Video Surveillance Market

Governments, business enterprises and residents around the world are focused on prevention of any potential threats, such as thefts, terrorist attacks, civil unrest, and natural disasters, that may cause loss or damage to people and assets. Public and asset safety requires real-time monitoring of activities in public places and surroundings. Video surveillance provides for real-time video monitoring and storage of the captured video for evidence. Video surveillance plays a vital role in the development of smarter and safer cities by reducing crime rates and implementing preventive measures. The video surveillance industry is more than 30 years old with the last two decades experiencing technological transformation from analog closed-circuit television (CCTV) to digital network video surveillance systems. Digital network-based CCTV systems are capable of providing enhanced image quality with the help of high-resolution images. Advanced video surveillance systems are easy to install and maintain, provides remote monitoring capabilities, and offers longer retention for recorded video footage with consistency in image and video quality.

Rising demand for IP (Internet Protocol) cameras offering high-resolution images and wide-angle video capturing feature drives the market growth. Advancements in IP technology allows authorized access of live or recorded video footage on smartphones and tablets. Furthermore, technological advancement of 3D virtualization, video surveillance based on deep learning, and cloud computing are growing trends among business enterprises. In 2016, Panasonic Corporation, one of the leading providers of video surveillance systems revealed its video surveillance solutions including fixed security, mobile, and body-worn cameras optimizing public safety.

Moreover, increasing government initiatives and growing smart cities projects around the world are the major factors expected to drive the adoption of video surveillance solutions in the coming years. For instance, in 2015, the Indian government initiated the 100 smart cities projects that plan the implementation and deployment of IP based CCTV cameras to offer end-to-end video surveillance for these emerging safer and smarter cities. However, video surveillance faces some challenges such as the lack of huge bandwidth and vulnerability to cyber-attacks.

The major players that offer video surveillance solutions across the globe are Panasonic Corporation, Axis Communications, Honeywell International Inc., Hangzhou HikVision Digital Technology Co., Ltd, Bosch Group, Hanwha Techwin Co., Ltd, Dahua Technology Co., Ltd, Cisco Systems, Avigilon Corporation, FLIR Systems, Inc., Pelco Corporation, and Hanwha Techwin Co., Ltd. These key market players have adopted various organic and inorganic growth strategies, namely new product launches, partnerships, acquisitions, mergers, and collaborations to enhance their offerings in the video surveillance market.

The global video surveillance market acquired the market value of USD 36,556.23 million in the year 2018 and is expected to reach the value of USD 1,06, 856.71 million in the year 2023 growing at a CAGR of 20.7%. North America accounted for 38% market share and valued USD 13,685.49 million in the year 2018 and is expected to reach USD 36,919.52 million by the year 2023 with a CAGR of 19.2%. Europe region is expected to generate a revenue of USD 34,864.80 million in the year 2023, growing at a CAGR of 21.4%. Asia-Pacific region is expected to generate a revenue of USD 25,090.59 million in the year 2023, growing at the highest CAGR of 23.1%. However, the rest of the world region acquired the market value of USD 3,748.36 million in the year 2018 and is expected to reach the market value of USD 9,981.80 million in the year 2023, growing at a CAGR of 18.9%.