Rising Security Threats Propel Demand for Video Surveillance Systems in BFSI and Retail Sectors

DUBLIN, Oct. 19, 2023 /PRNewswire/ -- The "Video Surveillance Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global video surveillance systems market, valued at US$ 57.0 billion in 2022, is poised for significant growth. Projections indicate that the market will reach US$ 135.2 billion by 2028, demonstrating a robust Compound Annual Growth Rate (CAGR) of 14.8% during the forecast period from 2023 to 2028.

Key Market Insights:

Video surveillance systems are technologically advanced monitoring solutions that capture videos and images, which can be compressed, stored, or transmitted over communication networks. These systems are comprised of various components, including recorders, display units, transmission equipment, cameras, monitors, and control systems.

They are deployed for monitoring operations, preventing theft, vandalism, accidents, and damage to property, as well as for enhancing situation awareness and ensuring public safety. Video surveillance systems find applications across various sectors, including residential and commercial establishments.

Market Drivers:

1. Growth in BFSI Industry: The banking, financial services, and insurance (BFSI) sector is witnessing significant expansion, leading to a higher demand for video surveillance systems to prevent theft, fraudulent transactions, and other security threats.
2. Retail Sector Demand: The retail industry is adopting video surveillance systems to counteract issues like shoplifting and burglary, driving the market's growth.
3. Technological Advancements: Innovations such as deep learning, the Internet of Things (IoT), and artificial intelligence (AI) are enhancing video surveillance systems with advanced analytical functions, including facial recognition, vehicle tracking, and license plate recognition.
4. Security Concerns: Increasing security concerns related to terror attacks and illegal activities are driving the adoption of video surveillance systems in the defense sector for tracking and monitoring public activities.
5. High-Definition Cameras: The introduction of high-definition (HD) cameras is further boosting market growth.

Market Segmentation:

• System Type: Analog Surveillance, IP Surveillance, Hybrid Surveillance
  • IP Surveillance is experiencing substantial adoption due to its advanced features and capabilities.
• Component: Hardware, Software, Services
  • Hardware, including cameras and recorders, dominates the market.
• Application: Commercial, Military and Defense, Infrastructure, Residential, Others
  • Commercial applications account for a significant share, driven by security needs in businesses.
• Enterprise Size: Small Scale Enterprise, Medium Scale Enterprise, Large Scale Enterprise
  • Large-scale enterprises are major users of video surveillance systems.
• Customer Type: B2B, B2C
  • B2B customers, including businesses and institutions, are prominent users of these systems.

Regional Insights:

• Asia Pacific leads the market, driven by increased demand in countries like China, Japan, and India.

Competitive Landscape:

Key players in the global video surveillance systems market include Axis Communications AB (Canon Inc.), Bosch Sicherheitssysteme GmbH (Robert Bosch GmbH), Eagle Eye Networks Inc., Hangzhou Hikvision Digital Technology Company Limited, Honeywell International Inc., Infinova Corporation, Panasonic Corporation, Qognify Inc., Samsung Electronics Co. Ltd., Schneider Electric SE, Sony Group Corporation, and Zhejiang Dahua Technology Co. Ltd.

Key Questions Answered:

1. What is the current size of the global video surveillance systems market, and what growth is expected through 2028?
2. How has COVID-19 affected the video surveillance systems market?
3. What are the significant regional markets?
4. How is the market segmented by system type, component, application, enterprise size, and customer type?
5. Who are the major players in the global video surveillance systems market?

For more information about this report visit https://www.researchandmarkets.com/r/p9ws7y

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SOURCE Research and Markets