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The upcoming Surveillance Technology Global Market Report 2024 indicates a significant growth in the industry. It is projected to surge from $148.29 billion in 2023 to $169.05 billion in 2024 at a compound annual growth rate CAGR of 14.0%. Factors contributing to this upward trajectory include the increased utilization of mobile surveillance technology systems, integration of video surveillance with access control and alarm systems, emerging markets growth, and an upward trend in the adoption of video surveillance systems in educational institutions.
What Does the Forecast Say About the Future of Surveillance Technology Market Size?
The surveillance technology market size is predicted to see rapid growth in the next few years. It is estimated to grow to a staggering $301.61 billion in 2028 at a compound annual growth rate CAGR of 15.6%. The low cost of investment associated with video surveillance as a service VSaaS, increasing government surveillance initiatives, emerging adoption of surveillance technology by the hospitality sector and a rise in data security breaches are key factors that are expected to drive growth in the forecast period.
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What Is Driving the Expansion of the Surveillance Technology Market?
The rising need for safety in high-risk areas is a significant factor contributing to the growth of the surveillance technology market. With the crime rate increasing globally at varying rates, surveillance technology is increasingly being utilized to monitor behavior, activities, or information to mitigate the risk of crime. Some countries like China already have significant public safety measures in place, with around 200 million surveillance cameras in operation. According to the World Population Review, the crime index is 37 for China's 1.4 billion population. In fact, a review conducted by Cornell University, sponsored by Campbell Collaboration, notes that the use of surveillance cameras leads to a considerable reduction in crime, with a 51% decrease in crimes committed in parking lots and a 23% decrease in crime on public transportation in New York.
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Which Key Players Are Making Headway in the Surveillance Technology Market?
The report identifies various major companies operating in the surveillance technology market. These include Canon Inc, Motorola Solutions, AxxonSoft, Genetec, Qognify, NEC Corporation, Honeywell International Inc., Verint Systems, March Networks, Identiv, Matrix comsec, SecurAX Tech Solutions Pvt Ltd, AMAG Technology Inc, CloudWalk Technology Co Ltd, Shenzhen IntelliFusion Technology Co Ltd, NetPosa Technologies Ltd, Haimeng, Jin Ruan, Ruitec, Goldeweb, HID Global, Gallagher Security Europe Ltd, Vanderbilt Industries, Assa Abloy Emea, Dahua Technology Ltd, British Security Industry Association BSIA, Fermax Electronica SAU, Delta Scientific Corporation, Userful Corporation, Anviz Global Inc, Vicon Industries, OnSSI, Packetlabs Ltd, Cyber Unit, Vumetric Cybersecurity, Cloudkeyz, ButterflyMX, Johnson Controls, Security Enhancement Systems, Openpath, Genea, Sequr Inc, Agility Technologies Corp ATC, Wolpac, Control iD , Avigilon Corporation, 2point0 Concepts, DSX Access Systems, Inc, Evolv Technology, Al Nahr Company for Security Solutions, AL Smari Trading, Ametrad Technology Services Co , Biosec Solutions, BIO-key, BioRugged Pty Ltd.
Which Emerging Trends Are Impacting the Surveillance Technology Market Size?
Artificial Intelligence AI is an emerging trend that's making its mark in the surveillance technology market. One example is Ella, an application and web platform designed by IC Realtime, It utilizes sophisticated algorithms to assess the most important events in videos either from CCTV footage or video feeds. Unlike traditional video monitoring systems, Ella offers a smart search option, allowing users to search for significant events in the recorded videos, and understands hundreds of natural language queries.
How Is the Global Surveillance Technology Market Segmented?
The surveillance technology market report segments the market as follows:
1 By Technology: Video Surveillance, Big Data, Police Body Cameras, Biometrics, Domestic Drones, Face Recognition Technology, RFID Chips, Stingray Tracking Devices
2 By Storage: On-Premise, Cloud
3 By End-User: BFSI Banking, Financial Services And Insurance, Government, Healthcare, Manufacturing, Retail, IT And Telecommunication, Media And Entertainment, Education, Other End-Users
Examining the Regional Breakdown of the Surveillance Technology Market
In 2023, Asia-Pacific emerged as the largest region in the surveillance technology market. North America follows closely as the second-largest region. The report covers the surveillance technology market in regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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