DUBLIN, Nov. 19, 2021 /PRNewswire/ — The “Video Surveillance Market with COVID-19 Impact Analysis, By Offering (Hardware (Camera, Storage Device, Monitor), Software (Video Analytics, VMS), Service (VSaaS)), System (IP, Analog), Vertical, and Geography – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global video surveillance market is expected to grow from USD 42.9 billion in 2021 and is projected to reach USD 69.1 billion by 2026; it is expected to grow at a CAGR of 10% during the forecast period.
Increasing hardware capabilities of video surveillance cameras, including increased camera capabilities, maturing technology, features, and customized systems, as well as increasing use of software analytics and AI in video monitoring, are expected to be the main drivers for the market. The rise in IoT capabilities, upcoming smart cities, as well as the use of thermal cameras in response to COVID-19 are expected to provide short-term and long-term opportunities for market growth.
Market for video surveillance software 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 software capabilities fulfill the varying requirements of end users, hence driving the growth in video surveillance software market.
Market for IP cameras to have higher growth throughout the forecast period
IP cameras have better capabilities compared to analog cameras as they can perform digital processing within the camera, such as compression and motion detection, as well as contain other hardware components for encoding/decoding or cybersecurity. Over the past few years, the trend of converting analog systems into digital systems has increased. IP cameras save the video data with the help of various video encoding or compression techniques, available network protocols, and the Application Programming Interface (API) used by the video management software.
Market for infrastructure vertical to grow at highest CAGR during the forecast period
The market for the infrastructure vertical is expected to register the highest CAGR during the forecast period. City surveillance is the dominant application for the video surveillance market in infrastructure and is expected to grow at a high rate. Increasing investments by governments of various countries to increase safety levels in public places is also expected to boost the market growth. For instance, it is projected that China’s smart cities market will reach USD 59.9 billion by 2023 from USD 30.4 billion in 2018.
In 2015, the Indian government planned to build 100 smart cities through the Smart Cities Mission, of which several states, including Gujarat and Madhya Pradesh, have already completed smart city projects integrated with advanced video surveillance systems. The project is still underway as of August 2021. The increasing smart city projects will require the implementation of various security and surveillance systems, thus driving the growth of the market during the forecast period.
Market in APAC to grow at highest CAGR during the forecast period
Asia Pacific or APAC is the fastest-growing region in the video surveillance market owing to heavy investments in infrastructure and smart city projects. The use of security cameras in APAC is expected to increase owing to the massive deployment of city surveillance networks in China to monitor millions of citizens across the country. The increasing urbanization in APAC has led to the development of new cities, manufacturing industries, and retail industries, among other application areas in other countries.
The rising penetration of surveillance cameras in small and medium-sized enterprises, hospitality businesses, airports, ATMs, banks, residential buildings, and religious places, among other places, is also expected to drive the video surveillance market growth. Major players in the region include Dahua Technology (China), Hikvision (China), Hanwha Techwin (South Korea), and Uniview (China).
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 2026 (including analysis of COVID-19 impact on the market). Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the video surveillance ecosystem.
- Agent Video Intelligence
- Axis Communications
- Bosch Security & Safety Systems
- CP Plus
- Dahua Technology
- Hanwha Techwin
- Honeywell International
- Huawei Technologies
- Nice Systems
- Panasonic I-Pro Sensing Solutions
- Teledyne Flir
- Tiandy Technologies
- Increased Hardware Capabilities of Video Cameras
- Increasing Use of Software Analytics and AI in Video Monitoring
- Increasing Concerns Over Public Safety and Security
- Privacy and Security Concerns Regarding Video Data
- Rise in Big Data, IoT, and Smart Cities
- Increased Use of Smart Devices for Remote Monitoring
- Growing Adoption of Thermal Cameras in Response to COVID-19
- Requirement for High-Capacity Storage Systems and Higher Bandwidth
- Different Interoperability Standards Between Cameras from Different Manufacturers
- Hikvision Video Surveillance System Provides Security for Battleship North Carolina Historic Landmark
- Hikvision Middle East Provides Video Surveillance to Leading Oil and Gas Company, Total Ghana
- Hikvision Europe Facilitates the Install People-Counting Cameras at the Schalwijk Shopping Center in the Netherlands
- Dahua Technology Provides a Comprehensive Array of Professional Security Services to Wanhua Borsodchem’s Hungary Facilities
- Dahua Technology Deployed Its Dahua Body Temperature Monitoring Solution in Local Business Complexes, Banks, and Company Parks in Hong Kong
- Hanwha Techwin Signs MOU with the Ministry of Military Production in Egypt
- Hanwha Techwin Installs Wisenet Cameras Across Schools in the Washington Township School District
- Haesung Industrial Implemented Temperature Screening Stations Using Teledyne Flir Thermal Cameras
- Hikvision Surveillance System Secures Car Dealership in Ontario, Canada
- Pelco Provides Video Surveillance to T-Mobile Arena in Las Vegas
For more information about this report visit https://www.researchandmarkets.com/r/a506bc
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