Smart Video Surveillance Market Size (2024 – 2030)

The smart video surveillance market was valued at USD 53.7 billion in 2023 and is projected to reach a market size of USD 99.43 billion by the end of 2030. Over the forecast period of 2024–2030, the market is projected to grow at a CAGR of 9.20%.

Smart video surveillance, often referred to as intelligent video surveillance, uses a variety of technologies, including data analysis, artificial intelligence (AI), and the Internet of Things (IoT), to enhance traditional surveillance systems. Smart video surveillance may automatically identify security incidents and potentially harmful events. It is useful for perimeter intrusion detection activities. It can also be helpful in distinguishing motions, identifying things, and predicting aggressive or particular gestures or behaviors.

Key Market Insights:

According to a 2023 Statista Research Department analysis, the number of households equipped with smart security cameras is expected to increase by 82.79%, or 81.84 million, between 2023 and 2027, reaching a peak of 180.7 million residents in 2027. By 2024, 98.8 million houses will have smart home security cameras installed, predicts DataProt. By 2027, this figure will have doubled to approximately 180.7 million homes. Hikvision sells about 98 million cameras a year all over the world. China is the country that people watch the most on the planet, with 200 million CCTVs. According to statistics, at any given time, 14.3 cameras are watching every 100 Chinese individuals, mostly to help enforce traffic regulations and maintain public order. The results of certain surveys on the topic showed that 40% of roughly 1000 people in Europe thought that video monitoring had invaded their privacy. To address this issue, systems of accountability and monitoring must be established to ensure that the use of video surveillance is done in a way that is morally, legally, and sensible.

Smart Video Surveillance Market Drivers:

Emerging trends in intelligent video surveillance, fueled by advancements in technology and escalating security demands, are propelling unprecedented growth and innovation in the market.

The use of young people by customers using security soldiers or law enforcement in health care and business. The body is carried with health and health care as well, retaining hospitality to improve the unusual work. Body-worn cameras allow users to record real-time events and send hazard messages and information to security personnel. With the above-mentioned factors in mind, video surveillance vendors are combining wearable cameras with video analytics capabilities to meet the needs of end users. Advances in artificial intelligence and machine learning technologies have enabled surveillance systems to analyze large amounts of video data in real-time, enabling proactive detection and response to threats. Furthermore, the growing need for improved security systems in the public and private sectors, as well as the growing concern for security and crime prevention, has led to a demand for better security solutions. In addition, the evolution of IoT (Internet of Things) and the cloud has made it easier to integrate video surveillance with other intelligent devices, providing seamless control and management. Also, the adoption of smart city initiatives is growing worldwide, and the expansion of smart infrastructure projects has boosted the market.

Smart Video Surveillance Market Restraints and Challenges:

The privacy and security of video data can be major concerns.

The use of video surveillance is increasing rapidly in developed countries. Continuous threats to public safety require the use of such measures. Today's video surveillance systems offer advanced features that threaten the privacy of those recorded in the video. It is important to find a balance between the use of video surveillance and its negative impact on privacy. In recent times, some countries have sought to use this right to fight the coronavirus disease and enforce stay-at-home orders and social distancing.

High installation and service costs can hinder growth.

The cost of installing and maintaining surveillance cameras can be high, especially for large projects. The cost of implementing a complete video surveillance system with advanced features can be prohibitive for small and medium businesses.

Smart Video Surveillance Market Opportunities:

The intelligent video surveillance market is full of opportunities and at the forefront of technological progress and innovation. With the integration of artificial intelligence, machine learning, and advanced analytics, surveillance systems are no longer passive observers but proactive guardians of safety and security. Opportunities abound for companies that want to take advantage of this evolution, offering solutions tailored to various sectors, including public safety, retail, transportation, and smart cities. As demands for enhanced security measures increase globally, the market presents avenues for the development of intelligent, scalable, and customizable surveillance solutions. Additionally, with the advent of IoT and cloud-based technologies, the potential for integrated and remote monitoring systems is expanding, providing unprecedented flexibility and efficiency. Managing these opportunities involves not only meeting the current market needs but also anticipating the future, putting the company at the forefront of the changing business environment.

SMART VIDEO SURVEILLANCE MARKET REPORT COVERAGE:

Smart Video Surveillance Market Segmentation: By Offering

• Hardware

• Software

• Services

Hardware is the largest growing component. The strong demand for storage devices, monitors, and surveillance cameras is the main factor contributing to the segment's growth. Cameras that record video are essential for keeping an eye on a variety of settings, including homes, workplaces, schools, and public areas. With features like motion detection, facial recognition, and night vision, their capabilities keep getting better. Monitors are used to see live feeds from security cameras, which are often placed in control rooms or other designated monitoring zones. Services are the fastest-growing segment. The demand for video surveillance systems is expected to fuel significant growth in the services industry in the upcoming years, requiring specific skills for installation and configuration. The increasing use of this technology is driving the demand for expert services to set up and maintain these cutting-edge features. Moreover, the growing need for security advisory and smooth system integration services propels the projected growth of the services sector in the industry.

Smart Video Surveillance Market Segmentation: By System

• Analog Video Surveillance Systems

• IP Video Surveillance Systems

• Hybrid Video Surveillance Systems

IP video surveillance systems are the largest growing systems. They are revolutionizing security around the world due to their integration of advanced technology and network connectivity. These systems use Internet Protocol (IP) technology to transmit video data over a network, providing scalability, flexibility, and improved performance. The main factors driving the growth of IP video surveillance systems include growing concerns about safety and security, increased demand for high-definition video surveillance, and the need for indoor surveillance capabilities. In addition, advances such as AI-based analytics, cloud storage, and integration with other intelligent devices are driving their adoption. This development has had a significant impact on the global video surveillance market by driving innovation, improving operational efficiency, and providing comprehensive security solutions. As businesses and industries continue to prioritize security and efficiency, IP video surveillance systems are expected to increase, leading to the expansion of the smart video surveillance market globally. Hybrid video surveillance systems are the fastest-growing segment. This is because hybrid video surveillance systems, which combine the sophisticated capabilities of IP systems with the flexibility of analog systems, are becoming more and more popular. These hybrid solutions are applicable in a variety of settings, including homes, workplaces, and educational institutions. They are an affordable option for companies looking for effective video surveillance solutions because of their cost-effectiveness as well as how easy they are to install and maintain.

Smart Video Surveillance Market Segmentation: By End-Users

• Commercial

• Industrial

• Residential

• Government

The commercial sector is the largest growing end-user. Smart video surveillance systems are essential for improving security protocols and safeguarding property in the commercial sector. These systems are used by businesses to keep an eye on their properties, prevent theft and vandalism, and guarantee the security of both staff and patrons. Commercial buildings can effectively manage security operations and react quickly to any possible threats or problems with capabilities like facial recognition, remote access, and real-time monitoring. The industrial sector is the fastest-growing category. Smart video surveillance technology is applied in industrial settings for several reasons, such as operational effectiveness, safety compliance, and asset protection. Advanced surveillance systems are utilized by industrial facilities to monitor manufacturing processes, identify equipment defects or risks, and improve overall security. These systems, which have capabilities like thermal imaging, video analytics, and interaction with industrial control systems, offer insightful data, facilitate operational efficiency, and guarantee a secure work environment for staff members.

Smart Video Surveillance Market Segmentation: Regional Analysis

• North America

• Asia-Pacific

• Europe

• South America

• Middle East and Africa

The Asia-Pacific region is the largest growing market. This region serves as a strong key force for the smart video surveillance market, exhibiting impressive growth due to several key factors. Rapid urbanization, growing infrastructure development, and an increased focus on public safety have led to the creation of intelligent surveillance systems across the region. In addition, growing concerns about security threats and the need for advanced surveillance methods have fueled the demand for intelligent video surveillance technology. The important contribution of Asia-Pacific to the global market is undeniable, influencing the process and shaping the situation of the industry. As emerging economies such as China, India, and Southeast Asian countries invest heavily in smart city planning, the demand for smart surveillance solutions is expected to expand. Advances in human intelligence and deep learning algorithms are improving video analysis capabilities, providing more effective and efficient security systems. As Asia-Pacific continues to take the lead in technological innovation and urban development, its impact on the global video surveillance market is poised to remain strong. North America is the fastest-growing market, with strong technological infrastructure and growing security and safety concerns. The region's growing population, along with rising crime rates in urban areas, has led to a demand for advanced research methods. In addition, strict government regulations regarding public safety have led to the adoption of intelligent video surveillance systems in various industries, such as business, transportation, and banking. Additionally, the advancement of artificial intelligence and machine learning technologies in surveillance systems has increased their efficiency and effectiveness in detecting and preventing threats. North America's pioneering approach to new security solutions not only strengthens its security system but also affects global market trends, shaping the trajectory of intelligent video surveillance technology worldwide.

COVID-19 Impact Analysis on the Smart Video Surveillance Market:

The COVID-19 pandemic has had a major impact on the smart video surveillance market, reshaping the security technology sector. With the enforcement of public distraction systems and increased focus on public health and safety, the demand for intelligent video surveillance solutions has increased. These techniques are employed not just for protocol monitoring but also for storage without spinning and public openings, such as the airport, the store, and the hospital. In addition, the need for systems in terms of the step's order depends on the cloud. Despite the economic challenges posed by the pandemic, the smart video surveillance market is expected to see continued growth as organizations prioritize security and technology adoption. This change highlights the important role of intelligence monitoring in protecting the country and improving the overall security infrastructure.

Latest Trends/ Developments:

In recent years, the smart video surveillance market has seen many innovations and developments, reshaping security systems around the world. One of the most popular methods is the integration of artificial intelligence (AI) and machine learning algorithms, allowing the system to analyze large amounts of video data in real-time. This has improved capabilities such as facial recognition, object detection, and behavioral analysis, improving the effectiveness of the surveillance system. In addition, advances in desktop computing have allowed surveillance cameras to process data locally, thus reducing downtime and improving privacy by reducing the need for constant data transmission to a central server. The rise of cloud-based surveillance systems has made it easier for organizations to scale up their security infrastructure and access video feeds from anywhere. As technology continues to develop, the smart video surveillance market is poised for further growth, guaranteeing even higher levels of safety and security.

Key Players:

1. Honeywell International Inc.

2. Hangzhou Hikvision Digital Technology Co., Ltd.

3. Bosch Security Systems, Inc.

4. Dahua Technology Co., Ltd.

5. FLIR Systems, Inc.

6. Cisco System, Inc.

7. Samsung Electronics Co., Ltd.

8. NICE Systems Ltd.

9. Pelco Inc.

10. Panasonic i-PRO Sensing Solutions Co., Ltd.

11. Avigilon Corporation

12. Axis Communications AB

13. CP Plus

14. NEC Corporation

15. Genetec Inc.

• In June 2023, SolidEDGE, the first truly serverless camera system with onboard SSD storage and an embedded WAVE VMS server, was unveiled by Hanwha Vision. It provides businesses of all sizes with efficient, scalable, and affordable surveillance solutions that include multi-camera recording, remote access, and easy system management. It enables simple customization and evolution of surveillance systems based on unique demands and is offered in two configurations with up to 2TB of storage capacity.

• In May 2023, the Dahua engine introduced the AcuPick video search engine to assist consumers in quickly and precisely locating desired videos. The product, which is supported by both front-end and back-end AI developments, delivers speedy search, simple operation, and high accuracy, spurring technological advancements in the sector.

• In April 2023, Intelligent Video Analytics Pro (IVA Pro), a cutting-edge AI-based software for video surveillance cameras, was introduced by Bosch Security Systems, LLC. IVA Pro offers insightful information that is tailored for certain applications and helps to increase productivity, security, and safety. Building security, traffic monitoring, and perimeter security can all be improved with the use of the software's IVA Pro Buildings, IVA Pro Perimeter, IVA Pro Traffic, and IVA Pro Intelligent Tracking modules, which provide accurate object detection, categorization, and tracking.