Global Video Surveillance System Market Report and Forecast 2024-2032

Global Video Surveillance System Market Outlook

The global video surveillance system market attained a value of USD 69.14 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 9.4% to reach USD 154.69 billion by 2032.    

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Rise in Safety Concerns to Bolster the Growth of the Global Market for Video Surveillance System

As the need for public safety and criminal management grows, AI-based video surveillance is becoming increasingly popular, which is providing a healthy impetus to the market growth. The widespread use of video surveillance systems in commercial infrastructure, public spaces, and residential and private structures, owing to their enhanced efficiency and convenience in real-time monitoring, as well as a reduction in related crimes, is further contributing to the demand growth for video surveillance system. Moreover, as there is a rise in the working population, the demand for the product is being further bolstered.

Due to their convenience, video surveillance systems have become an integral part of the business infrastructure, resulting in increased staff productivity, a reduction in capital expenditure due to a one-time investment, reduced theft risks, and resilient coverage for employee safety. This is further supporting the market growth. The industry is also benefiting from the increased adoption of new technologies such as automatic number plate recognition, facial recognition, people counting, retail management, and remote asset management, as one of the most crucial aspects in the broad use of surveillance systems is the availability of low-cost cameras.

Video Surveillance System: Market Segmentation

A video surveillance system, often known as CCTV, is made up of cameras, displays, and recorders. The cameras can be analogue or digital, with a variety of design elements. These systems can be used in both the inside and outside of a structure or property. They can function 24 hours a day, be configured to record only when motion is detected, or be set to record at specified periods of the day.

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The major product types of video surveillance system in the market are:

• Hardware
• Software
• Services (VSaaS)

The hardware segment is further segmented on the basis of type into camera, analogue, IP camera, and hybrid, whereas the software segment is further categorised on the basis of type into video analytics and video management software.

The market can be broadly categorised on the basis of vertical into:

• Commercial
• Infrastructure
• Institutional
• Industrial
• Defence
• Residential

The EMR report looks into the regional markets of video surveillance system like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increase in the Adoption of Video Surveillance System by Major Infrastructure Segment to Aid the Market Growth

The growing adoption of video surveillance system in infrastructure segments like transportation, municipal surveillance, public spaces, and utilities is catalysing the market growth. Governments across the globe are increasing their investments into increasing public safety, which is further aiding the industry growth. Government initiatives in various nations to install video surveillance cameras in public locations such as cities, schools, colleges, religious institutions, airports, and train stations are fuelling the market expansion. In addition, government investments in smart city and public security programmes are expected to propel the market forward over the forecast period.

Key Industry Players in the Global Video Surveillance System Market

The report presents a detailed analysis of the following key players in the global video surveillance system market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Axis Communications AB
• Bosch Sicherheitssysteme GmbH.
• Honeywell Security Group
• Panasonic Corporation
• Teledyne FLIR LLC
• Schneider Electric SE
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report