Video Surveillance Market Trends

Growth Drivers

• Increasing Urbanization- From recent years, people are more inclined to stay and work in cities. This tendency has increased the people’s migration from rural areas to urban areas in a massive way. As per the data released by the World Economic Forum, by 2050, 80% of the world's population, up from the current 55%, is anticipated to reside in urban areas.

• Rising Awareness for Security - Installation of surveillance systems provide a sense of security to business and residential occupants, therefore it has been a remarkable hike in adoption of these surveillance cameras. By the end of 2019, approximately 775 million surveillance cameras were installed throughout the world.

• Surge in Big Data - A significant amount of video data is produced every minute and is added to the already collected data. This results in a rise in the amount, velocity, and variety of data collected, which generates Big Data. Therefore, it is projected to increase the growth of the global video surveillance security cameras market.  For instance, by the end of 2018, each surveillance camera produced approximately 105 GB of video data each month as a result of high-quality lenses.

• Rise of IoT -  Rising trend of IoT is also projected to grow the adoption of video as it is a major development that has transformed traditional lifestyles into high-tech ones. Moreover, smart cities, homes, and industries are examples of IoT evolutions and it is anticipated to drive the growth of the global video surveillance security cameras market. It’s estimated that the number of active IoT devices is estimated to surpass around 26 billion in 2030, whereas the same was more than 11 billion in 2021.

Challenges

• High Cost of Surveillance Cameras
• Lack of Trained Workforce to Oversee Security Cameras
• Increased Privacy Concern

The global video surveillance security cameras market is segmented and analyzed for demand and supply by application into institutional, residential, commercial, industrial, border security, and city infrastructure, out of which, the commercial segment is expected to hold the highest growth over the forecast period owing to the high security concern in various places i.e., retails, malls, financial institutes, and banks. The increasing number of these commercial places is increasing the demand of security cameras. For instance, in the United States, there were approximately 2165 commercial bank robberies happened in 2019.Whereas, in 2020, there were 1,340 more robbery incidences happened.