Video Surveillance Market to Reach Value of $115 Billion by 2030
P&S Intelligence, a marketing intelligence and consulting firm, predicts the video surveillance market will more than double by 2030.
NEW YORK — According to the latest market research report published by P&S Intelligence, in 2021, the revenue of the video surveillance market was around $42 billion, and it will reach nearly $115 billion by 2030, at a growth rate of around 12%. The People’s Republic captured around 43% of the APAC market in 2021 as its demand for such solutions has been rapidly increasing over the past few years.
The importance of intelligent video surveillance systems for maintaining safety and security, while also examining patterns and trends, is increasing as they are bolstered by AI. They support the scrutiny of the audiovisual recordings, to identify people, objects, cars, and diverse events.
Additionally, AI-driven video analytics allows for real-time tracking, counting of people, and computerized identification of license plates and offers administrative authorities data related to non-security aspects.
The North American video surveillance market has been showing a considerable growth rate in recent times because of the robust developments in infra, growth in road rage cases, and increase in the concerns for the safety of the public.
Cameras generated the higher hardware revenue in the video surveillance market, of about $17 billion, in the year 2021, which will grow at a rate of about 12% in the near future. This is due to the increasing requirement for security cameras that offer a combination of the video analytics and deep learning technologies for an extensive variety of purposes.
Video management software will witness the faster growth in procurement in the coming years. A greater dependence on technical developments for surveillance and security purposes is being witnessed. Moreover, with the increasing count of cameras at private and public premises, the amount of video data generated is rising, thereby driving the demand for efficient management and storage
CCTVs and surveillance cameras are available in a wide range of configurations, including those with IP connectivity and colored or black-and-white night vision. This is strengthening the need for VMS and helping the video surveillance market grow.
The need for enhanced processing abilities and compression procedures is pushing the usage of IP-based systems for video surveillance. Additionally, emerging techniques, such as computer vision, pattern recognition, and AI, are being integrated into surveillance systems for discovering abnormal patterns and behaviors in recordings. Furthermore, traditional video surveillance systems are trailing in terms of popularity as cutting-edge and more-reliable IP-based variants are entering the market.
Moreover, IP-based video surveillance systems will become increasingly popular as a result of the substantial advances in network services and security and, most prominently, the plummeting prices of specialized processes. Furthermore, developments in design are helping lessen the expenses related to setting up surveillance systems.