Northbrook, IL 60062 -- (SBWire) -- 12/22/2023 --The global video surveillance market is expected to be valued at USD 53.7 billion in 2023 and is projected to reach USD 83.3 billion by 2028; it is expected to grow at a CAGR of 9.2% from 2023 to 2028.
The market growth is driven by growing security concerns, technological advancements, and the integration of AI-powered analytics. The market's expansion is further propelled by increasing demand for real-time monitoring, remote access, and the integration of surveillance systems with other technologies such as IoT.
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The hardware segment dominates the video surveillance market, claiming the largest share, driven by several key growth factors. Hardware encompasses essential components such as cameras, recorders, and storage devices, forming the backbone of surveillance systems. The heightened demand for improved security in various sectors, ranging from commercial spaces to public facilities, fuels the adoption of advanced hardware solutions. Moreover, the proliferation of smart city initiatives and the integration of surveillance technologies contribute significantly to this segment's growth. Technological advancements in camera resolutions, storage capacities, and connectivity options further propel the hardware segment's prominence in the market.
The infrastructure vertical is anticipated to grow with a highest CAGR in the video surveillance market. The segment is driven by several key growth factors including increasing emphasis on modernizing urban spaces, coupled with the development of smart cities, fuels the demand for advanced video surveillance solutions. Critical infrastructure sectors like transportation hubs, airports, and utilities require robust security measures, further propelling the adoption of surveillance technologies. The need to comply with stringent security regulations, particularly in critical facilities, contributes to the vertical's growth. Additionally, the integration of video surveillance with IoT technologies for enhanced safety and efficiency further boosts the infrastructure vertical's CAGR. The application of video analytics and AI-powered solutions within the sector also adds impetus to its growth trajectory.
Among the regions, Asia Pacific region holds for largest revenue share in video surveillance market in 2023. The growth of this region is attributed towards surge in urbanization, notably in nations such as China and India, propels the need for comprehensive security across diverse sectors. Simultaneously, growing security apprehensions in both developed and developing economies drive the uptake of sophisticated video surveillance solutions. The region's augmented investments in smart city endeavors further bolster the amalgamation of surveillance systems for heightened safety and streamlined urban management. Furthermore, the Asia Pacific's standing in the global video surveillance market is reinforced by robust technological advancements, particularly the integration of AI-driven analytics.
Major players operating in the video surveillance market are Hangzhou Hikvision Digital Technology Co., Ltd. (China), Zhejiang Dahua Technology Co., Ltd. (China), Axis Communications AB (Sweden), Bosch Security Systems, LLC (Germany), and Zhejiang Uniview Technologies Co.,Ltd. (China). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, broader geographical use cases, and a larger product footprint.
Video Surveillance Market Size, Growth, Analysis, Forecast 2028