Artificial Intelligence
Video Surveillance Market To Reach USD 110.4 Billion at a CAGR of 11.6% by 2030 – Report by Market Research Future (MRFR)
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New York, US, March 06, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Video Surveillance Market Research Report: By Component, Hardware, Application, and Region – Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 110.4 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 11.6% during the assessment timeframe.
Artificial intelligence-powered video surveillance systems are becoming more and more important for maintaining security and safety and for observing patterns and trends. In order to identify people, cars, objects, and events, the application helps analyse audio and video data from security cameras.
Moreover, real-time monitoring, people counting, and automated licence plate recognition are all duties that can be handled by AI-powered video analytics, all while giving businesses non-security-related data.
For instance, in the retail sector, store owners can spot shoplifters, and information security officials may take immediate action utilising analytics-enabled surveillance cameras. Aside from retail establishments, industrial facilities, businesses, warehouses, and banks are also using modern video monitoring to look for strange activities. As a result, the demand for artificial intelligence and software analytics is expanding, which is encouraging the growth of the video surveillance market.
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Prominent players in the video surveillance market include:
- Axis Communications AB (Sweden)
- Bosch Security Systems Inc. (U.S.), Ltd.
- FLIR Systems Inc. (U.S.)
- Zhejiang Dahua Technology Co., Ltd. (China)
- Hangzhou Hikvision Digital Technology Co. (China)
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 110.4 Billion |
| Growth Rate | CAGR of 11.6% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | To fulfill the growing security need for public safety, video surveillance is becoming more and more popular. |
| Key Market Drivers | Smart cities are becoming more popular, and demand for biometric applications, video management, and the internet of things is also rising. |
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Video Surveillance Market Segmentation:
The video surveillance market is segmented on the basis of component, hardware, application, and region.
The market is divided into three categories: hardware, software, and services. The video surveillance hardware market is anticipated to hold the largest share of these over the forecasted period. The hardware industry is related to the fact that more than 60% of the whole cost of a video surveillance system is made up of hardware. There is also an increase in the number of cameras placed internationally as a result of growing security concerns in numerous industries. Several hardware-based advances that enhance low-light performance, object tracking, and built-in security have been made possible by the industry shift towards IP cameras. Technology has led to the development of highly specialised surveillance cameras that may be configured to zoom in and scan objects like dangerous machinery.
The market is divided into segments based on hardware: cameras, storage systems, and others. Depending on the kind of hardware, cameras are predicted to grow at a CAGR of around 11.9% over the course of the forecast period, amounting for $16.9 billion in sales in 2021. This is as a result of the increased demand for security cameras in a range of end-use applications brought on by the combination of deep learning technology and video analytics. In addition, it is anticipated that the storage category would grow dramatically during the coming years. Industry players are asked to pool resources like processing power and storage devices as end users use cloud-based surveillance technology more frequently. This factor is hence driving up demand for data storage devices.
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The market is divided into Residential, Commercial, Defense, and Infrastructure segments based on application. The commercial segment is anticipated to see much faster revenue growth during the projection period. The commercial market’s increasing reliance on video surveillance systems as a result of rising security concerns in a variety of applications, including retail, businesses, banks, and financial institutions, is what is causing the segment’s revenue to grow. Demand for commercial security solutions is increased by security breaches such inventory loss, robbery, unauthorised access, and other criminal activities. The need for security systems has grown as a result of the recent rapid expansion of small enterprises, retail locations, and shopping malls. Businesses analyse customer behaviour throughout the store using CCTV equipment to enhance store management and spot loitering.
The market is divided into four regions based on geography: North America, Europe, Asia-Pacific, and the rest of the world. The second-largest market share belongs to the Europe Video Surveillance Market. This is caused by the region’s strong network infrastructure and the substantial use of cloud services by local businesses. Also, the UK video surveillance market grew the fastest in the European region, while the Germany video surveillance market had the greatest market share.
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From 2022 to 2030, the Asia-Pacific Video Surveillance Market is anticipated to experience the quickest CAGR growth. This is brought on by a robust network infrastructure in the area and a high rate of cloud service usage. The expansion of the world market is facilitated by these factors. Also, in the Asia-Pacific region, the India video surveillance market was expanding at the fastest rate while China’s video surveillance industry retained the greatest market share.
Over the past few years, the video surveillance industry has provided some of the most significant benefits for medical.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
