A CCTV/video surveillance system is made up of a network of cameras, monitors/display devices, and recorders. The variety of design elements, to be explored subsequently, are feasible for both analog and digital cameras. Both the inside and the outside of a structure or piece of land can use these technologies. They can be programmed to record solely in reaction to movement, continuously, or only during certain periods of the day. Therefore, the global video surveillance market is predicted to hit $114.9 billion revenue by 2030.
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| Video Surveillance Market Revenue Outlook Forecast to 2030 |
China accounts for the biggest share of the APAC video surveillance market. Additionally, the nation is home to the biggest surveillance network and more than half of the region's operational security cameras. According to a source, to reduce crime and maintain social order, all important public locations in China are expected to be covered with video surveillance cameras using face recognition technology.
Globally, the North America video surveillance market is predicted to grow at a significant rate in this decade. This is due to the continuous development of a solid infrastructure, increase in the number of accidents caused by road rage, and a rise in public safety concerns. The aforementioned elements are therefore anticipated to increase the region's demand for video surveillance systems in the coming years.
Depending on the kind of hardware, cameras are expected to grow with a CAGR of about 11.9% in the upcoming years. This is because using a deep learning model and video analytics will make security cameras more necessary for a variety of end-use applications. Additionally, it is predicted that the storage sector would have substantial expansion in the years to come. As end consumers increasingly use cloud-based surveillance technology, all industry participants are being urged to make use of resources including storage devices and processing power.
The usage of IP-based video surveillance systems is being driven by improved processing power and compression techniques. Additionally, modern surveillance systems are increasingly utilizing developing technologies like artificial intelligence, computer vision, and pattern recognition to find anomalous behavior and trends in different recordings. Additionally, as more sophisticated and trustworthy IP-based video surveillance systems market, old analog video surveillance systems are losing appeal.
Based on software type, video management software (VMS) is expected to advance at a CAGR of 12.2% in the coming years. The increased reliance on technical advancements is seen in the movement in security and monitoring. The growing demand for CCTV cameras is a result of escalating security and surveillance concerns, among other factors.
Moreover, IP-powered cameras, night vision, and colored night vision are just a few of the many options available for CCTV security and surveillance cameras. As a result, the video surveillance market is growing and the need for video management software is increasing. For example, Qognify debuted its latest video management platform, Qognify VMS, in April 2022. It was created to meet the specific physical security needs of companies from all over the world.
