International. Analyst Berg Insight revealed a report on the connected video surveillance camera market, in which the installed base of video surveillance cameras in Europe and North America is estimated to grow at a CAGR of 18.1 percent, going from 183 million units in 2019 to 420.3 million units in 2024.
The report focuses on five areas of application: city surveillance; surveillance of commercial buildings and industrial sites; smart home security cameras; body cameras; and telematics video for commercial vehicles.
North America is the most successful region compared to Europe and accounted for close to 70 percent of the total installed base in 2019. At present, surveillance of cities, commercial buildings and industrial sites is the largest segment accounting for 60.1 percent of the installed base.
Berg found that smart home security cameras are the second largest segment, accounting for 38.4 percent of the installed base. Video telematics for commercial vehicles and body cameras are smaller segments, accounting for about 1.1 percent and 0.4 percent of the installed base, respectively.
Video cameras connected over cellular networks have traditionally been uncommon, mainly due to bandwidth and reliability requirements. Berg Insight estimates that only about 2 percent of the installed base of connected video cameras today uses cellular technology. With the introduction of 5G networks, which are currently being rolled out in Europe and North America, the number of video cameras with cellular connectivity is anticipated to grow rapidly. Berg Insight forecasts that the installed base of video cameras with cellular connectivity will grow at a CAGR of 40.7 percent, from 3.7 million units in 2019 to 20.4 million units in 2024.
5G communications technology will have a huge impact on all video camera segments covered in the studio and will also result in a variety of new use cases. It will now be possible to install video surveillance systems in remote or difficult locations. Body cameras can provide police officers and other workers in the field with real-time data that is crucial to operations.
"Video is predicted to become one of the first use cases for volume 5G IoT connectivity," said Martin Backman, IoT analyst at Berg Insight. He adds that video camera vendors are now stepping up their efforts to offer a range of 5G video cameras in the near future. "The market potential for all segments of connected video cameras is huge as new cutting-edge technologies such as artificial intelligence and facial recognition are adopted on a broader scale," concludes Mr. Backman.
