Global $82.61 Billion Video Surveillance System Market Outlook to 2023

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The global video surveillance system market was valued at $34,962.3 million in 2017, and is expected to reach a value of $82,615.3 million by 2023, recording a CAGR of 15.41% over the forecast period (2018-2023).

The use of video surveillance in business is growing significantly, owing to the increasing need for physical security, coupled with the use of cloud-based services for centralized data. Globally, the drive to enhance the safety and security across different industries is adding to the market growth, significantly. With rapid developments in cloud computing and video surveillance software, the surveillance market has transformed, in comparison to the previous decade.

The growth of the video surveillance market is expected to be fueled by the introduction of new IP-based digital technologies, to detect and prevent undesirable behaviors, such as shoplifting, thefts, vandalism, and terror attacks. Video surveillance is majorly adopted in manufacturing, banking & financial services, and transportation & retail industries. The incorporation is higher in countries, such as the United States, the United Kingdom, China, and Brazil, owing to the large size of the concerned industries and higher awareness among consumers. 

Emergence of Video Surveillance-as-a-service (VSaaS) is Driving Market Growth

With the development of smart cameras and different types of associated sensors, there has been a shift toward more in-band analytics. This convergence of factors is laying a strong foundation for VSaaS. For instance, surveillance services are centralized in commercial premises where they use smart cameras, along with in-band analytics and other associated sensors for automating functions that require multiple personnel. These factors have enabled a more proactive approach to perform surveillance and connect the gaps between prosecution models, with a more efficient security system. Though VSaaS has been a prominent choice of commercial and residential users, bandwidth costs have always been a major concern, while sending high-resolution videos onto the cloud. Thus, the emergence of video surveillance-as-a-service has been driving the global video surveillance system market's growth.

Video Analytics Software has the largest Market Share

Video analytics for video surveillance have evolved considerably in the past few years, with growing adoption among corporate, government organizations, small and medium enterprises, etc. Video analytics are employed in various applications, such as facial surveillance, license plate recognition, advanced object tracking, dwell and loitering, people count, queue management analysis, and demographics. Analytics have enabled the end users to leverage specific data insights into actionable intelligence for various functions. The insights can be used to generate heat maps, monitor queues in retail outlets and hospitals, etc. The analytic programs also support IP, analog, and megapixel cameras, and can be integrated within the hardware components. The integration reduces the need for extra hardware, thus making the implementation cost-effective. 

North America expected to Dominate the Market over the Forecast Period

In the United States, after the 9/11 terror attacks, there has been a significant rise in the demand for effective security and surveillance systems. Recently, Memphis Police Department (MPD) teamed up with Hangzhou Hikvision Digital Technology, a supplier of innovative video surveillance products, to deploy holistic security solutions, to ensure safety of the residents of Memphis. With the help of video surveillance systems, the Memphis city has also built a Real Time Crime Center, which can be used to monitor live video feeds and provide crucial information to officers, prior to arriving at a crime scene. Recently law enforcement authorities have started the deployment of drones for video surveillance, as they offer an effective real-time solution to track fugitives. Police departments of Arkansas, Little Rock, Miami-Dade, Florida, and Arlington, Texas have reported the use of drones for surveillance.

Key Developments in the Market

November 2017 - Schneider Electric acquired Asco Power Technologies (ASCO), a leader in the Automatic Transfer Switch (ATS). The acquisition enhanced Schneider Electric's EcoStruxure Power Platform in key markets and segments. Asco is expected to form a part of the group's Low Voltage (Building) business.

November 2017 - Honeywell introduced self-monitored smart home security system to safeguard and secure homes. The camera base station is expected to enable enhancements in the future, such as facial recognition and wireless motion viewers, to provide expanded home coverage.

September 2017 - Axis Communications AB launched a new network radar detector, AXIS D2050-VE, which is the first product in the market with radar technology. It is powered by the Power over Ethernet Plus (PoE+) and complies with IP66, IK08, and NEMA 4X protection classes, especially for harsh environments.

January 2017 - Bosch acquired ITK Engineering AG to strengthen the company's business in custom system and software development services in the global market.