The global surveillance camera market size is expected to reach USD 81.36 billion by 2030, registering a CAGR of 10.7% from 2023 to 2030, according to a new study by Grand View Research, Inc.
The rising concerns regarding security and safety and the growing adoption of the Internet of Things (IoT) and smart technologies in smart cities are some of the major factors cited by the analysts as driving the growth of the market. In addition, growing technological advancements in video surveillance solutions to achieve improved security are further propelling the market’s growth. The continuous evolution of camera technology, coupled with innovations in Artificial Intelligence (AI), video analytics, and edge computing, has empowered surveillance system manufacturers to offer advanced functionalities and capabilities.
AI enhances performance and utility
Integrating AI into video surveillance focuses on specialised software or systems embedded within security camera devices. These systems facilitate real-time analysis of audio and images to rapidly identify individuals, vehicles, objects, events, and behaviors. The implementation of AI in video surveillance systems enhances their overall quality, accuracy, and utility. Furthermore, the application of AI in surveillance cameras holds a significant benefit as it can be designed to suit various device types, including thermal cameras, infrared cameras, and outdoor cameras.
Impact of 5G
The 5G cellular service offers considerable benefits to users, including reduced latency and improved data speeds. Its expanded bandwidth capacity makes it ideal for video surveillance applications in residential, commercial, and industrial environments, as its capacity to notably enhance image resolution and support diverse surveillance requirements. Furthermore, with the ultra-fast data transfer rates of 5G networks, surveillance cameras can capture and stream high-resolution footage seamlessly, providing clearer and more detailed images for improved situational awareness. Thus, owing to the above-mentioned benefits, demand for 5G-powered surveillance cameras is expected to increase during the forecast period.
Covid-19 helped fuel demand
The preference for remote monitoring capabilities in surveillance camera systems gained significant traction in the wake of the outbreak of the Covid-19 pandemic. Looking forward into the post-pandemic era, the emphasis on remote access to live video feeds and recorded footage would continue. AI-powered features, such as object detection, behavior analysis, and predictive analytics, are expected to become more prevalent to enhance the overall effectiveness and intelligence of surveillance systems. Thus, AI and advanced analytics in surveillance camera systems are poised to expand further in the post-pandemic era.
Some of the surveillance market report key findings are as follows:
- Based on product type, cellular camera is anticipated to emerge as the fastest-growing segment over the forecast period. The segment is poised to experience significant growth due to the rising need for remote and flexible monitoring solutions leveraging cellular networks to enable real-time video access and connectivity in various locations
- Based on deployment, the outdoor segment is expected to grow at the highest CAGR during the forecast period. Increasing demand for outdoor surveillance cameras with features such as advanced motion detection, high-resolution, and remote monitoring capabilities is boosting the segment’s growth
- Based on resolution capacity, the Ultra High Definition (UHD) (4K) is anticipated to emerge as the fastest-growing segment over the forecast period. The increasing development of UHD or 4K resolution surveillance cameras to offer high-quality surveillance images and videos propels the segment’s growth
- Based on end-use, the industrial segment is expected to grow at the highest CAGR during the forecast period. An increasing demand for surveillance cameras from industries such as manufacturing, mining, construction, and data centers is driving the segment’s growth
- Asia Pacific is anticipated to be the fastest-growing region owing to rapid urbanization and increasing industrialisation in countries such as China, India, and Japan.
The key players cited within the research as being most active in this sector include, Honeywell, Cisco Systems, Eye Trax, Nokia, Panasonic, Bosch, Teledyne Flir, Milesight, Dahua and Swann.