Wilmington, Delaware , Oct. 30, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Video Surveillance Market By System Type, Component, Application, Enterprise Size, and Customer Type: 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.
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- 171 - Tables
- 94 - Charts
- 350 - Pages
Major Determinants of the Market Growth
The growth of the global video surveillance market is driven by surge in demand for safety in high-risk locations, the integration of IoT with security cameras, and a rise in the shift from analog surveillance to IP cameras.
However, large data storage issues, increase in privacy concerns among consumers, high initial investment during installation, and lack of professional expertise in handling IP cameras restrict the market growth to some extent. On the contrary, growing trends toward smart city development and surge in adoption of spy and secret cameras are likely to present lucrative opportunities for the industry.
The Hybrid Surveillance Segment to Manifest the Highest CAGR Through 2027
Based on system type, the IP surveillance segment held the largest share in 2019, accounting for more than half of the market, and is estimated to dominate the global video surveillance industry during the forecast period. This is attributed to increase in adoption of network cameras along with the advanced surveillance solutions they offer such as real-time surveillance, digital zooming capability, adjustable frame rate, ease of installation, cheaper installation and operational costs, and remote accessibility.
However, the hybrid surveillance segment would showcase the highest CAGR of 17.5% from 2019 to 2027, due to rise in demand for hybrid recorders, versatility, low installation and maintenance cost of these cameras, and environmental friendliness.
The Hardware Segment Held the Lion's Share in 2019
Based on component, the hardware segment dominated the market in 2019, contributing more than two-thirds of the market and is anticipated to maintain the lion's share of the global video surveillance market. This is due to a rise in demand for storage solutions. However, the software segment is expected to witness the fastest CAGR of 19.6% during the forecast period, attributed to the advanced real-time monitoring solutions. The research also analyzes the services segment.
Asia-Pacific to Continue Its Dominance Through 2027
Region-wise, Asia-Pacific held the largest market 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, this region is expected to grow at the highest CAGR of 16.7% from 2020 to 2027. The research also analyzes Europe, North America, and LAMEA regions.
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Leading Market Players
- Bosch Security Systems GmBH (Robert Bosch GmBH)
- Axis Communications AB
- Avigilon (Motorola solutions)
- The Infinova Group
- Aventura Technologies, Inc
- Flir Systems, Inc
- Honeywell Security (Honeywell International Inc.)
- Hangzhou hikvision digital technology co., ltd
- Verkada Inc.
- Cisco Systems, Inc
- Eagle Eye Networks
- Dahua Technology co., ltd.
- Pelco (Schneider Electric)
- Panasonic Corporation
Key Benefits For Stakeholders:
- This study includes the analytical depiction of the video surveillance market forecast along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information regarding the key drivers, restraints, and opportunities in the video surveillance market.
- The market growth is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
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