Video Surveillance Market - Forecasts from 2024 to 2029

The video surveillance market will reach US$34.365 billion in 2029 at a CAGR of 6.81% from US$24.723 billion in 2024.

The video surveillance market is an extremely competitive market with a large number of suppliers catering to the demand for video surveillance solutions globally. Video surveillance provides an upgrade over traditional monitoring methods which involve usage of the labor force. As such, video surveillance solutions are a relatively affordable and more effective method, of surveillance as compared to the conventional method, which is driving the growth of the market. Moreover, the includes a fragmented customer base as the surveillance is used in various industry verticals globally.

Market Drivers

The rising number of criminal activities is driving the video surveillance market growth

Video surveillance solutions monitor an individual’s activities over a prescribed area, and with criminal and terrorist activities on the rise, the probability of security threats has increased significantly owing to which demand for constant monitoring is experiencing positive growth on a global scale. Simultaneously, the availability of unmanned drones that can provide comprehensive surveillance solutions has been growing, therefore, pushing the growth of the video surveillance market. Moreover, their ability to reduce the cost of monitoring as compared to traditional methods is further fueling the growth of the market. The market growth is being majorly driven by the persisting threat of terrorist activities and the rising incidence of physical violence, fraud, and theft across the globe. Rising concerns regarding these activities are fueling the demand for advanced monitoring solutions, thus boosting the growth of the video surveillance market.

Favorable initiatives to enhance public security have accelerated the market expansion.

Huge amounts are being spent by governments on the adoption of video surveillance systems to ensure the safety of the public. For example, according to the data provided by the British Security Industry Authority (BSIA), nearly 5.9 million cameras are installed at sensitive locations like hospitals, schools, and public and other public places in the United Kingdom. Enterprises are also investing significant amounts into these solutions to enhance the productivity of workers, streamline operations, and minimize the risk of loss of revenue via thefts or fraud in factories and production sites which is projected to drive the market expansion.

Growing applicability in healthcare has bolstered the market growth.

Video surveillance holds high applicability in healthcare facilities and establishments, where it ensures patients' as well as staff's safety from unwanted threats. By keeping a constant check on area-wise access, video surveillance prevents intruders or unwanted breaches to restricted areas, deterring vandalism, and remote monitoring from either a smartphone or a tablet among many others.

In private hospitals, pharmacies, research facilities, and clinics, video surveillance solutions constitute one of the major devices for keeping check of individual identities and movements. To enhance their market presence, the companies operating in the market besides overall solutions also offer a series of services such as wireless network design, advanced project consulting, security evaluations, and installation support & configuration among others.

Favorable investments and schemes undertaken by the governments of countries to bolster their healthcare settings, followed by efforts to minimize patient and staff altercation among others have contributed to the overall market growth. Hence, developed economies are investing in smart monitoring technologies inclusive of video surveillance and bolstering their adoption in various sectors, inclusive of healthcare, keeping in mind compliance with regulatory standards as well. There is an emerging trend of adopting intelligent video surveillance solutions due to the increased efficacy and long-term cost-effectiveness. In addition, an increasing number of hospitals and other healthcare facilities will boost the demand for video surveillance solutions over the forecast period.

North America holds a significant share of the market.

North America is estimated to hold a significant share on account of the early adoption of new technologies in the region. Rising criminal activities have increased the use of video surveillance across public places in different North American countries. There has been a high demand for CCTV and other surveillance tools both by the public and private sectors. The high adoption rate of smart home security solutions due to increasing cases of burglary and violence is another driver of the North American Video Surveillance market. Simultaneously, the Asia Pacific is anticipated to grow at the highest CAGR owing to the increasing government initiatives and development of smart city infrastructure.

Market Developments

• In November 2023: Axis Communication launched its latest video technology inclusive of multidimensional panoramic cameras, high-performance bullet cameras, and stainless-steel drone cameras at the ISC East 2023. The advanced video solutions are designed to work in harsh environments and will enhance surveillance capabilities.
• In November 2022: VOSKER launched “The V300 Ultimate” which is its rugged cellular-connected security camera that offers on-demand live video streaming and motion-activated video recording. The camera is designed to improve surveillance activities in commercial properties, farms, vacation homes, parking lots, and construction sites.
• In June 2022: Kastle Systems, a property technology company, and America's biggest managed security provider, announced a collaboration with EarthCam, the global leader in video services and construction technology. The collaboration aims to integrate Kastle's and EarthCam's technical expertise in the development of sophisticated and high-resolution cameras that provide real-time visual data services and video surveillance to building sites.
• In January 2022: Wasabi Technologies partnered with Axis Communications to provide cloud storage for AXIS Camera Station (ACS) VMS. The collaboration integrates Axis' industry-leading video technology with Wasabi's unlimited scalability thereby developing modern video surveillance solutions for organizations.

Segmentation:

By Component

• Hardware
• Camera
• Monitor
• Recorder
• Audio System
• Software
• Services

By End-User

• Commercial
• Residential
• Industrial

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Taiwan
• Others