Security & Surveillance Market Size, Share, Growth, and Industry Analysis By Type (Security Cameras and DVR & NVR) By Application (Residential Use, Commercial Use, and Public & Government Infrastructure), Regional Insights, and Forecast To 2032

Updated On: 08 April 2024

Security and Surveillance Market Report Overview

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The global security & surveillance market size was USD 17680 million in 2022 and market is projected to touch USD 39982 million by 2032, at a compound annual growth rate (CAGR) of 8.5% during the forecast period.

Video cameras are used in video surveillance to send a signal to a specific location and display it on a constrained number of displays. Around the world, there are millions of surveillance cameras. Asia is where about 65% of these cameras are located. CCTV has been expanding slowly in recent years. The use of this technology has enabled a large increase in state surveillance, a huge improvement in advanced social monitoring and control techniques, and a variety of crime prevention strategies all over the world.

Manufacturers have recognized the necessity for the best IP surveillance systems due to the government sector's increased deployment of sophisticated surveillance. An IP camera CCTV system has a number of benefits over an analogue system. In comparison to an analogue signal sent to a digital video recorder, IP security cameras communicate their signals across a network, enabling more information transfer (DVR). Network cameras are used in large department stores, fast food chains, malls, factories, workshops, and many other public places to monitor activity. Network cameras can be wireless yet still operate through a network. The size of the global market for video surveillance is anticipated to be greatly impacted by this aspect.

COVID-19 Impact: Changes in Consumer Behavior Impacted Market Dynamics

The COVID-19 pandemic had a significant impact on markets, consumer behaviour, economies, and society in a short period of time. With offices, educational institutions, and manufacturing facilities closing permanently, major sports and events being postponed, and work-from-home and social distance restrictions in place, businesses are increasingly looking for solutions to help them get through these challenging times.

The current COVID-19 pandemic has affected how people use the Internet. To accommodate the idea of working from home, several major IT infrastructure providers must upgrade their networking architecture. The concept of working from home and the widespread use of VPNs for teleconferencing have caused a considerable increase in internet traffic worldwide. All providers of IT infrastructure are now obligated to use VNF and SDN as a result of this circumstance.

These changes have led to unstable vendors, supply chain breaches, and inefficient stock markets. These keep getting in the way of how business is normally conducted. In the middle of the pandemic, new dynamics in the global security and surveillance market have evolved, driving the creation of new business models and strategies to recoup growth and income streams.

Latest Trends

"Growing Demand For Wireless Cameras to Augment Growth"

The market for wireless cameras is expanding due to its specific features. When compared to wired systems, installing wireless cameras is easier. Installing wired network cameras might be expensive. Since there are no cables involved, wireless cameras are more flexible because they can be installed anywhere. Users of wireless surveillance systems can see camera feeds remotely from any location in the world. Wherever mobility is needed, a wireless surveillance camera is deployed. Infrastructure applications like traffic and highway security systems are mostly included in this. Wireless LAN, Wi-Fi, and Bluetooth are used to establish connectivity. The ability to connect some Wi-Fi cameras to wireless monitors

High-resolution cameras are necessary for modern video surveillance systems to properly utilize software that enables capabilities like facial recognition and license plate identification. A larger field of view and improved low-light performance are also made possible by increasing resolution in camera designs.

Security and Surveillance Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Security Cameras, DVR & NVR, etc. Security Cameras segment is leading the video surveillance market in terms of analysis.

• By Application Analysis

Based on application, the market can be divided into Residential Use, Commercial Use and Public & Government Infrastructure etc. Residential use segment is leading the video surveillance market in terms of application.

Driving Factors

"Low Cost of Investment and High Returns to Propel Growth"

Because the video data is kept in the cloud, VSaaS allows service providers to handle the video data at a greatly reduced cost. The absence of physical data storage equipment and workers lowers the cost of IT employment significantly, including salary, benefits, and other related expenses. All surveillance-related tasks, such as recording, monitoring, and upkeep, are managed by service providers. Because little hardware is required, businesses may take advantage of the solution's cost effectiveness, provide better results, and increase their return on investment (RoI). End users can save hundreds of dollars on equipment by not having to buy servers, hard drives, or camera licenses, and use that money to buy more cameras or to expand their business in other ways. As a result, VSaaS lowers up-front capital expenses. There is a rise in the use of wireless security cameras that end customers can set up quickly. Some competitors provide camera and cloud surveillance as a combined service, with various subscription options to suit the various requirements of various enterprises.

"Increasing Application in Various Areas to Support Expansion "

The budgetary increases for purchasing technically advanced video surveillance systems by numerous nations, including the United States, India, Russia, Israel, China, Singapore, South Korea, and others, for tracking persons' quarantine activity are significantly bolstering the market expansion. There are many smart cities and megaprojects being implemented around the world, notably in China, Brazil, India, the Middle East, and other emerging nations, in addition to the United States. As a result, the market for video surveillance is significantly influenced by the expansion of important infrastructure as well as the need to upgrade current security measures.

With developments in face recognition, human rights, criminal monitoring, and object detection in the area of video analytics technologies, governments all over the world are actively involved in the deployment of video surveillance systems. The use of video surveillance services by law enforcement agencies to ensure public safety has increased significantly. The installation of video surveillance systems in educational institutions is subject to strict rules imposed by various governments, which is anticipated to drive market expansion. Due to the increasing number of campus shootings, American higher education institutions have also planned to suggest body-warn cameras and other video monitoring equipment.

Restraining Factors

"Concerns About The Security And Privacy Of Video Data to Hamper Growth"

In wealthy nations, video surveillance is becoming more widely used. Use of such technologies is necessary due to ongoing security risks to public safety. Modern video surveillance systems include cutting-edge functions that jeopardize the privacy of individuals being filmed. The use of video monitoring must be weighed against its detrimental effects on privacy. Recently, some nations have looked to exploit this capability to combat the coronavirus outbreak and impose social seclusion and stay-at-home rule requirements. To make sure those under quarantine do not flee, CCTV cameras are being installed outside (and occasionally even inside) their apartments in China. As a result, businesses are becoming more aware of their obligations to protect data under laws like the General Data Protection Regulation (GDPR) and are searching for partners and suppliers who can not only help them comply with data privacy laws relating to surveillance but also ensure that their data is always kept secure.

Security and Surveillance Market Regional Insights

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"North America will continue to lead the market"

The region where the most money was made in the video surveillance market was Asia-Pacific. The North American video surveillance industry is making significant money from another area. In terms of value, the Asia-Pacific region dominated the global video surveillance market in 2019 and is predicted to continue doing so during the projected period. This extraordinary expansion is mostly owing to China and India's extensive use of video surveillance technology. China produced the most revenue out of all the Asia-Pacific nations.

India is anticipated to experience the greatest CAGR among the various Asia-Pacific nations throughout the predicted period. One of the key factors encouraging video surveillance in the Asia-Pacific region is the ongoing infrastructure development in China and India. The cost of CCTV-based security system packages as a whole has significantly decreased as a result of the price decline of video cameras. However, this has increased these surveillance systems' price competitiveness in nations like South Korea, India, and China.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Hikvision (China)
• Dahua Technology (China)
• Axis Communications AB (Sweden)
• Panasonic (Japan)
• Honeywell Security (U.S.)
• Hanwha (South Korea)
• Tyco (U.S.)
• Bosch Security Systems (Germany)
• Pelco (U.S.)
• Samsung (South Korea)
• Uniview (China)
• Flir Systems, Inc. (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.