Video Surveillance Security Cameras Market Analysis by Type (Box Camera, Dome, Bullet, PTZ, IP, Day/Night, Thermal (FLIR) Camera, Wireless IP Camera, and Others); by Application (Institutional, Residential, Commercial, Industrial, Border Security, and City Infrastructure); by Components (Hardware, Software, and Video Surveillance as a Service (VSaaS)); by Technology; and by Storage – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
February 15th, 2021: Panasonic Corporation announced the launch of its AW-RM50AG Infrared Wireless Remote Control, which grants users to operate and adjust PTZ Cameras using simple buttons.
July 29th, 2019: Honeywell International Inc. launched 30 Series IP cameras to enhance data and video protection. The purpose is to provide secure channel video encryption, advanced analytics, and helping end users comply with U.S. government procurement standards.
The global video surveillance security cameras market is estimated to garner a significant revenue by the end of 2031 by growing at a CAGR of ~12% over the forecast period, i.e., 2022 – 2031.
Further, the market generated a notable revenue in the year 2021. The growth of the market can primarily be attributed to the worldwide increasing rate of crime incidents. For instance, until 2022, in the United States, the rate of violent crime has increased to approximately 48.30 per 100,000 inhabitants.
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Video surveillance security cameras offer security for both the workplace and the home by capturing images and videos that can be compressed, stored, or transmitted over communication networks. These surveillance security cameras are being used in every circumstance across the globe for providing security to the community. Furthermore, the deployment of IP security cameras in government sector for advanced monitoring has increased the demand for video surveillance security cameras. For instance, by 2022, 42% of police departments are estimated to use digital tools to facilitate public security and an alternate solution structure, such as live video streaming and shared workflows.
Increasing Urbanization- From recent years, people are more inclined to stay and work in cities. This tendency has increased the people’s migration from rural areas to urban areas in a massive way. As per the data released by the World Economic Forum, by 2050, 80% of the world's population, up from the current 55%, is anticipated to reside in urban areas.
Rising Awareness for Security - Installation of surveillance systems provide a sense of security to business and residential occupants, therefore it has been a remarkable hike in adoption of these surveillance cameras. By the end of 2019, approximately 775 million surveillance cameras were installed throughout the world.
Surge in Big Data - A significant amount of video data is produced every minute and is added to the already collected data. This results in a rise in the amount, velocity, and variety of data collected, which generates Big Data. Therefore, it is projected to increase the growth of the global video surveillance security cameras market. For instance, by the end of 2018, each surveillance camera produced approximately 105 GB of video data each month as a result of high-quality lenses.
Rise of IoT - Rising trend of IoT is also projected to grow the adoption of video as it is a major development that has transformed traditional lifestyles into high-tech ones. Moreover, smart cities, homes, and industries are examples of IoT evolutions and it is anticipated to drive the growth of the global video surveillance security cameras market. It’s estimated that the number of active IoT devices is estimated to surpass around 26 billion in 2030, whereas the same was more than 11 billion in 2021.
The global video surveillance security cameras market is segmented and analyzed for demand and supply by application into institutional, residential, commercial, industrial, border security, and city infrastructure, out of which, the commercial segment is expected to hold the highest growth over the forecast period owing to the high security concern in various places i.e., retails, malls, financial institutes, and banks. The increasing number of these commercial places is increasing the demand of security cameras. For instance, in the United States, there were approximately 2165 commercial bank robberies happened in 2019.Whereas, in 2020, there were 1,340 more robbery incidences happened.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Regionally, the global video surveillance security cameras market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific region is projected to hold the largest market share by the end of 2031, backed by the growing number of business chain stores, SMEs, increasing population, and government strategies to install the video surveillance cameras in various public places i.e., school, airports for the security purposes. In the APEC region, small and medium-sized businesses (SMEs) are the innovation and development catalysts. In APEC economies, they make up over 98% of all businesses, employ more than half of the labor force, and remarkably contribute to the economic development, with their contribution of GDP typically ranging from 42 to 64% as per the Asia-Pacific Economic Cooperation.
Furthermore, the market in the North America region is also projected to register a significant growth over the forecast period, owing to the dynamic economic growth, increasing numbers of road rage incidents, and increasing awareness for public security. As per the data provided by the World Bank, the annual GDP growth of the United State was 5.7% in 2021.
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The global video surveillance security cameras market is further classified on the basis of region as follows:
Our in-depth analysis of the global video surveillance security cameras market includes the following segments:
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Ans: Increasing urbanization, rising awareness for security, and surge in big data are some major factors driving the growth of the market.
Ans: The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2022 – 2031.
Ans: High cost of surveillance cameras, lack of trained workforce to oversee security cameras, and increased privacy concern are estimated to hamper the market growth.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
Ans: The major players in the market are Canon Inc., Panasonic Holdings Corporation, Axis Communications AB, NICE Ltd., VIVOTEK Inc., The Infinova Group, Teledyne FLIR LLC, Honeywell International Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, application, components, technology, storage, and by region.
Ans: The commercial segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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