The global video surveillance system market was valued at USD 52.45 billion in 2019 and is expected to reach USD 90.37 billion by 2025, registering a CAGR of 9.31%, during the period of 2020-2025
NEW YORK, April 9, 2020 /PRNewswire/ -- The global video surveillance system market was valued at USD 52.45 billion in 2019 and is expected to reach USD 90.37 billion by 2025, registering a CAGR of 9.31%, during the period of 2020-2025.
NEW YORK, April 9, 2020 /PRNewswire/ -- The global video surveillance system market was valued at USD 52.45 billion in 2019 and is expected to reach USD 90.37 billion by 2025, registering a CAGR of 9.31%, during the period of 2020-2025. The use of video surveillance in business is growing significantly, owing to the increasing need for physical security, coupled with the use of cloud-based services for centralized data.
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- Video surveillance is majorly adopted in manufacturing, banking & financial services, and transportation and retail industries. This incorporation is higher in countries, such as the United States, the United Kingdom, China, and Brazil, owing to the large size of the concerned industries and higher awareness among consumers.
- Globally, the drive to enhance the safety and security across different industries is adding to the market growth, significantly. With rapid developments in cloud computing and video surveillance software, the surveillance market has transformed, in comparison to the previous decade.
- VSaaS has been increasing over the recent years, owing to the market penetration of IP camera sales. Significant factors, such as IT cost containment by major IT organizations, the emergence of data centers, and improving functionalities associated with centralized data, are aiding the VSaaS segment.
- Many organizations have started using video surveillance system solutions owing to their high dependency on security systems. For instance, in November 2018, Europe-based InfiNet Wireless successfully deployed video surveillance system solutions in the ports of Northwestern Mexico.The project was adopted jointly with Global VoIP and a system integrator. They also installed many high-capacity base station sectors for feeding data and video streams to a central control room
- The growth of the video surveillance market is expected to be fueled by the introduction of new IP-based digital technologies, to detect and prevent undesirable behaviors, such as shoplifting, thefts, vandalism, and terror attacks.
- Furthermore, high investments from India and China in security and safety solutions, aided the Asia-Pacific region to hold the largest market share. Public safety emerged as an essential function for governments across the region. As cities continue to grow, video surveillance becomes a crucial tool for monitoring population movement, as well as to fight crime.
Key Market Trends
Commercial sector is Expected to Hold the Largest Market Share in the Forecast Period
- In recent years, the demand for video surveillance in the commercial segment has increased substantially. The various end-users in this segment include - banking & financial, retail or wholesale, and media & entertainment industries.
- nThe number of thefts and fraudulent transactions in banks and financial institutions is increasing. The rising number of ATM thefts and suspicious ATM withdrawals across the world are further driving the need for adequate security measures. Besides, the regulatory environment has become stringent, which is expected to bolster the deployment of video surveillance systems.
- For instance, BS/2, a Lithuanian banking technology company and VisionLabs announced a strategic partnership for contactless identification that would help the companies to greatly increase security and would ward off the risks associated with the fraudulent or unlawful activities while operating self-service terminals thereby making ATMeye.iQ full-scale self-service video surveillance and fraud prevention system and LUNA face recognition platform the foundation for the introduced services.
- The retail sector has witnessed numerous instances of fraudulent actions, like shoplifting and burglary. Such crimes cause losses worth billions of dollars every year. Deployment of video surveillance systems in the stores can help check these issues by alerting the security team in such instances, in addition to keeping a tab on the shop-floor activities, such as the movements of employees, customers, goods, etc.
- The video surveillance systems can also be used to track consumer behavior at a store regarding a particular segment in a retail store. For instance, in a branch of KFC in Beijing, a computer through camera scans their faces decides on what people will eat by placing orders according to age, gender, and mood.
- Moreover, in the United States increased spending on military and defense on new innovation to manage safety and security, increasing adoption of facial surveillance, increasing government initiatives regarding compulsory installation of video cameras in public places such as liquor shop, supermarket, are the factors that are driving the growth of video surveillance systems across the region.
North America is Expected to Showcase Significant Market Growth
- In the United States, after the 9/11 terror attacks, there has been a significant rise in the demand for effective security and surveillance system. Recently, Memphis Police Department (MPD) has teamed up with Hangzhou Hikvision Digital Technology, a supplier of innovative video surveillance products, to deploy holistic security solutions to ensure the safety of the residents of Memphis.
- Stadium operators are using advanced network surveillance Systems to monitor every corner of the stadium. The famous "Little League World Series" had tied up with Axis communications for implementing effective video surveillance solutions.
- The increasing adoption of facial surveillance is another factor that is expected to drive market growth over the forecast period. Detroit and Chicago have adopted facial surveillance, and Detroit's million-dollar system has the ability to scan live video from cameras located at businesses, health clinics, schools, and apartment buildings, thus, helping the police
- The integration of the video surveillance solutions in the transportation industry is one of the major trends observed in this region.
- To enhance security for the Chicago public transportation system, the second-largest city in the United States with 1.7 million daily traffic, the government relied on Sentry360 to establish a unified surveillance System.
- The increased spending on military and defense has allowed these bodies to conduct R&D activities, resulting in new innovations, which allow them to better manage the security and safety of its people and the borders.
- For instance, in August 2019, the US military conducted wide-area surveillance tests across six midwest states using experimental high-altitude balloons that carried hi-tech radars designed to simultaneously track many individual vehicles day or night, through any kind of weather. The Sierra Nevada video capture system, called Gorgon Stare, consisted of nine cameras that were capable of recording panoramic images across an entire city, simultaneously. This is expected to boost the video surveillance system market over the forecast period.
Competitive Landscape
The competitive rivalry in the video surveillance market is high due to the presence of many key players constantly upgrading themselves in order to gain a competitive advantage over other players. The video surveillance market is currently dominated by major players like Honeywell Security Group, Bosch Security Systems Incorporated, Samsung Group, Schneider Electric SE, Panasonic Corporation, among others.
- March 2020 - Axis Communications has launched a new addition to its AXIS M30 Network Camera Series. AXIS M3068-P, is a 12 MP mini-dome that provides up to 15 fps with Forensic WDR, whereas AXIS M3067-P is a 6 MP camera that provides up to 30 fps with Forensic WDR and has Lightfinder technology, which offers 360° panoramic views with no blind spots.
- January 2020 - ScanSource signed an agreement to distribute commercial security products of Honeywell. This agreement will allow ScanSource to broaden its base of video surveillance, access control, and intrusion prevention products and solutions, while enabling partners to purchase Honeywell's commercial security solutions directly through them.
- January 2020 - Bosch launched the IP 3000i portfolio which is available in micro dome, mini-dome, bullet, and turret options for indoor and outdoor use. This new camera range offers complete flexibility for everyday surveillance in standalone All Bosch IP 3000i outdoor camera models are rated IK10 for high impact resistance and can withstand challenging weather conditions because of their IP66 rating. The cameras offer built-in video analytics as standard and are built for high-quality performance and designed for easy installation.
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