International. A recent study on the global network video recording systems sector – NVRs, estimates that the market reached revenues of around US$2.9 billion in 2021, with a year-on-year growth rate of 12%, Fact.MR reported.
However, amid growing security concerns, overall sales of network video recorders are projected to grow at a CAGR of 11.3% between 2022 and 2032, totaling around $11.2 billion by 2032.
The increasing adoption of network video recorders to gain remote access to a live video stream from the internet protocol camera along with simultaneous recordings is expected to drive the market.
Similarly, several advantages offered by network video recorders, such as fast data recovery, fewer storage requirements, and high image quality, will continue to drive their adoption across various end-use verticals.
Additionally, the report estimates that demand for NVRs will remain high in developed and developing countries due to growing smart city initiatives, rapid urbanization, and growing safety concerns. These recorders are being installed in establishments such as government buildings, health care infrastructure, military bases, and various other buildings to improve security.
The growing adoption of IP cameras for surveillance purposes is expected to create growth opportunities for network video recorder manufacturers during the forecast period.
In addition to this, the growing popularity of wireless technology, coupled with innovation in network video recorders will further drive the growth of the network video recorders market.
Regionally, mainland China is forecast to remain at the top of the global network video recorder business, with total sales reaching $2 billion by 2032. The growth in the market is attributed to the strong presence of domestic manufacturers, high consumption of network video recorders, growing government support, and growing security concerns.
*Based on camera compatibility, the wired network video recorder segment is projected to account for more than 50% of the total market share in 2022.
* In terms of channel type, sales in the enterprise NVR segment are expected to grow at a CAGR of 13.8% during the forecast period.
* With a prolific CAGR of 15.6%, the network video recorder market in mainland China is expected to exceed US$2 billion by 2032.
* The U.S. network video recorder market is expected to generate a $1200 million opportunity by 2032.
*With the increasing adoption of network video recorders, the European market is forecast to grow at a significant rate during the forecast period.