The video surveillance market is anticipated to grow at a CAGR of 15.88% during the forecast period to reach a market size of US$82.137 billion by 2025, increasing from US$33.928 billion in 2019. The video surveillance market is an extremely competitive market with large number of suppliers catering to the demand of video surveillance solution globally. It is used for monitoring the activity of individuals over an area. The conventional method of surveillance involves using the manual labor which is relatively inefficient. As such, the video surveillance solutions are a relatively affordable and more effective method of surveillance as compared to the conventional method which is pushing the growth of the market. Moreover, the customer base is fragmented as it is required across the industry verticals globally.
Rising number of criminal activities is driving the video surveillance market.
Video surveillance solutions are used for monitoring the activities of the individuals over a prescribed area. Rising security threats owing to increase in criminal activities is a major factor responsible for the continuous adoption of the video surveillance solutions globally. Simultaneously, the availability of unmanned drones that can provide comprehensive surveillance solutions has been growing, therefore, pushing the growth of the video surveillance market. Moreover, their ability to reduce the cost of monitoring as compared to the traditional methods is further fueling the growth of the market. The global market for video surveillance systems is majorly being driven by persisting threat of terrorist activities and rising incidence of physical violence, fraud and theft across the globe. Rising concerns regarding these activities are fueling the demand for advanced monitoring solutions, thus boosting the growth of video surveillance market. Huge amounts are being spent by governments for the adoption of video surveillance systems to ensure safety of the public. For instance, according to a report by British Security Industry Authority (BSIA), the United Kingdom has more than 5.9 million cameras installed at sensitive locations like hospitals, schools and public and other public places. Enterprises are also investing significant amounts into these solutions to enhance productivity of workers, streamline operations and mitigate any risk of loss of revenue or reputation due to thefts or frauds which is augmenting the growth of this market.
Healthcare applications provide good growth opportunities.
Video surveillance is used for several applications in the healthcare settings including the safety of patients’ records and identities, ensuring safety and health standards by the staff, preventing intruders from gaining access to restricted areas, deterring vandalism, and remote monitoring from either a smartphone or a tablet among many others. Video surveillance solutions are used in clinics, private practices, hospitals, pharmacies and clinics. The companies provide various services such as advanced project consulting, wireless network design, installation support, configuration and security evaluations among others. The major factors driving the demand for video surveillance solutions in various healthcare settings are stringent government regulations and effective monitoring by the hospital staff among others. Developed regions make use of video surveillance solutions to comply with strict government regulation and safety concerns. There is an emerging trend of adopting intelligent video surveillance solutions due to the increased efficacy and long-term cost-effectiveness. In addition, increasing number of hospitals and other healthcare facilities will boost the demand for video surveillance solutions over the forecast period.
North America holds a significant share in the market.
North America is estimated to hold a significant share in 2019 on account of early adoption of new technologies in the region. Rising criminal activities has increased the use of video surveillance across public places in different North American countries. There has been a high demand for CCTV and other surveillance tools both by public and private sector. High adoption rate of smart home security solutions due to increasing cases of burglary and violence is another driver of North American Video Surveillance market. Simultaneously, the Asia Pacific is anticipated to grow at the highest CAGR owing to the increasing government initiatives and development of the smart city infrastructure.