International. A collapse of the Chinese market equivalent to 18.6% would have caused the contraction of the global video surveillance market, which last year was reduced by 3.4%.
This was reported by Novaira Insights when presenting the results of an investigation that also concluded that, paradoxically, most markets outside the Asian country closed last year with growth figures. In fact, if China is not taken into account, it is evident that the global video surveillance market grew by 13.2% in 2022.
Novaira Insights principal analyst and founder Josh Woodhouse said: "The Chinese decline was primarily the result of restrictions on business during the 2022 Covid pandemic. In the public sector, the Chinese government diverted resources from areas such as video surveillance to fighting Covid-19 and supporting the economy during the lockdown."
Despite the above, it is estimated that China remained the largest regional market for video surveillance equipment on the planet, accounting for 44% of the global total. However, this figure represents a reduction compared to 2021, when it represented 52%.
Market behaviour in the rest of the world
Outside of China, the sector grew because suppliers had greater demand, which was caused by a rarefied business climate and shortages due to the pandemic.
Additionally, general inflation led to video surveillance equipment being more expensive and this was reflected in higher revenues for the market. For example, the increase in the value of utilities, labor, and raw materials caused many video surveillance providers to pass on these price increases to customers.
This was evidenced, according to Novaira Insights research, in regions such as India, the Middle East and North America.
Cloud Video Surveillance (VSaaS)
This item registered one of the highest growth thanks to the boom it had in the North American market. There, the increase in the installation of cloud-connected cameras was more than 80% in 2022.
