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The expanding urban population, rising criminal threats, increased traffic management, technology advancements, and rising number of ATMs would drive market expansion in the coming years. The global surveillance camera market is projected to reach US$33.11 billion in 2023, witnessing growth at a CAGR of 8.30%, during the forecasted period. Furthermore, the global surveillance camera market volume is expected to reach 278.6 million units in 2023.
Segment Covered
By System Type: The report provides the bifurcation of the market on the basis of value and volume. In terms of system type, the report identifies two segments of the global surveillance camera market: Analog and IP surveillance camera. IP surveillance camera held maximum share in the market. Further, on the basis of volume, the market is bifurcated into four segments according to the system type: Analog, IP Commercial, IP Consumer and other surveillance camera. IP Commercial surveillance camera held a major share in the market. On the other hand, the analog segment is expected to witness decline in the forthcoming years owing to the rise in technological innovation, emergence of IP cameras, with a number of advantages.
By Technology: The market report provides the bifurcation of the global surveillance camera market into three segments on the basis of technology: image signal processor, vision processor and vision processor + AI surveillance camera. The image signal processor held the largest 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.
Geographic Coverage
According to this report, the global surveillance camera market can be divided into four regions namely Europe, North America, Asia Pacific, and the Rest of the World. The countries covered in North America region are the US, Mexico, and Canada, while Europe includes the UK, Germany, France, Spain, and Rest of Europe. Moreover, Japan, China, South Korea, India, Australia and Rest of Asia Pacific are included in the Asia Pacific region. Asia Pacific held the dominant share 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 leading 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.
Top Impacting Factors
Growth Drivers
- Growing Number of ATMs
- Increase in Crime Rate and Threats
- Rise in Infrastructure Developments
- Growth in Traffic Management
Challenges
- Increase in Privacy Concern
- High Investment Cost
Trends
- Integration of Artificial Intelligence Systems in Surveillance Camera
- Adoption of IoT based Surveillance Systems
- Emergence of Video Surveillance as a Service (VSaaS)
- Increase in Adoption of Spy and Hidden Cameras
Driver: Growing Number of ATMs
With the increasing number of banks and ATMs, the incidence of ATM thefts and suspicious ATM withdrawals have increased considerably. Criminal acts relating to theft of ATM machines or money from them, from customers who made withdrawals or are forced to do so, are on the rise. Many a times, these acts can lead to loss of life of the victim or the security guard, while preventing the crime. Thus, due to the rising security concerns, there is a growing demand for surveillance cameras in the ATMs. Therefore, augmenting the growth of the surveillance camera market.
Challenge: Increase in Privacy Concern
Usage of video surveillance cameras has increased globally during the recent years. Advanced video surveillance cameras are equipped with technologies, which allow the user to transfer data in an effective and efficient manner. However, this feature potentially compromises the privacy of the situation, which has been tapped or recorded. Through surveillance cameras, individuals are observed without their knowledge in public buildings, train stations, stores, elevators, locker rooms, and school hallways. There are various malicious activities being carried out through the seamless transfer of video recordings and clips to unauthorized users. This can be dangerous to the privacy of an individual who allows his/her activity to be tapped. This is considered to be a potential threat to the demand for the surveillance cameras, which could hamper its market growth on a global scale.
Trend: Emergence of Video Surveillance as a Service (VSaaS)
VSaaS is expected to grow rapidly in view of increasing security concerns, emergence of smart cities and growing demand for video surveillance. With the growing use of multi-mega pixel HD cameras, vast amounts of video surveillance data are being generated. The cloud computing provides efficient storage especially to small and medium-sized businesses (SMBs). Some of the benefits offered by cloud technology are lower capital investment, lower power consumption, practical hardware utilisation, reduced IT personnel cost and better reliability. Thus, the emergence of VSaaS would positively impact the surveillance camera market.
The COVID-19 Analysis
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 cameras were used in COVID wards. Also, thermal surveillance was initiated to check the temperatures to avoid the spread of COVID infections at crowded areas.
Analysis of Key Players
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 Cisco Systems, Inc., Robert Bosch GmbH, Sony Group Corporation, Panasonic Corporation, Honeywell International Inc., LG Electronics Inc., Axis Communications AB, Teledyne Technologies Incorporated, Hikvision, Dahua Technology, Motorola Solutions (Avigilon), Uniview, and Hanwha Group.
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Table of Contents
1. Executive Summary
Companies Mentioned
- Axis Communications AB
- Cisco Systems, Inc.
- Dahua Technology
- Hanwha Group
- Hikvision
- Honeywell International Inc.
- LG Electronics Inc.
- Motorola Solutions (Avigilon)
- Panasonic Corporation
- Robert Bosch GmbH
- Sony Group Corporation
- Teledyne Technologies Incorporated
- Uniview