The global surveillance camera market in 2021 was valued at US$28. 02 billion. The market is expected to reach US$45. 54 billion by 2027. Surveillance camera are video cameras used for the purpose of observing an area.
New York, Sept. 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Surveillance Camera Market: Analysis By System Type, By Technology By Region Size and Trends with Impact of COVID-19 and Forecast up to 2027" - https://www.reportlinker.com/p06318350/?utm_source=GNW
They are often connected to a recording device or IP network, and maybe watched by a security guard or law enforcement officer. Surveillance camera can protect individuals or businesses from theft, fire, flood, or intrusion. Furthermore, the global surveillance camera market volume is expected to reach 524.75 million units in 2027, increasing from 214.30 million units in 2021.
Due to the rise in urban population, increasing criminal threats, growth in traffic management, technological improvements, and rising number of ATMs, would propel the market growth in the forthcoming years. The market is expected to grow at a CAGR of 8.38% during the forecast period of 2022-2027.
Market Segmentation Analysis:
By System Type: The report provides the bifurcation of the market on the basis of system type. On the basis of value, the market is bifurcated into two segments: Analog and IP surveillance camera. In 2021, IP surveillance camera held a major share of 65% in the market. On the basis of volume, the market is bifurcated into the following segments based on the system type: Analog, IP Commercial, IP Consumer and other surveillance camera. In 2021, IP Commercial surveillance camera held a major share of more than 40% in the market. On the other hand, the analog segment is expected to witness decline in the forthcoming years owing to the emergence of IP cameras, with a number of advantages.
By Technology: The report further provides the segmentation of the market volume based on the technology: image signal processor, vision processor and vision processor + AI surveillance camera. The image signal processor held more than 70% of the share in the market. The market’s expansion is aided by the rising sales of home security systems, integration of artificial intelligence systems in surveillance camera and adoption of IoT based surveillance systems. The vision processor + AI surveillance camera segment is projected to grow at the highest CAGR. Surveillance cameras manufacturers are shifting from basic image processing to AI processing, which is likely to help in the growth of the global vision processor (+AI) camera market. The importance of artificial intelligence (AI) technology, during the COVID-19 pandemic has increased considerably, which helped various sectors, particularly healthcare, in providing real-time monitoring solutions.
By Region: The report provides insight into the surveillance camera market based on the regions namely Europe, North America, Asia Pacific, and the Rest of the World. Asia Pacific held the major share of above 40% in the market owing to the rising criminal activities and enhancing the security of the population in the country.
Within North America, the US held the dominant share. The US is one of the most surveilled countries in the world, with CCTV cameras installed in most public and private places. However, the retail and commercial end-user markets are estimated to have the largest number of cameras installed in the country. Whereas, in the Asia Pacific region, Japan and China held a significant share in the market as public safety agencies are heavily investing in emerging technologies for providing efficient safety solutions in Japan.
Growth Drivers: There is a rapid growth of surveillance cameras in recent years for the purpose of reducing and preventing criminal activities. Criminal cases are decreasing proportionately as more of the cameras came into existence. Surveillance cameras can also deter crime by increasing the probabilities of arrest and punishment. Alarm notification is the best way that the security cameras can function in prevention and reduction of crime Furthermore, the market has been growing over the past few years, due to factors such as rapid urbanization, rising number of ATMs, growth in traffic management, technological improvement and development in surveillance camera industry, and many other factors.
Challenges: However, the market has been confronted with some challenges specifically, increase in privacy concern, high investment cost, etc.
Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as integration of artificial intelligence systems in surveillance camera, adoption of IoT based surveillance systems, emergence of video surveillance as a service (VSaaS), etc. IoT systems are deployed in sectors including automotive, transportation, smart homes, energy, utility, security, surveillance, public safety, financial services, retail, healthcare, industrial, warehousing, and distribution. The growing adoption of IoT based surveillance systems is providing an overall growth opportunity to the global surveillance camera market.
Impact Analysis of COVID-19 and Way Forward:
The global surveillance camera market was impacted in many ways by the COVID-19 pandemic. In the wake of the COVID-19 pandemic, a wide range of surveillance cameras are turning out to be an effective way to serve the purpose of social distancing and other purposes. To keep a check on COVID patients, the surveillance camera were used in COVID wards. Also, thermal surveillance was initiated to check the temperatures to avoid the spread of COVID infections at crowded areas.
The global surveillance camera market is dominated primarily by Chinese companies, Hikvision and Dahua control about 60% of the total surveillance camera market.
The key players in the global surveillance camera market are:
Robert Bosch GmbH
Honeywell International Inc.
Cisco Systems, Inc.
Sony Group Corporation
LG Electronics Inc.
Axis Communications AB
Teledyne Technologies Incorporated
Motorola Solutions (Avigilon)
Some of the strategies among key players in the market for surveillance cameras are product launches, mergers, acquisitions, and collaborations. For instance, in 2021, Hikvision announced the launch of its new DeepinView bullet network cameras with TandemVu technology, expanding the reach of TandemVu technology from PTZ units to bullet-styled models. Whereas, Dahua Technology announced that the company’s network camera and video recorder products have passed ETSI EN 303 645 standard.
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