The global video surveillance market is expected to be valued at USD 53.7 billion in 2023 and is projected to reach USD 83.3 billion by 2028, according to the latest research produced by Marketsandmarkets. The sector is expected to grow at a CAGR of 9.2% from 2023 to 2028. Growing security concerns, the embrace of smart city projects, increasing demand for analytics, and advancements in AI-driven video analysis collectively fuel the video surveillance market.
Video surveillance software shows strong growth
The analysts suggest that the software segment in the video surveillance market is projected to exhibit the highest compound annual growth rate (CAGR) due to several factors. Firstly, advancements in artificial intelligence (AI) and machine learning (ML) have led to the development of sophisticated video analytics software, enhancing the capabilities of surveillance systems. Secondly, the increasing integration of video surveillance with other technologies such as IoT and access control necessitates robust software solutions. Moreover, the demand for real-time monitoring, data analysis, and remote access drives the adoption of software platforms. The innovations in cloud-based solutions further boost the growth potential of the software segment in the video surveillance market.
IP video surveillance systems hold the highest market share
The significant growth of IP video surveillance systems can be attributed to various factors. IP cameras offer higher image quality and advanced features compared to analogue alternatives, aligning with the shift towards digital technology. Additionally, the integration of video surveillance into the Internet of Things (IoT) framework enhances overall security and operational efficiency through seamless data sharing. The ability to provide remote access and real-time monitoring meets modern security demands, while the incorporation of AI-powered analytics further bolsters threat detection and response capabilities.
Infrastructure vertical is a growth market
The infrastructure vertical in the video surveillance market is positioned for the largest CAGR due to the escalating need for advanced security solutions in urbanisation and smart city initiatives. Critical infrastructure like transportation hubs, utilities, and public facilities demand robust surveillance systems to ensure safety and operational efficiency. Growing investments in infrastructure modernisation, particularly in both developed and developing regions, drive the adoption of video surveillance technologies. Regulatory mandates for increased security measures in critical facilities further contribute to the rapid expansion of this vertical.
Geographical strength in Asia Pacific
Rapid urbanisation, particularly in countries like China and India, drives the demand for robust security measures across various sectors. Concurrently, the escalating security concerns in both developed and developing economies fuel the adoption of advanced video surveillance technologies. The region’s increasing investments in smart city initiatives further amplify the integration of surveillance systems for enhanced safety and efficient urban management. Moreover, technological advancements, including AI-powered analytics, find strong footholds in the Asia Pacific, contributing to the prominence of Asia Pacific in the global video surveillance market.
The video surveillance market includes major Tier I and II players like Hangzhou Hikvision Digital Technology Co., Ltd., Zhejiang Dahua Technology Co., Ltd, Zhejiang Uniview Technologies Co., Ltd, I-Pro Co., Ltd, Huawei Technologies Co., Ltd – these are some of the companies included in the report from Marketsandmarkets.