Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
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.
The global video surveillance and VSaaS market is estimated to be valued at US$ 56.46 billion in 2021 and is expected to exhibit a CAGR of 13.9 % over the forecast period (2021-2028).
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.
Figure 1. Global Video Surveillance and VSaaS Market Value (US$ Mn), by Region, 2020
Asia Pacific held dominant position in the global mobile phone accessories market in 2020, accounting for 39.6% share in terms of Value, followed by North America and Europe, respectively.
Global video surveillance and VSaaS Market: Drivers
Increasing security concerns and government regulations are expected to drive growth of the global video surveillance and VSaaS market during the forecast period. 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 are expected to propel the global video surveillance and VSaaS market growth over the forecast period. 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.
Global Video Surveillance and VSaaS Market: Opportunities
Mobile video surveillance has started gaining significant traction in the market since it 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.
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.
Video Surveillance and VSaaS Market Report Coverage
||Market Size in 2021:
||US$ 56.46 Bn
|Historical Data for:
||2017 to 2020
||2021 to 2028
|Forecast Period 2021 to 2028 CAGR:
||2028 Value Projection:
||US$ 155.48 Bn
- North America: U.S., Canada
- Latin America: Brazil, Argentina, Mexico, Rest of Latin America
- Europe: Germany, U.K., France, Italy, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
- Middle East and Africa: GCC Countries, Israel, South Africa, North Africa, Central Africa, Rest of Middle East
- 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
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.
- 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
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.
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.
Figure 2. Global Video surveillance and VSaaS Market Share, By End user Application, 2020
Key Takeaways of the Graph:
- The Transportation held dominant position in the market and accounted for 9% share in the global video surveillance and VSaaS market in 2020. The segment is expected to reach US$ 28.62 billion in 2028. This is owing to rapidly growing number of railway station across the globe.
- The IP-based video surveillance VSaaS segment accounted for largest market share of 3% in the global video surveillance and VSaaS Market in 2020 and is expected to reach US$ 155.48 billion by 2028, owing to rapid adoption of IP-based video surveillance by security agency.
Global Video Surveillance and VSaaS Market: Restraints
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.
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.
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.
- Major companies in the market are involved in product launches, in order to expand product portfolio. For instance, in April 2019, Agent Video Intelligence introduced Innovi, an AI-powered video analytics solution for security.
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.