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  • Published On : May 2023
  • Code : CMI4671
  • Pages :170
  • Formats :
      Excel and PDF
  • Industry : Smart Technologies

The global video surveillance and VSaaS market is estimated to be valued at US$ 36.8 Billion in 2022 and is expected to exhibit a CAGR of 11.76 % over the forecast period (2023-2030).

A video surveillance system provides visual surveillance where there is no on-site observer. A video surveillance system (VSS) includes various electronic components such as camera, recording/control unit, and output interface namely monitor. It also includes storage, encoders, interface, and management software. Furthermore, surveillance can be performed directly or can be assessed, stored, and repeated as frequently as necessary. This includes surveillance from distance with electronic equipment such as CCTV cameras. Video surveillance plays crucial for law enforcement agencies in maintaining law and order, monitor and recognize threats, and prevent criminal activities. Furthermore, video management, storage, and analytics solutions are hosted centrally in cloud computing and can be accessed with the help of the internet in the video surveillance-as-a-service (VSaaS) delivery model.

Global Video Surveillance and VSaaS Market Analysis: Regional Insights

Asia Pacific held dominant position in the global mobile phone accessories market in 2022, accounting for 39.6% share in terms of Value, followed by North America and Europe, respectively.

Figure 1: Global Video Surveillance and VSaaS Market Share (%), By Region, 2022

VIDEO SURVEILLANCE AND VSAAS MARKET

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Global Video Surveillance and VSaaS Market Analysis - Impact of Coronavirus (Covid-19) Pandemic

The crisis of COVID-19 pandemic has significantly impacted the global video surveillance and VSaaS market. Since the outbreak of COVID-19 pandemic, many countries have adopted stringent lockdown policies to curb the spread of virus. With disruption in global supply chain industries and regulations on physical distancing, the market in discussion experienced a critical decline. One of the key changes the market witnessed is shift from physical security to cloud-based hosted solutions for VSaaS. This has prompted many business to adopt VSaaS solutions for various security measures including video recording, remote viewing, management alerts, cyber security, and more. The market is expected to witness significant in the near future with several countries easing their physical distancing and lockdown restrictions.

Global Video Surveillance and VSaaS Market Analysis- Drivers:

Increasing security concerns and government regulations

Video surveillance plays a crucial role in the security industry to avoid criminal and terrorist activities. Governments across the globe are investing significantly in technological advancements of the most advanced surveillance networks, in order to augment the fight against local crimes and anti-terrorism activities. According to the U.S. National Security Agency, since the incidence of 9/11, U.S. law enforcement agencies have been able to stop over 50 terrorist plots in the country.

Advancements in technology related to high-resolution perfect imaging and video analytics

A significant number of cameras are employed video surveillance systems in various industries due to the availability of IP cameras with higher resolution that provides more storage. VSaaS is increasingly becoming more practical due to considerable technological advancements in this field including the availability of H.264 video compression for a broad range of security products and the wider reach of high-speed internet connections. Moreover, an H.24 video feed requires only 10% to 20% of the bandwidth as compared to motion JPEG. For Instance, in May 2022, Tenda a networking devices and equipment supplier launched their CP3 Security Camera with 1080p resolution in India.

Global Video Surveillance and VSaaS Market Analysis- Opportunities:

Mobile video surveillance has started gaining significant traction

Mobile video surveillance facilities various services such as recording of video on an on-board device and availability data download wirelessly when the vehicle returns to the station. Technological advancements have made it possible to stream videos wirelessly from mobile video surveillance cameras to a control center. Mobile video surveillance solutions include student transit, mass transit (buses and railways), vehicle rearview backing solutions, and mobile video management solutions. For Instance, in March 2021, Detail a video editing startup started their new project where they were working on a app for macOS and iOS so that people can turn their iPhone into software-optimized surveillance camera for a live video.

The introduction of IoT has enabled electronic devices to connect and communicate with each other

Several sensors have to be located in different devices to generate data to achieve this. Moreover, network cameras are expected to examine individually and take smart decisions based on their own with the help of IoT capabilities. Thus, the demand for HDTV and smart CCTV is expected to increase significantly with increasing data security concerns. Market players can capitalize on these opportunities and gain a competitive edge in the market. For Instance, January 2021, Xiaomi a Chinese manufacturer and designer of consumer electronics launched the Mi 360 home security camera 2K Pro which can record at 1,269p with sharper image quality.

Research and development activities among market players

Key market players are focused on product development, in order to enhance the market presence. For instance, in January 2020, D-Link Systems, Inc., introduced AI-powered person and glass break detection to Wi-Fi cameras at CES 2020.  

Global Video Surveillance and VSaaS Market Analysis was valued at US$ 36.8 Bn in 2022 and is forecast to reach a value of US$ 89.57 Bn by 2030, exhibiting CAGR of 11.76% between 2023 and 2030.

Video Surveillance and VSaaS Market Report Coverage

Report Coverage Details
Base Year: 2022 Market Size in 2022: US$ 36.8 Bn
Historical Data for: 2017 to 2021 Forecast Period: 2023 to 2030
Forecast Period 2023 to 2030 CAGR: 11.76% 2030 Value Projection: US$ 89.57 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Component: Hardware (Cameras, Recorders and Storage, Encoders, Monitors), Software (Video Analytics, Video Management Software (VMS)), Services (Hosted service, Managed service, Hybrid service)
  • By Type: Analog Video Surveillance and VSaaS, IP-based Video Surveillance and VSaaS
  • By End user Application: Residential, Retail, Business Organization, Transportation, Government Buildings, Hospitality, Industrial, Stadiums, Others
Companies covered:

Zhejiang Dahua Technology Co., Ltd., Agent Video Intelligence, Hangzhou Hikvision Digital Technology Co., Ltd, GeoVision, Inc., Canary Connect, Inc., Pelco, Inc., Honeywell Security Group, Homeboy, Inc., D-Link Systems, Inc., NETGEAR Inc., Genetec, Inc., FLIR Systems, Inc., Panasonic System Networks Co. Ltd, Axis Communications AB, Cisco Systems Inc., and Robert Bosch GmbH.

Growth Drivers:
  • Increasing security concerns and government regulations 
  • Advancements in technology related to high-resolution perfect imaging and video analytics
Restraints & Challenges:
  • Major challenges regarding privacy concerns 
  • High cost of IP video surveillance systems

Global Video Surveillance and VSaaS Market Analysis- Trends:

Growing Popularity of Motion-Activated Smart Surveillance Systems for Improved Efficiency and Cost Savings

Advent of smart surveillance system that assesses and captures video only when motion is detected in front of the camera has started to gain significant traction in the market. Although the current impact of smart surveillance systems is average, this impact is expected to increase during the forecast period, owing to rising demand for storage efficacy and cost-efficiency in video surveillance systems. For instance, in May, 2022 GJD Manufacturing an external detector equipment manufacturer launched their D-Tect 60 external motion sensor with included alarm trigger. 

Rising Adoption of Wireless Video Surveillance Systems Fueled by Cost Savings and Technological Advancements

A wireless video surveillance system includes a receiver and transmitter. These systems can encompass a wide range of areas and help save wiring and maintenance costs. Thus, this has led to an increase in wireless connection and easy availability of wireless infrastructure. Moreover, emergence of 4G LTE technology is expected to boost adoption of wireless video surveillance systems over the forecast period. For instance, Bharti Airtel a telecom provider launched home surveillance system Xsafe, which offer end to end home surveillance solutions, and provide their customers Wi-Fi based cameras whioch can be operated from far away.

Global Video Surveillance and VSaaS Market Analysis- Restraints:

Privacy Concerns Impede Growth of Video Surveillance and VSaaS Market despite Positive Reception by Majority

Major challenges regarding privacy concerns are expected to restrain growth of the global video surveillance and VSaaS market during the forecast period. Privacy concerns still remain the major factor hindering growth of the market. Although the majority of the population has appreciated the implementation of video surveillance, a certain part of the population feels it is a violation of their privacy and hence it has witnessed opposition in the recent past. Various associations including the Electronic Privacy Information Center and the New York Civil Liberties Union have started to collect support against public surveillance. According to article published in October 2022, by security.org which is an security researchers organization the laws and regulations differs as the state changes in the US like Georgia, where video surveillance cameras in private and public is allowed as long as the cameras are in plain sight but Florida which allows the hidden video surveillance in public areas.

Expensive IP Video Surveillance Systems Pose Challenges for Market Growth, Especially for Small-Scale Users

High cost of IP video surveillance systems is expected to hamper the global video surveillance and VSaaS market growth over the forecast period. Although surveillance images have become smooth, sharp, and clear, designers have to maintain the balance between the image quality and affordable bandwidth. The major sector affected by this dilemma is personal home, building, small retail surveillance as these end users seek for cheaper alternatives rather than investing in modern advanced surveillance options. According to the blog released in March 2022, by Faceter which is a video surveillance solutions provider cheap and expensive cameras are different in their functionality also where expensive does not mean expensive in price but also in their features even the most common and non-multiple camera can cost more because of their brand and build quality.

Figure 2: Global Video Surveillance and VSaaS Market Share (%), By End Use Industry Segment, 2022

VIDEO SURVEILLANCE AND VSAAS MARKET

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Global Video Surveillance and VSaaS Market Analysis- Segmentation:

Global Video Surveillance and VSaaS Market Analysis report is segmented into Component, Type, and End User Application.

Based on Component, the market is segmented into Hardware (Cameras, Recorders and Storage, Encoders, Monitors), Software (Video Analytics, Video Management Software (VMS)), Services (Hosted service, Managed service, Hybrid service). Out of which, Hardware segment is expected to dominate the global market over the forecast period.

Based on Type, the market is segmented into Analog Video Surveillance and VSaaS, IP-based Video Surveillance and VSaaS. Out of which, IP-based Video Surveillance and VSaaS segment is expected to dominate the global market over the forecast period.

Based on End User Application, the market is segmented into Residential, Retail, Business Organization, Transportation, Government Buildings, Hospitality, Industrial, Stadiums, Others. Out of which Retail Segment is expected to dominate the global market over the forecast period.

Global Video Surveillance and VSaaS Market Analysis: Key Developments

Major market players are focusing on product launches in order to enhance their product portfolio.

In June 2021, a Indian Institute of Technology, Bombay a India based institute developed AI platform for real-time video surveillance.

In July 2021, Indian Railways, a India based Railway company and RailTel Corporation of India Ltd., a Indian based telecom company to deploy video surveillance systems at Indian railways stations.

In January 2021, Zhejiang Dahua Technology Co., Ltd., a China based technology company launched AI-based video surveillance system and smart IoT systems.

 Global Video Surveillance and VSaaS Market Analysis: Key Companies Insights

Global Video Surveillance and VSaaS Market Analysis is highly competitive, owing to increasing launches of new technologies due to ongoing R&D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the Key players involved in the global video surveillance and VSaaS market are Zhejiang Dahua Technology Co., Ltd., Agent Video Intelligence, Hangzhou Hikvision Digital Technology Co., Ltd, GeoVision, Inc., Canary Connect, Inc., Pelco, Inc., Honeywell Security Group, Homeboy, Inc., D-Link Systems, Inc., NETGEAR Inc., Genetec, Inc., FLIR Systems, Inc., Panasonic System Networks Co. Ltd, Axis Communications AB, Cisco Systems Inc., and Robert Bosch GmbH.

*Definition: VSaaS is a subscription-based service that allows customers to access and manage their video surveillance systems remotely without having to invest in expensive on-premise equipment. The service provider is responsible for maintaining the equipment and ensuring that the system is operational, while the customer pays a monthly or annual fee for access to the service.

Frequently Asked Questions

Global Video Surveillance and VSaaS Market Analysis size is estimated to be valued at US$ 36.8 Bn in 2022 and is expected to exhibit a CAGR of 11.76% between 2023 and 2030.

Major factor driving the growth of Market Analysis during the forecast period is increasing security concerns and government regulations.

Major factors hampering the growth of the market during the forecast period is Privacy Concerns Impede Growth of Video Surveillance and VSaaS Market despite Positive Reception by Majority

Zhejiang Dahua Technology Co., Ltd., Agent Video Intelligence, Hangzhou Hikvision Digital Technology Co., Ltd, GeoVision, Inc., Canary Connect, Inc., Pelco, Inc., Honeywell Security Group, Homeboy, Inc., D-Link Systems, Inc., NETGEAR Inc., Genetec, Inc., FLIR Systems, Inc., Panasonic System Networks Co. Ltd, Axis Communications AB, Cisco Systems Inc., and Robert Bosch GmbH.

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