Dubai, UAE, May 08, 2023 (GLOBE NEWSWIRE) -- The global Security and Surveillance Market was valued at USD 16190 million in 2021 and is anticipated to grow to USD 28660 million by 2028, exhibiting a CAGR of 8.50% during the forecast period. The need for security and surveillance equipment has been rising due to increased concerns about global security, theft prevention, and safety assurance.
There are millions of surveillance cameras installed all over the world. Around 65% of these cameras are found in Asia. Recently, CCTV has been gradually growing, fueling the market growth. The application of this technology has allowed for a significant expansion of state surveillance as well as an advancement in sophisticated social monitoring and control measures.
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Trending Now: Verkada Security Camera and Analytics Solution to be Utilized Across Oxford Collection of Hotels
The IT division at the Oxford Collection's Bend, Oregon, headquarters piloted several IP-based video surveillance systems before settling on Verkada for several reasons. The hotel chain can effortlessly manage and maintain video surveillance across all its hotels due to high-quality cameras, video analytics capabilities, and cloud-based storage and administration software.
The project started at its central location, the Oxford Hotel Bend. This year, it will completely upgrade the Oxford Suites Redding hotel in California with 30 new HD and 4K cameras. The Bend Hotel's new Roam restaurant, the hotel's entrance, the valet parking area, and an alleyway are all places where the IT team has so far deployed 20 cameras. This year, the group aims to install eight more cameras in a nearby parking garage.
The business assists police with their investigations using Verkada's license plate recognition technology. It also uses cameras and analytics to enhance customer service and more effectively manage operations.
Competitive Landscape
The global market for security and surveillance equipment is dominated by a limited number of large-scale players. Most security and surveillance equipment manufacturers invest significantly in in-depth research and development to build new and enhanced systems that incorporate extra digital and alarm services.
Key players in the market include:
- Hikvision
- Dahua Technology
- Axis Communications AB
- Panasonic
- Honeywell Security
- Hanwha
- Tyco
- Bosch Security Systems
- Pelco
- Samsung
- Uniview
- Flir Systems, Inc
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Segmentation Overview:
The global Security & Surveillance market is primarily segmented by product types, which include:
- Security Cameras
- DVR & NVR
Security Cameras Continue to Drive Revenue Generation Owing to Preventing of Illegal Activities
The video surveillance market is currently being led by the security cameras segment. The capacity to prevent illegal activity and burglary is a significant market driver for security and surveillance systems throughout the globe. Adequate security and surveillance systems shield businesses from staff theft and shoplifting. The surveillance system enables authorities to concentrate on improving products while easing the effort of monitoring every aspect of the firm.
The report also covers the Security & Surveillance market's applications from 2017 to 2028, which include:
- Residential Use
- Commercial Use
- Public & Government Infrastructure
Growing Prevention of Crime in Residential Buildings to Propel Growth Opportunities
In terms of application, the residential use segment for video surveillance is leading the market and will likely retain its dominance in the upcoming years. Government and residential buildings are now where crimes are most likely to occur. Building owners are installing modern CCTV cameras to notice and analyze suspicious situations on their own to effectively combat theft, violence, and vandalism.
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Growing Security Standards Across the Globe to Propel Sales
As a result of recent advancements and breakthroughs, the global security and surveillance market has reached new heights. For instance, Hikvision introduced its technologically advanced webcam products in November 2021. These products include richer built-in capabilities that support the implementation of high-security standards. Security and surveillance systems have a wide range of monitoring capabilities, which reduces the need for security personnel and other manual security resources.
In June 2022, Bosch Security announced its MIC IP fusion 9000i 9mm camera to give enterprises a 360-degree view of essential work sites and enable real-time dispatch in a matter of seconds. With the help of metadata fusion technology, the camera system can reliably forecast object detection and deliver notifications about unusual activity.
Asia Pacific to Continue to Host Prominent Manufacturers, Creating Growth Opportunities
Asia-Pacific is expected to account for the largest share of the global market during the projected period. A key factor driving the demand for security and surveillance systems is the existence of major players in the region. The majority of security systems are found in various government and commercial facilities.
The creation of numerous malls, retail businesses, and public facilities, along with the steadily growing population, boosts the demand for sophisticated security measures to deter criminal activity. The global security and surveillance market is majorly driven by the seamless security systems introduced due to expanding technological breakthroughs.
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Well Developed and Established IT Infrastructure in North America to Boost Sales
North America is anticipated to grow at a rapid CAGR during the forecast period owing to several factors, such as previously developed and established IT infrastructure in the region among other expanding commercial sectors. Furthermore, the region witnessed the highest sales of security and surveillance systems due to the presence of major international manufacturers.
Key Benefits of This Market Research:
- Industry drivers, restraints, and opportunities covered in the study
- Neutral perspective on the market performance
- Recent industry trends and developments
- Competitive landscape & strategies of key players
- Potential & niche segments and regions exhibiting promising growth covered
- Historical, current, and projected market size, in terms of value
- In-depth analysis of the Security & Surveillance Market
- Overview of the regional outlook of the Security & Surveillance Market
Key Points from TOC:
1 Research Methodology and Statistical Scope
2 Security & Surveillance Market Overview
3 Security & Surveillance Market Competitive Landscape
4 Security & Surveillance Industry Chain Analysis
5 The Development and Dynamics of Security & Surveillance Market5.1 Key Development Trends
6 Security & Surveillance Market Segmentation by Type
7 Security & Surveillance Market Segmentation by Application
8 Security & Surveillance Market Segmentation by Region
9 Key Companies Profiled
10 Security & Surveillance Market Forecast by Region
11 Forecast Market by Type and by Application (2022-2028)
12 Conclusion and Key Findings
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