The worldwide video surveillance industry will generate USD 58.5 billion in 2024, and it is estimated to experience a CAGR of 9.3% over the projection period, attaining USD 99.7 billion by the end of 2030. This development can be ascribed to the increasing security demand in public and private places, like airports, homes, business complexes, and schools.
Moreover, smart metropolises need intelligent video surveillance for tracking diverse activities. Furthermore, AI-enabled video analytics and deep learning improve surveillance efficiency, which fuels people's and properties’ safety.
The requirement for advanced processing abilities and compression methodologies is propelling the use of IP-based video surveillance systems. Developing technologies, like computer vision, artificial intelligence, and pattern finding, are quickly being used in the current surveillance systems to find abnormal behavior and patterns in numerous recordings.
Analog video surveillance systems are becoming less popular as more advanced IP-based systems become widely available. The rising demand for IP-based video surveillance is driven by improvements in security capabilities, network services, and decreasing costs of specialized equipment. These advancements are also lowering installation expenses. Additionally, the introduction of 360° video recording technology allows users to substitute multiple pan-tilt-zoom (PTZ) cameras with a single unit, further enhancing efficiency and cost-effectiveness in surveillance setups.
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Key Insights
- Hardware comprises the largest category with a 50% market share in 2024, driven by demand for cameras, displays, and storage devices in video surveillance systems.
- IP cameras are enhancing surveillance capabilities with improved low-light performance, object tracking, and built-in security features.
- Video Surveillance as a Service (VSaaS) is growing at a CAGR of 9.6% from 2024 to 2030, offering benefits like remote viewing, video recording, and cybersecurity integration.
- The commercial sector holds a 40% market share due to increasing security concerns across retail stores, corporations, banks, and financial institutes.
- The industrial sector anticipates the highest CAGR of 9.8% from 2024 to 2030, driven by the need to protect facilities from vandalism, theft, and industrial accidents.
- APAC is the fastest-growing region with a CAGR of 9.7% from 2024 to 2030, driven by technological advancements, urbanization, and infrastructure development.
- China leads APAC with the largest market share, driven by the extensive use of surveillance technology in public spaces and infrastructure projects.
- North America holds a significant market share in 2024, benefiting from widespread adoption across residential, commercial, and industrial sectors.
- The U.S. dominates the North American market with continued growth expected, supported by infrastructure investments and concerns for public safety.
- Middle East & Africa (MEA) show promising growth opportunities, driven by increasing investments and adoption of mobile video surveillance solutions.
- Saudi Arabia and the U.A.E. are key contributors to market growth in MEA, focusing on enhancing security measures and compliance through technology.
- MEA businesses are leveraging technology to mitigate enterprise risks and secure critical infrastructure.
- Growth in the MEA is supported by strategic partnerships and expanding product portfolios of key market players.
- VSaaS adoption is enhancing flexibility and scalability in video surveillance solutions across various sectors globally.
- Technological advancements in hardware are enabling higher resolution and more effective surveillance capabilities worldwide.
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