The video surveillance technologies have significantly changed the overall surveillance industry in terms of providing increased safety, cost-effectiveness, and convenience. The video surveillance industry is expected to go through a metamorphic phase involving an unprecedented period of innovation and disruption.

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The video surveillance market is expanding significantly and is expected to reach a substantial level by 2025. The video surveillance industry is more than 30 years old, with the last two decades experiencing technological advancements from analog closed-circuit television (CCTV) to digital network video surveillance systems.

Advanced video surveillance systems are easy to install and maintain, provide remote monitoring capabilities, and offer longer retention for recorded video footage with consistency in image and video quality. According to BIS Research analysis, the digital universe is expected to double every three years and is expected to reach 40 trillion gigabytes. Thus, to handle such a large amount of data, new technologies will be required to integrate into video surveillance systems for efficient operations.

According to market intelligence report published by BIS Research, the global video surveillance market was valued at $35.05 billion in 2019 and is expected to grow at CAGR of 10.06% during the forecast period 2020-2025.

Increase Adoption of Surveillance Systems to monitor COVID-19 cases

The increase in the budget for procuring advanced video surveillance systems by various countries including the U.S., India, Russia, Israel, China, Singapore, South Korea, and among others, for procuring technically advanced video surveillance systems to track the individuals’ quarantine activity is playing a major role in strengthening the market growth.

Increasing Smart Cities and Megaprojects Globally

Implementation of various smart cities and megaprojects is not limited to the U.S. only but is also expanding in all corners of the world including China, Brazil, India, the Middle East countries, and other developing economies. Thus, the growing critical infrastructure, along with the requirement of upgrading the existing security structure, acts as a major driver for the video surveillance market.

Increasing Government Initiatives to Improve Public Safety

The governments worldwide are actively participating in the deployment of video surveillance systems, especially with advancements such as facial recognition, human rights, track criminals, and object detection in the field of video analytics technologies. The video surveillance services have become a much more valuable resource for law enforcement authorities for ensuring public safety.

Adoption of Video Surveillance Systems in Educational Institutes

Stringent regulations posed by various governments to install video surveillance systems in educational institutes is expected to propel the market growth. Further, the U.S. higher educational institutes have also planned to propose body-warn cameras and other video surveillance units due to the growing campus shootings.

By Application

The infrastructure segment is the major contributor to the overall revenue amongst all applications in 2020. The rising security demands across the globe to retaliate against terrorism and crime, along with an increase in government spending on security, are some of the significant reasons attributing to the dominance of the infrastructure sector.

By Region

Asia-Pacific region generated maximum revenue for the video surveillance industry. Another region is generating considerable revenue for the video surveillance industry in North America. The region of Asia-Pacific led the global video surveillance market in 2019 and is anticipated to maintain this dominance during the forecast period in terms of value. This unprecedented growth is primarily attributed to the vast deployment of video surveillance equipment and projects in India and China. China generated maximum revenue among all the Asia-Pacific countries.

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Among the several Asia-Pacific countries, India is projected to witness the highest CAGR during the forecast period. The continuous expansion of infrastructure in China and India is one of the most significant drivers in promoting video surveillance in Asia-Pacific countries. Due to the reduction in video cameras' prices, the overall cost of CCTV-based security system packages has declined drastically. However, this has led to a hike in the price competitiveness of these surveillance systems in countries like South Korea, India, and China.

About BIS Research:

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