International. The video surveillance industry is estimated to go from $48.7 billion in 2022 to $76.4 billion in revenue in 2027, at a CAGR of 9.4% during the forecast period, market analyst Marketsandmarkets revealed.
A number of factors, including increased camera capabilities, mature technology, features, and custom systems, are making it easier for integrators to meet the demand of end users who want to upgrade legacy surveillance systems to meet their operational and security needs.
Security concerns and technological advances demand real-time remote monitoring on any device and at any time by end users, such as retail stores, manufacturing plants, businesses, warehouses and banks, to detect unusual events on their premises.
Storage devices have the highest share
While DVRs are considered cost-effective storage solutions, NVRs provide an IP-based recording solution over a centralized network that provides more flexibility than DVRs. With the growth of IP cameras that record videos at higher resolution and frame rate, some of these cameras simultaneously record sound along with video. These factors have increased storage requirements; therefore, storage devices are anticipated to grow at the highest CAGR during the forecast period compared to cameras, monitors, and other accessories.
IP surveillance systems presents the highest growth
Along with the basic features, advanced IP cameras have enhanced filtering capabilities that can monitor image and video data even in low-light conditions. The network interface and PoE interface are used to transmit data over a network. For advanced camera features such as PTZ and PWM, motor controllers can be used to rotate the camera with PTZ capabilities. Although the initial cost of IP video surveillance systems is higher compared to an analog CCTV system, the total cost of ownership (TCO) over time is lower compared to analog video surveillance systems. Analysts found that some of the strongest players in this field include Hikvision, and Dahua Technology, Axis Communications, and Bosch Security and Safety Systems are among the major players providing IP video surveillance systems consisting of cameras, storage, and software.
Cameras with a resolution greater than 5 megapixels will have the highest CAGR during the forecast period: Advances in image sensors and declining prices for capable sensors are also factors driving the adoption of high-resolution cameras. Cameras over 5 megapixels offer resolutions such as 3072 × 2048, 3840 × 2160, 3072 × 2048 and 4096 × 2160. The growing demand for better resolution by end users creates an opportunity for this category of cameras.
City surveillance boosts vertical infrastructure
The infrastructure areas consist of transport and surveillance of the city, public places and public services. City surveillance is the dominant application for the video surveillance infrastructure market and is projected to grow at a high rate. An increase in investments by the governments of various countries to increase security levels in public places is also projected to drive market growth. The increasing number of smart city projects will require the implementation of various security and surveillance systems, which will drive the growth of the infrastructure market during the forecast period.
The fastest growth comes from APAC countries
Asia Pacific is anticipated to be the fastest growing region in the video surveillance market due to heavy investments in infrastructure and smart city projects. The use of security cameras in Asia Pacific is expected to increase due to the massive deployment of urban surveillance networks in China to monitor millions of citizens across the country. Increasing urbanization in Asia Pacific has led to the development of new cities and manufacturing and retail industries, among other areas of application in other countries.
The increasing penetration of surveillance cameras in small and medium-sized enterprises, hospitality businesses, airports, ATMs, banks, residential buildings, and religious venues, among other places, is also expected to drive the growth of the video surveillance market.
Leave your comment