Video Surveillance Market Trends

Growth Drivers

• Increasing Urbanization – People have been gravitating toward residing and working in cities more recently. This trend has significantly boosted the movement of individuals from rural to urban areas. The World Economic Forum estimated that by 2050, 80% of the world's population—up from the present 55%—will live in urban regions.
• Increasing Awareness for Security – Installation of surveillance systems gives commercial and residential inhabitants a sense of security; as a result, there has been a notable increase in the usage of these surveillance cameras. Around 775 million security cameras were installed globally in 2019.
• Surge in Big Data – Every minute, a sizeable amount of data is generated and added to the data that has previously been gathered. Big Data is produced as a result of the increase in the volume, speed, and variety of data being gathered. As a result, it is anticipated that the market for video surveillance will expand faster.

Challenges

• Necessity of High-Capacity Storage Systems – The demand for more storage has grown as a result of high-resolution cameras and the necessity for longer video retention times. Therefore, there is a need for storage systems that are specifically created to meet the requirements of contemporary video surveillance requirements. This includes having the capacity to control the retention of high-resolution video, having tested high throughput capacities, and being able to scale up and down with ease to suit changing retention requirements. These factors may hamper the market growth.
• High Cost of Surveillance Cameras
•  Insufficiently trained staff to manage security cameras