Video Surveillance Market size to grow by USD 28.79 Bn from 2022 to 2027

• 20 Oct 2023
• TM Team
• 0 Comments

The "video surveillance market by product (hardware, software, and services), end-user (public, commercial, and residential), and geography (APAC, North America, Europe, Middle East and Africa, and South America) - Forecast and Analysis 2023-2027" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the video surveillance market between 2022 and 2027 is USD 28.79 billion. 

The need to mitigate criminal activities and terrorist attacks is a key factor driving market growth. The increasing number of terrorist attacks, especially in countries such as the US and the UK, has necessitated the deployment of video surveillance solutions. To prevent acts of criminal activity, such as intrusions, murder, robbery, and theft, video surveillance equipment is also being used. As a result, some companies are working on solutions to detect crime before it happens. 

Market Challenge

Issues related to privacy are significant challenges restricting market growth. Private spaces such as apartments and office premises, which are not subject to the consent of their respective owners, may be covered by public surveillance systems. This would entail a breach of privacy. Furthermore, governments have the power to create an overview of human life without their consent by means of a comprehensive video surveillance system. In addition, video surveillance in stores and streets can also be misused for voyeurism, wherein women may be spied on and sexually exploited.

The video surveillance market is segmented by product (hardware, software, and services), end-user (public, commercial, and residential), and geography (APAC, North America, Europe, Middle East and Africa, and South America). 

• The market share growth of the hardware segment will be significant during the forecast period. Camera modules, storage units, network video recorder (NVR) hardware, video encoders, and networking equipment are the components of a surveillance solution.  New variants of video surveillance equipment are to be launched by certain companies active on the market.

• APAC is estimated to contribute 47% to the growth of the global market during the forecast period.

Key Companies in the video surveillance market:

Agent Video Intelligence Ltd., Costar Technologies Inc., CP PLUS International, Genetec Inc., Hangzhou Hikvision Digital Technology Co. Ltd., Hanwha Corp., Hexagon AB, Honeywell International Inc., Huawei Investment and Holding Co. Ltd., i PRO Co. Ltd., Motorola Solutions Inc., NEC Corp., NICE Ltd., Robert Bosch GmbH, Teledyne Technologies Inc., Tiandy Technologies Co. Ltd., Zhejiang Dahua Technology Co. Ltd., Zhejiang Uniview Technologies Co. Ltd., Zicom Saas Pvt. Ltd., and Canon Inc.