Video Surveillance Market to Surpass Market Valuation of USD 107.31 Billion by 2031

WESTFORD, MASSACHUSETTS, UNITED STATES, August 23, 2024 /EINPresswire.com/ -- Video Surveillance Market size was valued at USD 48.19 Billion in 2022 and is poised to grow from USD 52.68 Billion in 2023 to USD 107.31 Billion by 2031, at a CAGR of 9.3% during the forecast period (2024-2031).

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Video Surveillance has seen major opportunities and key evolutions in the past decade backed by AI-driven business game changers like the combination of AI and edge computing and the shift to cloud services. The rising combination of AI and security cameras notably transforms video technology from mere monitoring to broader business applications. The investigator must receive written permission from the sponsor before publishing any study-related data. These factors are projected to impel the growth of the video surveillance market in the coming years. In 2022, the global video surveillance market size was estimated at $ 48.19 billion.

Top Player’s Company Profiles in Video surveillance Market

• Hangzhou Hikvision Digital Technology Co. Ltd. (China)
• Zhejiang Dahua Technology Co., Ltd. (China)
• Bosch Security Systems, LLC (Germany)
• Hanwha Techwin Co. Ltd. (South Korea)
• Teledyne Technologies Incorporated (US)
• Honeywell International Inc. (US)
• I-PRO Co., Ltd. (Japan)
• Huawei Technologies Co., Ltd. (China)
• Zhejiang Uniview Technologies Co., Ltd. (China)
• CP PLUS International (India)
• Genetec Inc. (Canada)

Edge Computing to Gain More Progresses with Notable Curiosity for AI ‘At the Edge’

The combination of edge computing and artificial intelligence in camera help in data processing irrespective of time and location. This aids consumers or the users to obtain quick insights from their video data and save money and time as huge quantities data need not be transferred to different places for processing and storage. A holistic device takes notes of everything like video storage, video record, cloud connectivity, and analysis rather than needing a different system infrastructure.

Businesses to Benefit from New Subscription Launches by VSaaS Providers over 4-5 years

The following are the key Video Surveillance Trends that will shape the growth of the market in the next 5 years

Businesses are actively moving to cloud-based storage to save their expenses. Moreover, they can also encourage cost-savings since several VSaaS solution providers are launching multi-year subscriptions with offers and security against future inflationary rate hikes. While most businesses go for monthly subscriptions for added flexibility, some also pay once yearly for the already budgeted services. Companies are also funding hi-resolution cameras that today have become more economical.

Big Data Infrastructure Unveils Fresh Potentials for Video Storage and Accessibility

Futuristic big data infrastructures have unveiled fresh prospects for accessing and storing video data characterized by big data 4Vs including velocity, volume, variety, and veracity. Essentially, gathering abundant data volumes from numerous cameras like streaming data with great ingestion speed is today much easier than the earlier times. Big data platforms pave the way to create and adopt video surveillance framework that scale in an economic and unified manner.

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Segments covered in Video Surveillance Market are as follows:

• Offering
o Hardware (Cameras [Camera Components {Image Sensors, Lenses and Image Processing Circuity}, Type {Analog cameras and IP cameras}, Connectivity {Wired and Wireless}, Form Factor {Dome, PTZ, Box & Bullet and Panoramic, Fisheye, & Body-Worn}, Resolution {0.3-1 megapixel, 1.1-2.9 megapixel, 3.0-5 megapixel and >5 megapixel}, and Channel Partner {Distributors, Direct to Installers or System Integrators, and Direct to End-Users}, Monitors { Screen Size (Up to 20 inches and More than 20 inches)}, Storage Device {Digital Video Recorders (DVRs), Network Video Recorders, Hybrid Video Recorders, IP Storage Area Network, Direct-Attached Storage Devices and Network-Attached Storage Devices} and Accessories {Cables and Encoders}]), Software (Type [Video Management Software {Non-AI-Based VMS Software and AI-Based VMS Software}, Video Analytics {Video Content Analysis and AI-Driven Video Analytics ( Type [Analytics at the Edge and Analytics at the Server] and Use Cases [Gun Detection, Industrial Temperature Monitoring, Anomaly detection & Behavior Recognition, Facial recognition/Person search, Object detection & tracking, Intrusion detection & perimeter protection, Smoke & Fire Detection, Traffic Flow Analysis & Accident Detection, False alarm filtering, Parking Monitoring and Vehicle Identification & Numberplate Recognition ] and Deployment Mode [On Premises and Cloud]), and Service (Video Surveillance-As-A-Service [Technology {Video Analytics-As-a-Service and AI-Powered Video Analytics-As-a-Service}, Type { Hosted, Managed and Hybrid}] Installation & Maintenance Services)

• System
o Analog Video Surveillance Systems, IP Video Surveillance Systems, and Hybrid Video Surveillance Systems

• Vertical
o Commercial (Retail Stores & Malls, Enterprises & Data Centers, Banking & Finance Buildings, Hospitality Centers and Warehouses), Infrastructure (Transportation, City Surveillance, Public Places and Utilities), Military & Defense (Prison & Correctional Facilities, Border Surveillance, Coastal Surveillance and Law Enforcement), Industrial (Factory/Manufacturing facility and Construction site), Public Facility (Healthcare Buildings, Educational Buildings, Government Buildings and Religious Buildings), and Residential

Steady Advances will be Witnessed in Hardware over Next 10 years

Currently, the video surveillance is equipped with highly advanced camera solutions with 4k soon to be launched. This is the only major trend witnessed in the hardware segment of the video surveillance industry. There are many incremental and small ways in which hardware will become more simplified and enhanced in the coming 10 years. Hidden cameras are today more advanced and stronger than before, and they will merely enhance and be less detectable in the coming years. Shrinkability will surely improve with more and more advances in looks and performance.

Latest Headlines and Headlights

In April 2024, Axis Communications announced the launch of next-gen VMS (Video Management Software) for Axis Camera Station. This integrated suite guarantees higher flexibility to cater to the growing demands of businesses.

In October 2023, Robert Bosch GmbH announced its ideas to rearrange its Building Technologies segment with emphasis on its regional integrator businesses presenting services and solutions for energy efficiency, building security, and automation of the building.

In March 2023, in collaboration with Bengaluru city police, Honeywell finished Safe City Project’s Phase 1. More than 4,100 cameras were deployed in the city in nearly 3000 key locations. These video cameras are designed to identify vital incidents and help minimize response times of the police.

In July 2024, Panasonic Corporation’s (PMMAF) recently introduced its modern 4K PTZ Camera Solution. Contributing to its product portfolio of 4K integrated cameras, these new cameras have compact design with auto-tracking feature, and one that also aids efficient and easy operation, making it suitable for businesses and academic use cases.

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A Holistic Video Surveillance System Will Benefit Businesses in Improving their Security Services

An ideal video surveillance device that provides superior insights to the security team, allowing them for better decision making is undoubtedly one such system that many businesses and users are seeking at present. The insight range will be a lot improved in the forthcoming years. Instead of changing or replacing the security team in future, businesses or organizations simply need this one-of-a-kind video surveillance system that helps the security personnel to perform their duties in a better way with broad insights.

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