In our research, we have categorized the video surveillance market based on platforms, industries, and services. The platform category encompasses both hardware and software components. The industries analyzed in this study include commercial, industrial, infrastructure, residential, and institutional sectors. Additionally, various services are provided to end users by manufacturers and outsourced firms, including hosted video surveillance services, managed video surveillance services, and hybrid video surveillance services.
The video surveillance market is projected to reach approximately US$ 43.8 billion by the end of 2025, growing at a compound annual growth rate (CAGR) of 11.8% during the forecast period from 2018 to 2025, up from US$ 18.3 billion in 2017. This growth can be attributed to the increasing adoption of internet protocol (IP) cameras among users in both developed and developing countries. One of the primary advantages of IP cameras over traditional models is their ability to transmit captured data or images directly over the internet almost instantaneously. TCP/IP cameras can be categorized as either centralized, requiring a Network Video Recorder (NVR) for monitoring recordings, or decentralized, allowing recordings to be stored on local or remote devices. Furthermore, IP cameras often support Wi-Fi connectivity, enabling immediate data transfer.
Moreover, the growing interest in installing various video analytics software on IP cameras for automatic image analysis is also contributing to their popularity among users. Other benefits of IP cameras compared to conventional analog systems include superior image resolution, which aids in better understanding and analyzing situations, and the capability to monitor larger areas with a single camera.
In 2017, North America dominated the video surveillance market, accounting for nearly 35.9% of the total market share. A significant factor driving the growth of video surveillance in North America is the substantial investments made by government bodies, defense agencies, and private enterprises in the United States, Canada, and Mexico. The majority of these investments originate from the U.S., propelling the video surveillance market in the region. Additionally, stringent regulations imposed by the governments of the U.S., Canada, and Mexico regarding the installation of advanced video security technologies are further solidifying North America's leading position from 2018 to 2025. The presence of numerous established companies and tier 2 firms in the video surveillance sector is also enhancing the adoption of surveillance cameras. Furthermore, software developers are creating advanced software solutions to improve the capabilities of surveillance systems.
The Asia Pacific region is expected to be the fastest-growing area in the global video surveillance market, driven by escalating security concerns stemming from rising crime rates, civil unrest, and terrorist activities. These issues have prompted governments and private organizations in the Asia Pacific to invest heavily in video surveillance cameras and solutions to bolster security measures in the region.
The video surveillance market comprises a mix of well-known corporations and emerging players, including Honeywell International Inc., Panasonic Corporation, Sony Corporation, Robert Bosch GmbH, Axis Communications, Samsung Electronics Co., Ltd., FLIR Systems Inc., Pelco (Schneider Electric), IndigoVision Group Plc, and Dahua Technology Co., Ltd., among others.