The new report by Expert Market Research titled, ‘Global Video Surveillance System Market Trends, Share, Price, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global video surveillance market, assessing the market based on its segments like product type, vertical and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 9.36%
With the rising use of AI-based video surveillance for public safety and tracking criminal activities, the market is realising a healthy growth. The use of video surveillance systems across different establishments including commercial infrastructure, residential and private structures, along with public places for real-time monitoring to prevent possible incidences of crime is adding to the growth of video surveillance systems.
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Additionally, the feature of enhanced efficiency and convenience offered by these systems contribute to their demand to fill for gaps of manual monitoring as the population is exponentially rising. These systems are an important part of business infrastructure leading to increased staff productivity, employee safety and reduced risk of theft.
Industry Definition and Major Segments
Video surveillance system also refers to closed-circuit television (CCTV) system and is a security system. These systems are composed of cameras, which can be analogue or digital, monitors/display units, and recorders. These video surveillance systems are designed in a way to record whenever a movement is detected.
On the basis of product type, the market is segmented into:
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• Hardware
o Camera
o Analogue
o IP Camera
o Hybrid
o Storage
• Software
o Video Analytics
o Video Management Software
• Services (VSaaS)
The market is divided into the following, basis vertical:
• Commercial
• Infrastructure
• Institutional
• Industrial
• Defence
• Residential
The major regional markets include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The video surveillance system market is also gaining from the benefit of advancement in technology which is making these systems more evolved. For instance, adoption of new technologies such as automatic number plate recognition or facial recognition, among others have helped further propel the market growth.
Widespread adoption of such systems in segments like transportation, public places, utilities and for municipal surveillance is boosting the market towards higher growth. As the governments, across the globe, pour in investments to increase public safety, the demand for video surveillance systems is rising. Moreover, initiatives like smart cities are further catalysing the market for global video surveillance systems.
Key Market Players
The major players in the market are Axis Communications AB, Bosch Sicherheitssysteme GmbH, Honeywell Security Group, Panasonic Corporation, Teledyne FLIR LLC, and Schneider Electric SE, among others.
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