in handling IP cameras impede the market growth to some extent. On the contrary, increasing trends of smart city development and rise in toward adoption of spy and secret cameras are likely to pave the way for multiple opportunities in the industry.

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COVID-19 Scenario-

  • China which is regarded as a major hub for the manufacturing of video surveillance equipment has reduced its production in the initial days of the pandemic due to the lack of manpower.
  • Due to the government-imposed lockdown, there was a significant decline in the international and domestic logistics and distribution of video surveillance systems, like CMOS sensors and system-on-chip devices.

The Hybrid Surveillance Segment to Manifest the Highest CAGR Through 2027

By system type, the hybrid surveillance segment would showcase the highest CAGR of 17.5% from 2019 to 2027, owing to increase in demand for hybrid recorders, versatility, low installation and maintenance cost of these cameras, and environmental friendliness. However, the IP surveillance segment held the largest share in 2019, contributing to more than half of the market, and is expected to dominate the global video surveillance market during the forecast period. This is owing to increase in adoption of network cameras along with the advanced surveillance solutions they provide such as real-time monitoring, adjustable frame rate, digital zooming capability, ease of installation, cheaper installation and operational costs, and remote accessibility. The analysis of the analog surveillance segment is also included in the research.

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The Hardware Segment Held the Lion’s Share in 2019

By component, the hardware segment dominated the market in 2019, contributing more than two-thirds of the market and is projected to maintain the lion’s share of the global video surveillance market. This is due to rise in demand for storage solutions. However, the software segment is expected to register the highest CAGR of 19.6% during the forecast period, owing to the advanced real-time monitoring solutions. The research also analyzes the services segment.

Asia-Pacific to Continue Its Dominance Through 2027

By geography, Asia-Pacific garnered the major share in 2019, contributing to nearly half of the global video surveillance market, owing to the increase in security concerns among the population in the Asia-Pacific region. Moreover, it is projected to grow at the highest CAGR of 16.7% from 2020 to 2027. The research also includes Europe, North America, and LAMEA regions.

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Leading Market Players

  • Axis Communications AB
  • Avigilon (Motorola solutions)
  • Bosch Security Systems GmBH (Robert Bosch GmBH)
  • Panasonic Corporation
  • Hangzhou hikvision digital technology co., ltd
  • The Infinova Group
  • Aventura Technologies, Inc
  • Flir Systems, Inc
  • Honeywell Security (Honeywell International Inc.)
  • Verkada Inc.
  • Cisco Systems, Inc
  • Eagle Eye Networks
  • Dahua Technology Co., Ltd.
  • Pelco (Schneider Electric)

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