Surveillance Market Size, Share, Growth, and Industry Growth, By Type (Security Cameras and DVR & NVR), By Application (Residential, Commercial, Industrial, Road Traffic, Public Utility, and Government Facilities), Regional Forecast By 2031

Updated On: 15 April 2024

Surveillance Market Report Overview

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The global surveillance market size is USD 43.11 billion in 2022.  As per our research, the market is projected to touch USD 96.65 billion by 2031, exhibiting a CAGR of 9.6% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with surveillance experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The ability to stop unlawful activity and burglary is a major market driver for security and surveillance systems worldwide. Effective security and surveillance systems shield businesses from staff theft and shoplifting. It system enables authorities to concentrate on improving products while easing the effort of monitoring every aspect of the firm. Security systems help businesses avoid revenue losses from fraud cases, increasing demand for the worldwide security industry.

A surveillance system records images and movies, which can then be stored, sent through communication networks, or compressed. It can be applied in any setting. Every organization, wherever, needs security and monitoring. Governments, businesses, financial institutions, and healthcare organizations anticipate and demand specific security and surveillance measures. The demand for security systems, such as CCTV, to monitor and record borders, corporate buildings, ports, educational institutions, transportation infrastructure, buildings, public spaces, and others has risen. 

COVID-19 Impact: Lack of Manpower Hampered Market Growth

China produces the majority of video surveillance equipment worldwide. Due to a manpower shortage brought on by the COVID-19 pandemic breakout in Wuhan in December 2019, China's manufacturing has decreased. As all governments worldwide concentrate on pandemic containment, the local market for video surveillance equipment is also anticipated to diminish. Lockdowns have been imposed on nations and towns in several important areas, including North America, Asia Pacific, and others. It is anticipated to impact the machinery's logistics and domestic and international transportation, including CMOS sensors, system-on-chip devices, and others. If the pandemic's spread could be stopped, the market would undoubtedly be significantly impacted.

LATEST TRENDS

"Rising Demand for Security to Surge Market Growth"

The demand for video surveillance solutions is increasing due to the rapidly expanding demand for security from various end-use sectors such as hospitality, transportation, retail, and government sectors. Video surveillance offers real-time security and surveillance, which offers advanced security options. Additionally, the advancements in the AI market and machine learning technologies are gaining the upper hand in the market, which is estimated to propel the surveillance market growth. 

Surveillance Market Segmentation

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• By Type Analysis

By type, the market is segmented into security cameras and DVR & NVR.

• By Application Analysis

Based on application, the market is classified into residential, commercial, industrial, road traffic, public utility, and government facilities.

DRIVING FACTORS

"Growing Awareness about Video Reconnaissance to Boost the Product Demand"

Analog CCTV surveillance systems have given way to digital ones that are cloud- and IoT-integrated. It serves as a telemetry source for business analytics and physical security platforms. A complex ecosystem that comprises cameras, storage, software, and additional hardware and services makes up video CCTV solutions. By keeping a close eye on every action at every important location, video reconnaissance and video surveillance-as-a-service (VSaaS) systems aid in preventing undesirable actions. As they uphold peace and order, these solutions benefit the government and law enforcement.

"Rising Investment in Security in Smart Cities to Augment Market Growth"

The population of cities has increased due to rapid urbanization. The world's population is anticipated to shift to cities to secure and monitor public spaces, manage transportation networks, and enhance emergency response; video surveillance and VSaaS technologies are used. Globally, governments are making major investments in the creation of smart cities. This is forecasted to increase demand for video surveillance systems and VSaaS solutions in the upcoming few years. The rising investment in security in smart cities to surge surveillance market growth. 

RESTRAINING FACTORS

"High Investment Cost and Lack of Professional Expertise to Hamper Growth"

High investment and the lack of professional expertise are anticipated to hamper the market growth. Additionally, the need for more professional expertise is restraining the market's growth. The image resolution, frame rate, and compression ratio of a video surveillance system determine the amount of bandwidth required. The network's bandwidth will be used more if more cameras are present. Live streaming of security cameras can take more bandwidth and result in technical issues.

Surveillance Market Regional Insights

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"Asia Pacific to Lead the Market Due to the Presence of Key Players in the Region"

Asia Pacific is forecasted to dominate the surveillance market share due to the strong presence of key players in the region. Businesses and start-ups are constantly rising, which ultimately increases the surveillance demand. 

North America is expected to register significant growth due to the rise in the number of road accidents, crimes on the road, and rising security concerns. 

Europe is anticipated to show sizable growth in the market owing to the growing implementation of video surveillance. The robust infrastructure, coupled with the rapid adoption of cloud service usage by various organizations, is also forecasted to aid market growth. 

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in Market"

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products.

List of Market Players Profiled

• Hikvision (China)
• Dahua Technology (China)
• Axis Communications AB (Sweden)
• Panasonic (Japan)
• Honeywell Security (U.S.)
• Hanwha (South Korea)
• United Technologies (U.S.)
• Tyco (U.S.)
• Bosch Security Systems (Germany)
• Pelco (U.S.)
• Huawei Technologies (China)
• Siemens AG (Germany)
• Avigilon Corporation (Canada)
• Uniview (China)
• Flir Systems, Inc (U.S.)

INDUSTRY DEVELOPMENT

• June 2022- Using dual-lens technology, the new Night Color 2.0 Fusion Camera from Dahua Technology Co. Ltd. produces full-color photographs in dimly illuminated environments. For low-light applications requiring covert security and full-color photos, Night Color Fusion technology is suitable.

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for stem cells to show potential investment areas. From 2022 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using various primary and secondary sources.