Surveillance Camera Market Size, Share, Growth, and Industry Analysis, By Type (Analog Cameras and IP Cameras), By Application (Industrial, Public Facility, Residential, Government & Defense, Healthcare, Logistics & Transportation), Regional Forecast By 2031

Surveillance Camera Market Report Overview

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The global surveillance camera market size was USD 25341.14 million in 2021 & the market is expected to reach USD 59648.24 million in 2031, exhibiting a CAGR of 8.94% during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with the surveillance camera market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Surveillance cameras also known as security cameras, are video cameras used to observe an area and record our day-to-day activities. Sometimes they are connected to a recording device or IP network to be watched by a security guard or law enforcement officer. As the number of crimes is increasing, these cameras are installed by government offices and by private businesses. The development of 360-degree video cameras has further increased the demand for security cameras. 

Rising terrorism and criminal activities, development of technology, increased government spending on security systems, increasing consumer awareness regarding the importance of personal safety, expansion of manufacturing units, and increasing demand for home security are the factors that will help in the growth of the market during the forecast period.

COVID-19 Impact: Pandemic Hampered the Demand for Surveillance Camera

Covid-19 pandemic led to supply chain disruptions in the whole world. Manufacturing companies closed all their operations and many companies were shut down until reopening instructions received from the government authorities. In addition, due to reduction in labour force as a result of social distancing norms, the entire industry witnessed significant decrease in the production. Lockdown measures led to a temporary prohibition on production and processing, as well as import and export, across a range of businesses and utilities and restriction in the transport of goods reduced the demand for security cameras from these customers.

Latest Trends

"Increasing Demand for Security Cameras to Fuel Market Growth"

The growth of market can be attributed to various factors such as the rising demand for CCTV cameras, growing security concerns, increasing use by government offices. In August 2022, Hanwha Techwin, launched a significantly updated version of its WisenetWAVE Video Management Software (VMS) in response to the changing needs of security professionals and system integrators which focuses on cybersecurity, system usability, convenience, and interactivity. It features advanced object search, metadata-driven active backup, webpage proxy via servers, two-factor authentication (2FA), resource grouping, audio mapping, etc. Introduction of new innovative product lines by key industry players is expected to boost the growth of market during the forecast period.

Surveillance Camera Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Analog Cameras and IP Cameras.

• By Application Analysis

Based on application, the market can be divided into Industrial, Public Facility, Residential, Government & Defense, Healthcare, and Logistics & Transportation.

Driving Factors

"Expansion of Industrial Sector to Stimulate Market Demand"

Accelerated industrialization both in developing and developed countries continue to contribute to the demand for surveillance camera globally. With the growth of modern economies, rapid technological advancement has attributed in the expansion of manufacturing sector that helps in the production of good quality cameras with cloud storage facility. In addition the key industry players in the market are coming up with new ideas and technologies to capture market share. They are offering variety of new products to attract consumers. The increase in demand and production further accelerating surveillance camera market growth.

"Rising Demand for IoT-based Cameras to Accelerate Market Growth"

Cameras have become more alert and dynamic with IoT technology and play an active role in surveillance and detection of crime. IoT connects network-enabled cameras with other devices and systems that perform other tasks and turns security surveillance into smart, safe, and secure management new-generation. IoT security cameras provide advanced facial recognition and computer vision feature that can detect suspicious incidents by themselves to fight theft, violence, vandalism, or fires efficiently. This will ultimately help to improve security processes in many areas and industries. All these factors are expected to boost market growth.

Restraining Factors

"Rising concerns of Cyber Security to Restrict Market Growth"

"Cyber security" is the practice of defending computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks. There is always a threat of data being accessed by malicious hackers as camera networks are connected directly to the Internet. Growing security concerns are anticipated to hinder the growth of surveillance camera market during forecast period.

Surveillance Camera Market Regional Insights

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"Growing Demand in North America Anticipated to Boost Market Expansion "

Due to increasing demand for cameras for security concerns and support of government, North America holds the leading position in surveillance camera market share. The main elements to contribute to the industry growth in North America are presence of surveillance camera manufacturers and introduction of new product lines by key players.

Key Industry Players

"Adoption of Innovative Strategies by Key Players Influencing Market Growth"

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. The top key players in the market are Hangzhou Hikvision Digital Technology Co., Ltd., Dahua Technology Co., Ltd, Canon Inc., Pelco, Corporate, Robert Bosch GmbH, Panasonic Corporation, The Infinova Group, FLIR Systems, Inc., Hanwha Techwin Co., Ltd. and Honeywell International Inc.The strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates market demand.

LIST OF TOP SURVEILLANCE CAMERA COMPANIES

• Hangzhou Hikvision Digital Technology Co., Ltd.
• Dahua Technology Co., Ltd
• Canon Inc.
• Pelco Corporate
• Robert Bosch GmbH
• Panasonic Corporation
• The Infinova Group
• FLIR Systems, Inc.
• Hanwha Techwin Co., Ltd.
• Honeywell International Inc.

Report Coverage

This report examines an understanding of the surveillance camera market’s size, share, and growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.