BANGALORE, India, Nov. 10, 2021 /PRNewswire/ -- The Surveillance Market is Segmented by Type (Camera, Software & Services, Other Hardware), by Application (Residential Use, Commercial Use and Public & Government Infrastructure). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Security Products & Services Category.
In 2020, the global Surveillance market size was USD 34790 Million and it is expected to reach USD 67670 Million by the end of 2027, with a CAGR of 9.6% during 2021-2027.
Major factors driving the growth of the surveillance market are:
Increasing need to monitor the public, commercial and residential areas to ensure the safety of people is expected to drive the growth of the surveillance market. Surveillance systems employ video cameras to keep an eye on people, facilities, or locations from afar. Video surveillance is a very effective and cost-effective way to protect people, buildings, and possessions.
Increased hardware capabilities of video cameras are expected to further augment the surveillance market growth. Many cameras now come with a built-in microphone that can transmit and record audio while the video is being recorded. Manufacturers have also implemented a variety of hardware innovations to increase video camera low-light performance.
Wide-scale adoption of surveillance cameras in emerging countries for setting up in public areas and traffic signals is expected to drive the growth of surveillance market growth. For governments all around the region, public safety has become a critical function. As cities grow, video surveillance becomes an increasingly important tool for tracking population movement and combating crime.
Moreover, the increasing adoption of surveillance cameras is expected to boost the growth of the surveillance market. Manufacturing, banking, and financial services, transportation, and retail are among the businesses that use video surveillance the most. Due to the vast size of these industries and increased customer awareness, surveillance camera adoption is high in these industries.
Surveillance market growth is projected to be aided by increased hardware capabilities of video cameras. Many cameras now include a built-in microphone that can broadcast and capture audio as well as video. In order to improve video camera low-light performance, manufacturers have used a range of hardware advancements. Thus, a variety of factors, such as expanded camera capabilities, features, and customized systems, are making it easier for integrators to satisfy the demand from end customers looking to modernize aging surveillance systems to suit their security and operational requirements.
The rise of smart cities and IoT are expected to provide future growth opportunities for the market as modernized cities require innovative solutions to overcome long-term security challenges.
Based on type, the Camera segment held the largest surveillance market share of about 42 percent.
Based on application, report data showed that 13% of the Surveillance market demand is in Residential Use, 36% in Commercial Use, and 49% in Public & Government Infrastructure.
Based on region, China is the largest consumption region of Surveillance, with a consumption market share of nearly 38%. The second place is North America; following China with a consumption market share of over 20%. Europe is another important consumption market of Surveillance.
Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.
Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.
To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains detail research methodology employed to generate the report, Please also reach to our sales team to get the complete list of our data sources