(I-BusinessNews.Com, August 26, 2021 ) Over a decade, video surveillance systems have been a thriving part of security industry. In the last few years, the Internet of Things (IoT) devices have further expanded the video surveillance industry's popularity. Video surveillance systems such as Analog, IP, and Hybrid support security personnel in monitoring and tracking activities. It incorporates one or more video cameras on a network that sends the captured video or audio information to a particular place. The captured images are live controlled or transmitted to a central location for recording and storage. The Global Video Surveillance Market is expected to reach US$ 112.23 Billion by 2027.
The video surveillance systems are found everywhere; they are used in smart cities for many urban services, including hospitals, transportation and traffic, water supply, power plants, waste management, and law enforcement. Overall the smart infrastructure demands video surveillance systems. According to Statista, the revenue from smart city infrastructure will grow to US$ 100 Billion in 2025. As a result, the rise in the number of smart city infrastructure is anticipated to propel the growth of the video surveillance industry.
Based on components, the video surveillance market is segmented into Services, Hardware and Software. The hardware category holds the largest market share; it includes recorders, cameras, and storage devices. Despite the high cost, there is a thriving demand for advanced hardware with embedded video analytics solutions and deep-learning applications. As per our research findings, the Global Video Surveillance Industry will grow with a CAGR of 12.92% by 2027.
Globally, there is a massive demand for video surveillance in end-user verticals such as Commercial, Military & Defense, Residential, Industrial, Public facilities and others. In the public sector, analogue security cameras are installed at several places, such as healthcare buildings, educational buildings, government buildings, religious buildings, and transportation infrastructure (roads and traffic junctions). The use of analogue security cameras for video surveillance systems improves situational awareness, prevents untoward incidents, and simplifies response to emergencies.
Moreover, the government sector has increased the adoption of advanced surveillance, and manufacturers have realized the need for optimum IP surveillance systems. New high definition (HD) and megapixel IP cameras are used in small businesses. It captures images in great detail, enabling the small business owner to protect people and assets effectively.
Worldwide, North America is the largest regional video surveillance market due to several industry participants. In the United States, after the 9/11 terror attacks, there has been a significant rise in the demand for adequate security and surveillance system. The Asia Pacific is anticipated to gain market share over the forecast period, mainly due to the growing installation of surveillance devices in China and India and increased infrastructure spending in the region. The Worldwide Video Surveillance Market Size was US$ 47.93 Billion in 2020.
COVID-19 pandemic has subsequently affected the financial conditions of the companies operating in the video surveillance industry. As there was lockdown in many countries and even after opening there was the frequent closer of the economy. In the year 2020, most of the month’s economy has operated in a partial manner. All these factors have affected the video surveillance industry. However, we believe the worst is over, and in the coming future, the video surveillance market will grow with a double-digit CAGR.
Key market players include Honeywell, Bosch's, Schneider Electric, FLIR Systems, and Dahua Technology. Bosch released the new Essential Video Analytics enabled FLEXIDOME IP 3000i Series in 2021.
Renub Research latest report “Video Surveillance Market, Global Forecast by Component (Hardware, Software and Services), System Type (Analog, IP, and Hybrid), Enterprise Size (Small, Medium, large), End-Use Verticals (Public facilities, Commercial, Military & Defense, Residential, Industrial and others), Region (North America, South America, Europe, Asia Pacific, Middle East & Africa), Company (Honeywell, Bosch's, Schneider Electric, FLIR Systems, and Dahua Technology)" Provides a detailed analysis of Global Video Surveillance Market.
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