Video Surveillance Market size is anticipated to surpass USD 122 Billion by the end of 2035, growing at a CAGR of 12.5% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of video surveillance was around USD 49 Billion. The growth can be primarily accredited to the increasing rate of crime incidents. The United States had a violent crime rate of 395.7 incidents per 100,000 people in 2021.
The deployment of IP security cameras in the government sector has increased the demand for video surveillance. In order to enhance community safety and an alternative response framework, 40% of police agencies will reportedly use digital technologies by 2022, according to an estimation by the International Data Corporation (IDC).
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~ 12.5% |
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Base Year Market Size (2022) |
~ USD 49 Billion |
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Forecast Year Market Size (2035) |
~ USD 122 Billion |
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Regional Scope |
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Growth Drivers
Challenges
Components (Hardware, Software, Video Surveillance as a Service (VSaaS))
During the projection period, the hardware segment in the video surveillance market is anticipated to hold the greatest share of about 60%. The demand for hardware is linked to the fact that hardware accounts for more than 65% of a video surveillance system's overall cost. Many hardware-based advances that offer greater low-light performance, object tracking, and built-in security have been made possible by the industry shift toward IP cameras. These elements are fuelling market expansion.
Type (Box Camera, Dome, Bullet, PTZ, IP, Day/Night, Thermal (FLIR) Camera, Wireless IP Camera)
Wireless IP camera segment is anticipated to hold the largest share of the video surveillance market. Compared with wire systems, it is easier to install wireless cameras. According to a report, there were more than 1 billion deployed security cameras worldwide by 2021. The company also predicted that 54% of these cameras are in China. There are often high installation costs associated with wire cameras on the network. With the lack of wires, such cameras can be placed at any location by users giving them greater flexibility. Users also get remote monitoring of their camera feeds from anywhere in the world using this Wireless Surveillance System. Some Wi-Fi cameras also connect to wireless monitors, allowing the monitoring and recording of the footage from security cameras.
Our in-depth analysis of the global market includes the following segments
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Type |
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Application |
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Components |
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Technology |
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Storage |
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North American Market Forecast
North America is expected to constitute a significant share of 39% of the global video surveillance market. The factors that contribute to the development of the market in North America include established IT infrastructure and a significant installed base in the United States. The U.S. has the highest market share worldwide when it comes to security cameras per capita. In addition, significant investments in this region have been attracted by a strong presence of global manufacturers.
APAC Market Statistics
The Asia Pacific video surveillance industry is projected to grow at a CAGR of 15.4% during the forecast period. It is a major market for the deployment of video surveillance, given that many Asia Pacific countries are spending heavily on infrastructure and Smart Cities initiatives. The Chinese government, for instance, has started a significant "safe city" effort. In order to improve security and lower crime rates nationwide, it calls for the installation of millions of IP cameras in public areas. These factors are bolstering the market growth in the region rapidly.
Author Credits: Abhishek Verma, Hetal Singh
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