Pune, India, Nov. 26, 2021 (GLOBE NEWSWIRE) — The global video surveillance market is likely to gain momentum from the increasing usage of deep learning technology. It helps in lowering the calibration of algorithms and facilitating video analytics. Therefore, it is capable of driving the usage of video surveillance software in the near future. This information is given in a recently published report by Fortune Business Insights™, titled, “Video Surveillance Market Size, Share & Industry Analysis, By Component (Hardware, Software, and Video Surveillance as a Service (VSaaS)), By End-User (Commercial, Industrial, Residential and Government), and Regional Forecast, 2019-2026.” The report further mentions that that the video surveillance market size was USD 19.12 billion in 2018 and is projected to reach USD 33.60 billion by 2026, exhibiting a CAGR of 6.8% during the forecast period.
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Fortune Business Insights™ lists out the names of all the companies present in the video surveillance market. They are as follows:
- Avigilon Corporation
- Bosch GmbH
- Dahua Technology Co., Ltd.
- Axis Communications AB
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Honeywell International, Inc.
- Huawei Technologies Co., Ltd.
- Panasonic Corporation
- FLIR Systems, Inc.
REPORT SCOPE & SEGMENTATION:
|Forecast Period||2019 to 2026|
|Forecast Period 2021 to 2028 CAGR||6.8%|
|2028 Value Projection||USD 33.60 Billion|
|Market Size in 2020||USD 19.12 Billion|
|Historical Data for||2015 to 2017|
|No. of Pages||150|
|Tables, Charts & Figures||42|
|Segments covered||By Component; By End-User; and By Region|
|Growth Drivers||The emergence of AI Surveillance Technology Would Ensure to Drive Growth|
|Growing Adoption of Body-worn Cameras Across Several Industries such as Healthcare & Retail to Drive Growth|
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This Report Answers the Following Questions:
- What are the video surveillance market trends, growth drivers, and hindrances?
- How will the market be impacted in the future?
- What are the opportunities and challenges that the market may come across in the coming years?
- Which region is likely to lead the market by generating maximum revenue?
- Which strategies are being adopted by key players to augment sales?
Increasing Smart City Initiatives to Skyrocket Demand
The rising adoption of artificial intelligence (AI) worldwide is one of the major video surveillance market growth drivers. The Carnegie Endowment for the International Peace Organization published a paper in 2019 which states that out of the total 176 countries, 75 of them are using AI for surveillance purposes, such as smart citing, facial recognition systems, and more. It proves that the rising development of facial recognition applications and smart city initiatives by several regions would contribute to the market growth.
The outbreak of COVID-19 Pandemic to Hamper Growth
In December 2019, as the outbreak of Covid-19 started in Wuhan, China began showcasing a reduction in production backed by the lack of man-power. It is because China is considered to be a major hub for the production of video surveillance equipment. In addition to that, the local demand for this type of equipment is likely to lower as every country is currently emphasizing on controlling the pandemic. Almost every region, such as Asia Pacific and North America are under lockdown. It would affect the cross-border and domestic transportation and logistics of video surveillance systems, such as system-on-chip devices and CMOS sensors. If the pandemic is controlled, it would have a considerable impact on the market. If not, then it can obstruct growth for a long time period.
Industry Segment to Grow Significantly Owing to Security Issues in Manufacturing Sector
Based on end-user, the market is segregated into government, residential, industrial, and commercial. Out of these, the industrial segment held 21.4% video surveillance market share in 2018. This sector consists of the automobile industry, manufacturing & construction industry, and others. The manufacturing industry is mainly susceptible to a broad range of security issues, namely, theft of raw materials, such as steel, copper wires, and optical fibres, as well as expensive machines. Vandalism is also a major threat. Hence, video surveillance systems are required to conduct organized surveillance throughout the plant.
The Asia Pacific to Remain at the Forefront Stoked by High Government Initiatives in China
Geographically, the market is divided into Latin America, North America, the Middle East and Africa, Asia Pacific, and Europe. Amongst these, Asia Pacific held USD 10.58 billion in terms of video surveillance market revenue in 2018. The region is anticipated to lead in the forthcoming period. This growth is attributable to the participation of China. The Chinese government is taking various initiatives to promote the utilization of such surveillance equipment. For instance, in 2017, it announced the completion of the ‘Skynet’ video surveillance program. It further helped in creating one of the largest surveillance networks worldwide. North America is set to grow significantly backed by the increasing adoption of these systems in many countries.
Key Players Focus on Launching State-of-the-art Equipment to Intensify Competition
Prominent companies operating in the market are mainly engaging in the strategy of innovative product launches to fulfil the demand of their growing consumer bases. They are also persistently striving to gain new orders from industry giants, as well as tourist spots to deliver their in-house systems. Below are a couple of key industry developments:
- July 2019: Honeywell unveiled its latest 30 Series IP cameras. It is a new range of video cameras that are capable of strengthening safety and security of buildings through secure channel encryption and advanced analytics.
- May 2018: Division USA Inc. delivered its high-resolution, innovative IP security system to modernize the security of a national historic landmark in Wilmington called the Battleship North Carolina.
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Major Table of Content for Video Surveillance Market:
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- COVID-19 Impact Analysis
- Global Video Surveillance Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- Hybrid Camera
- Analog Camera
- IP Camera
- Storage Devices
- Video Management Software
- Video Analytics Software
- Video as a Service (VSaaS)
- By End-User (Value)
- By Geography (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
- By Component (Value)
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