The video surveillance market is expected to grow from USD 48.7billion in 2022 and is projected to reach USD 76.4billion by 2027; it is expected to grow at a CAGR of 9.4% during the forecast period. IoT has made sending and receiving data over the internet simpler, facilitating the use of video surveillance in smart cities. Integration of IoT, big data, and video surveillance is expected to provide better operational and security needs in public spaces.
“Market for video surveillance services to have highest CAGR during the forecast period”
Modern VMS has integration capabilities for various software applications, such as people counting, facial recognition, and number plate recognition. Real-time video analytics can provide important insights on events or activities across several verticals. Various cloud capabilities fulfil the varying requirements of end users, hence driving the high growth in the video surveillance service market, especially for VSaaS. In cloud implementation, VMS solutions are accessed via the internet and hosted by third-party VMS providers. Video recording, controlling, and management are performed by the cloud. VSaaS is an appealing choice as a service because it eliminates the requirement of storage devices, such as network video recorders (NVR), digital video recorders (DVR), or hybrid recorders. It is a remote approach to video surveillance systems, as opposed to an on-site video security system.
“Market for dome cameras to have highest share in 2021”
Dome security cameras are easily recognizable for their circular, dome encasing. Dome surveillance cameras are highly versatile and can be used in both indoor and outdoor settings, providing unparalleled coverage for nearly any use case. The number of lenses that can be attached to these cameras is limited based on the dome size. However, due to their low cost and relatively small size, they are more prevalent than other types of cameras.
“Market for hybrid VSaaS to grow at highest CAGR during the forecastperiod”
In hybrid VSaaS, the recorded data is stored at the customer and the service provider’s end, providing greater redundancy. As hybrid services ensure more data security, remote access, flexibility in adding devices, flexible payment structure, and scalability of data storage, they are adopted for commercial applications, including enterprises, retail stores, and financial institutions. The demand for storing data both on the premises and over the cloud drives the high growth of the hybrid VSaaS market.
“Retail stores and malls segment to grow at highest CAGR for commercial video surveillance market during the forecast period”
The market for video surveillance across retail stores and malls is expected to grow at the highest CAGR during the forecast period. The retail sector implements surveillance systems to prevent theft, flash robbery, and organized crime across stores. Big retail shops covering large areas require more automated surveillance, as physical surveillance has certain limitations. This further highlights the importance of video surveillance systems in retail stores.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the video surveillance marketspace.
The break-up of primary participants for the report has been shown below:
- By Company Type: Tier 1– 40%, Tier 2– 35%, and Tier 3 – 25%
- By Designation: C-level Executives– 35%, Directors– 40%, and Others – 25%
- By Region: North America–40%,APAC– 30%, Europe – 20%,and RoW– 10%
The report profiles key players in the video surveillance market with their respective market ranking analysis. Prominent players profiled in this report are Hikvision (China), Dahua Technology (China), Axis Communications (Sweden), Bosch Security and Safety Systems (Germany), Hanwha Techwin (South Korea), Avigilon (Canada), Teledyne FLIR (US), Honeywell International; (US), Panasonic i-PRO Sensing Solutions (Japan), Pelco (US), Uniview (China), Agent Video Intelligence (US), CP PLUS (India), Genetec (Canada), Huawei Technologies (China), NEC (Japan), NICE Systems (Israel), Qognify (US), Tiandy Technologies (China), VIVOTEK (Taiwan), MOBOTIX (Germany), Morphean (Switzerland), Verkada (US), Camcloud (Canada), and Ivideon (US).
This research report categorizes the video surveillance market on the basis of offering, system, vertical, and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the video surveillance market and forecasts the same till 2027. Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the video surveillance ecosystem.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
- This report segments the video surveillance market comprehensively and provides the closest market size projection for all subsegments across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
- This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product launches, deals, and expansions.
- The analysis of the top 25 companies, based on the strength of the market rank as well as the product footprint will help stakeholders visualize the market positioning of these key players.