Global Video Surveillance Systems Market to Reach US$ 213.0 Billion by 2032, Propelled by Growing Incidences of Theft

The latest report by IMARC Group, titled “Video Surveillance Systems Market Report by System Type (Analog Surveillance, IP Surveillance, Hybrid Surveillance), Component (Hardware, Software, Services), Application (Commercial, Military and Defense, Infrastructure, Residential, and Others), Enterprise Size (Small Scale Enterprise, Medium Scale Enterprise, Large Scale Enterprise), Customer Type (B2B, B2C), and Region 2024-2032,” finds that the global video surveillance systems market size reached US$ 65.4 Billion in 2023. Video surveillance systems include advanced monitoring solutions that capture and process video and image data, enabling compression, storage, and transmission across communication networks. These systems are available in various forms, including analog, hybrid, and internet protocol (IP) setups. They comprise numerous components such as recorders, display units, transmission equipment, cameras, monitors, and control systems. They find extensive application in monitoring and safeguarding operations, preventing theft, deterring vandalism, averting accidents, protecting vehicles, overseeing outdoor areas, and traffic management. Additionally, these systems are essential in documenting crucial evidence, maintaining meticulous records, and augmenting situational awareness, ultimately enhancing public safety. Consequently, surveillance systems are prevalent within numerous establishments, such as residential and commercial sectors.

Global Video Surveillance Systems Market Trends:

The market is primarily driven by the rising banking, financial services, and insurance (BFSI) industry. In addition, the increasing demand for video surveillance systems due to the increasing incidents of theft, suspicious ATM withdrawals, and fraudulent transactions are influencing the market growth. Moreover, several technological advancements in deep learning, the Internet of Things (IoT), and artificial intelligence, which offer advanced analytical capabilities such as facial, vehicle, and license plate recognition (LPR), represent another major growth-inducing factor. Besides this, the increasing demand for video surveillance systems in the retail sector due to the rising occurrences of shoplifting and burglaries is further propelling market growth. Along with this, the growing security concerns due to the increasing number of terrorist attacks and illicit activities led to the extensive adoption of video surveillance systems in the defense sector for monitoring public activities, thus positively influencing market growth. In line with this, the implementation of several government initiatives encouraging the installation of video cameras in public areas to enhance public safety, thus augmenting the market growth. These initiatives involve deploying cameras in urban areas, transportation hubs, and critical infrastructure locations, creating a significant market demand. Apart from this, the increasing application of video surveillance systems in educational institutions such as schools, colleges, and universities enhance campus security and prevents violence and vandalism while providing valuable evidence for resolving disciplinary issues and criminal activities on campuses, thus contributing to market growth. Also, the growing number of healthcare facilities are adopting video surveillance systems for patient safety and protecting sensitive medical information to help prevent unauthorized access to restricted areas, ensuring patient confidentiality and enhancing overall security, thus providing a positive thrust to the market growth. Furthermore, the introduction of high-definition (HD) and ultra-high-definition (UHD) cameras with improved the quality of surveillance footage, crisp and clear images that aid in investigations and serve as a deterrent, as potential wrongdoers are aware of the heightened image quality, which is also creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 213.0 Billion by 2032, exhibiting a CAGR of 13.7% during the forecast period (2024-2032).

Market Summary:

• Based on the system type, the market has been categorized into analog surveillance, IP surveillance, and hybrid surveillance.
• On the basis of the component, the market has been divided into hardware, software, and services.
• Based on the application, the market has been classified into commercial, military and defense, infrastructure, residential, and others.
• On the basis of enterprise size, the market has been segregated into small-scale enterprises, medium-scale enterprises, and large-scale enterprises.
• Based on the customer type, the market has been bifurcated into B2B and B2C.
• Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
• The competitive landscape of the industry has also been examined in the report, with some of the key players being Axis Communications AB (Canon Inc.), Bosch Sicherheitssysteme GmbH (Robert Bosch GmbH), Eagle Eye Networks Inc., Hangzhou Hikvision Digital Technology Company Limited, Honeywell International Inc., Infinova Corporation, Panasonic Corporation, Qognify Inc., Samsung Electronics Co. Ltd., Schneider Electric SE, Sony Group Corporation and Zhejiang Dahua Technology Co. Ltd.

Report Coverage:

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