Video Surveillance System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The global video surveillance system market was valued at USD 52.45 billion in 2020 and is expected to reach USD 90.37 billion by 2026, registering a CAGR of 9.31%, during the period of 2021 - 2026. The use of video surveillance in business is growing significantly, owing to the increasing need for physical security, coupled with the use of cloud-based services for centralized data.

• Video surveillance is majorly adopted in manufacturing, banking & financial services, and transportation and retail industries. This incorporation is higher in countries, such as the United States, the United Kingdom, China, and Brazil, owing to the large size of the concerned industries and higher awareness among consumers.
• Globally, the drive to enhance the safety and security across different industries is adding to the market growth, significantly. With rapid developments in cloud computing and video surveillance software, the surveillance market has transformed, in comparison to the previous decade.
• VSaaS has been increasing over the recent years, owing to the market penetration of IP camera sales. Significant factors, such as IT cost containment by major IT organizations, the emergence of data centers, and improving functionalities associated with centralized data, are aiding the VSaaS segment.
• Many organizations have started using video surveillance system solutions owing to their high dependency on security systems. For instance, in November 2018, Europe-based InfiNet Wireless successfully deployed video surveillance system solutions in the ports of Northwestern Mexico.The project was adopted jointly with Global VoIP and a system integrator. They also installed many high-capacity base station sectors for feeding data and video streams to a central control room
• The growth of the video surveillance market is expected to be fueled by the introduction of new IP-based digital technologies, to detect and prevent undesirable behaviors, such as shoplifting, thefts, vandalism, and terror attacks.
• Furthermore, high investments from India and China in security and safety solutions, aided the Asia-Pacific region to hold the largest market share. Public safety emerged as an essential function for governments across the region. As cities continue to grow, video surveillance becomes a crucial tool for monitoring population movement, as well as to fight crime.

Scope of the Report

Video surveillance systems incorporate one or more video cameras on a network that sends the captured video or audio information to a particular place. The captured images are live monitored or transmitted to a central location for recording and storage.

Video surveillance systems are increasingly used for many applications like crime prevention, industrial processes monitoring and traffic management. the use of video surveillance systems across the end-users is analyzed as a part of the study.

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Key Market Trends

Commercial sector is Expected to Hold the Largest Market Share in the Forecast Period

• In recent years, the demand for video surveillance in the commercial segment has increased substantially. The various end-users in this segment include - banking & financial, retail or wholesale, and media & entertainment industries.
• nThe number of thefts and fraudulent transactions in banks and financial institutions is increasing. The rising number of ATM thefts and suspicious ATM withdrawals across the world are further driving the need for adequate security measures. Besides, the regulatory environment has become stringent, which is expected to bolster the deployment of video surveillance systems.
• For instance, BS/2, a Lithuanian banking technology company and VisionLabs announced a strategic partnership for contactless identification that would help the companies to greatly increase security and would ward off the risks associated with the fraudulent or unlawful activities while operating self-service terminals thereby making ATMeye.iQ full-scale self-service video surveillance and fraud prevention system and LUNA face recognition platform the foundation for the introduced services.
• The retail sector has witnessed numerous instances of fraudulent actions, like shoplifting and burglary. Such crimes cause losses worth billions of dollars every year. Deployment of video surveillance systems in the stores can help check these issues by alerting the security team in such instances, in addition to keeping a tab on the shop-floor activities, such as the movements of employees, customers, goods, etc.
• The video surveillance systems can also be used to track consumer behavior at a store regarding a particular segment in a retail store. For instance, in a branch of KFC in Beijing, a computer through camera scans their faces decides on what people will eat by placing orders according to age, gender, and mood.
• Moreover, in the United States increased spending on military and defense on new innovation to manage safety and security, increasing adoption of facial surveillance, increasing government initiatives regarding compulsory installation of video cameras in public places such as liquor shop, supermarket, are the factors that are driving the growth of video surveillance systems across the region.

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