Video Surveillance Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Component (Hardware (Camera, Monitor, Recorder, Audio System), Software, Services), By End-User Industry (Commercial, Infrastructure, Military & Defense, Residential, Public Facility, Industrial, Others), And By Geography - Forecasts From 2022 To 2027

The video surveillance market is anticipated to grow at a CAGR of 7.91% during the forecast period to reach a market size of US$30.738 billion by 2027, increasing from US$18.043 billion in 2020.

The video surveillance market is an extremely competitive market with a large number of suppliers catering to the demand for video surveillance solutions globally. It is used for monitoring the activity of individuals over an area. The conventional method of surveillance involves using manual labor, which is relatively inefficient. As such, video surveillance solutions are a relatively affordable and more effective method, of surveillance as compared to the conventional method, which is driving the growth of the market. Moreover, the customer base is fragmented as it is required across the industry verticals globally.

The rising number of criminal activities is driving the video surveillance market.

Video surveillance solutions are used for monitoring the activities of individuals over a prescribed area. Rising security threats owing to an increase in criminal activities are a major factor responsible for the continuous adoption of 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 traditional methods is further fueling the growth of the market. The market is being majorly driven by the persisting threat of terrorist activities and the 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 the video surveillance market.

Huge amounts are being spent by governments on the adoption of video surveillance systems to ensure the safety of the public. For instance, according to a report by the 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 the productivity of workers, streamline operations and mitigate any risk of loss of revenue or reputation due to thefts or fraud, which is augmenting the growth of this market.

Healthcare applications are expected to provide good growth opportunities.

Video surveillance is used for several applications in 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 regulations 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, an 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 of the market.

North America is estimated to hold a significant share in 2020 on account of the early adoption of new technologies in the region. Rising criminal activities have 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 the public and private sectors. The high adoption rate of smart home security solutions due to increasing cases of burglary and violence is another driver of the 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 smart city infrastructure.

Market Developments

• In June 2022, Kastle Systems, a property technology company, and America's biggest managed security provider, announced a collaboration with EarthCam, the global leader in video services and construction technology. By combining Kastle's strong roots in designing and implementing technological solutions for the real estate industry with EarthCam's experience in sophisticated, high-resolution cameras, the latest in time-lapse visual data services and video surveillance are provided to building sites.
• In January 2022, Wasabi Technologies, the cloud storage business, partnered with Axis Communications, the market leader in network video, to provide cloud storage for AXIS Camera Station (ACS) VMS. This game-changing solution combines the power of Axis' industry-leading video technology with Wasabi's unlimited scalability and disruptively low, predictable cost to assist organizations in optimizing their modern video surveillance deployments and others.
• In August 2021, Ava Security, an integrated service provider of cloud video surveillance and cyber security, introduced Current Technologies as its newest strategic partner. Current Technologies is a provider of IT and video surveillance services in Illinois and Florida. Current Technologies' physical security professionals can now provide the Ava Cloud Video Security Solution as an addition to their range of custom-tailored video surveillance systems.

Video Surveillance Market Scope:

Segmentation:

• By Component
  • Hardware
    • Camera
    • Monitor
    • Recorder
    • Audio System
  • Software
  • Services
• By End-User
  • Commercial
  • Infrastructure
  • Military & Defense
  • Residential
  • Public Facility
  • Industrial
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Taiwan
    • Others