Northbrook, IL -- (SBWIRE) -- 02/28/2021 -- The global video surveillance market size is expected to grow from USD 45.5 billion in 2020 to USD 74.6 billion by 2025, at a CAGR of 10.4%. Increasing concerns about public safety and security, growing adoption of IP cameras, and rising demand for wireless and spy cameras are the factors driving the growth of the video surveillance industry. Increasing government and stakeholder funding for developing smart cities and employing city surveillance solutions, rising demand for VSaaS services, ongoing technological advancements in Big Data, IoT, and cloud-based services, and prevalent trends of artificial intelligence and deep learning for video surveillance systems will provide opportunities to players in the video surveillance market during the forecast period.
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Video surveillance software market to grow at highest CAGR during the forecast period
The software segment of the video surveillance market is expected to grow at the highest CAGR during the forecast period. The software segment includes video analytics and video management system. Video analytics enhances video surveillance systems by performing the tasks of real-time event detection, post-event analysis, and extraction of statistical data while saving manpower costs and increasing the effectiveness of the surveillance system operation. Developments related to technological advancements like AI and deep learning have increased the need for launching new and innovative products to tackle the security crisis at every level. AI and deep learning are being adopted in various end-use applications such as crowd management, retail management, and license plate recognition, thus providing opportunities for the video surveillance market.
The infrastructure vertical to grow at highest CAGR during the forecast period
The infrastructure vertical of the video surveillance industry is expected to grow at the highest CAGR during the forecast period. Infrastructure includes areas such as transportation, city surveillance, public places, and utilities. City surveillance application of infrastructure vertical is the most prominent area for the video surveillance market, which is expected to grow at the highest CAGR.
Increasing investments by governments of various countries to increase safety levels in public places help to build the market. For instance, it is projected that China's smart cities market will reach USD 59.9 billion by 2023 from USD 30.4 billion in 2018. The Indian government plans to build 100 smart cities by 2020; several states, including Gujarat and Madhya Pradesh, have already completed smart city projects with advanced video surveillance systems. Implementation of various security and surveillance systems in smart cities will drive the growth of the market during the forecast period
APAC is expected to grow at the highest CAGR for the video surveillance market during the forecast period
APAC is likely to grow at the highest CAGR for the global video surveillance industry from 2020–2025. APAC is expected to continue to hold the largest market size and expected to be the fastest-growing region in the video surveillance market owing to heavy investments in smart city projects. Asia Pacific is expected to be the fastest-growing region for the video surveillance sector due to the increasing number of security threats and concerns in China, Japan, India, South Korea, and other countries. Growing awareness of safety and security across various verticals such as commercial, infrastructure, and public places also drives the growth of the video surveillance market. The rising incidence of theft, terrorist attacks, and other crimes has resulted in an increasing need for video surveillance systems.
Government initiatives in various countries to install video surveillance cameras in public places such as cities, schools, colleges, religious places, airports, and stations further drive market growth. Increasing investment from the government in smart city and public security projects in the Asia Pacific region also drives the growth of the video surveillance market. The growing penetration of new technologies such as automatic number plate recognition, facial recognition, people counting, retail management, and remote asset management also provides opportunities for the market. Availably of low-cost cameras is one of the important factors for the widespread adoption of surveillance systems in the APAC region.
Key Market Players
Hikvision (China), Dahua Technology (China), Axis Communications (Sweden), Bosch Security and Safety Systems (Germany), Hanwha Techwin (South Korea), Avigilon, a Motorola Solutions Company (Canada), FLIR Systems (US), Honeywell Commercial Security (US), Panasonic i-PRO Sensing Solutions (US), Pelco (US), Agent Video Intelligence (US), CP Plus (India), Genetec (Canada), Huawei Technologies (China), NEC (Japan), Nice Systems (Israel), Qognify (US), Tiandy Technologies (China), VIVOTEK (Taiwan) and Zhejiang Uniview Technologies (China) are among the key players in the video surveillance market.