Video Surveillance Industry Growth, Development and Forecast Report, 2030

NEW YORK - Aug. 29, 2024 - PRLog -- According to the latest market research study published by P&S Intelligence, the worldwide video surveillance industry will generate USD 58.5 billion in 2024, and it is estimated to experience a CAGR of 9.3% over the projection period, attaining USD 99.7 billion by the end of 2030. This development can be ascribed to the increasing security demand in public and private places, like airports, homes, business complexes, and schools.

Moreover, smart metropolises need intelligent video surveillance for tracking diverse activities. Furthermore, AI-enabled video analytics and deep learning improve surveillance efficiency, which fuels people's and properties' safety.

The requirement for advanced processing abilities and compression methodologies is propelling the use of IP-based video surveillance systems. Developing technologies, like computer vision, artificial intelligence, and pattern finding, are quickly being used in the current surveillance systems to find abnormal behavior and patterns in numerous recordings.

Analog video surveillance systems are becoming less popular as more advanced IP-based systems become widely available. The rising demand for IP-based video surveillance is driven by improvements in security capabilities, network services, and decreasing costs of specialized equipment. These advancements are also lowering installation expenses. Additionally, the introduction of 360° video recording technology allows users to substitute multiple pan-tilt-zoom (PTZ) cameras with a single unit, further enhancing efficiency and cost-effectiveness in surveillance setups.

Browse detailed report analysis on Video Surveillance Market Growth and Demand Forecast to 2030 (https://www.psmarketresearch.com/market-analysis/video-su...)

Key Insights

• Hardware comprises the largest category with a 50% market share in 2024, driven by demand for cameras, displays, and storage devices in video surveillance systems.
• Video Surveillance as a Service (VSaaS) is growing at a CAGR of 9.6% from 2024 to 2030, offering benefits like remote viewing, video recording, and cybersecurity integration.
• The industrial sector anticipates the highest CAGR of 9.8% from 2024 to 2030, driven by the need to protect facilities from vandalism, theft, and industrial accidents.
• APAC is the fastest-growing region with a CAGR of 9.7% from 2024 to 2030, driven by technological advancements, urbanization, and infrastructure development.
• China leads APAC with the largest market share, driven by the extensive use of surveillance technology in public spaces and infrastructure projects.
• North America holds a significant market share in 2024, benefiting from widespread adoption across residential, commercial, and industrial sectors.
• Saudi Arabia and the U.A.E. are key contributors to market growth in MEA, focusing on enhancing security measures and compliance through technology.
• Growth in the MEA is supported by strategic partnerships and expanding product portfolios of key market players.