The rising demand for security enhancements across various sectors, including businesses, schools, and homes, propels the market forward. Technological advancements in artificial intelligence and deep learning are bolstering the effectiveness of video surveillance systems in detecting and responding to threats. In addition, government regulations mandating the use of such systems in public spaces and critical infrastructure are accelerating their adoption. Moreover, the increasing affordability of video surveillance systems is expanding their accessibility to a wider range of businesses and organisations.

Rapid growth in IoT integration

The integration of IoT technology into video surveillance is experiencing rapid growth. IoT cameras enable remote monitoring and control, which is particularly valuable for extensive or remote locations. They are programmed to send alerts when they detect certain events, such as motion detection or unauthorised access, minimizing false alarms and streamlining response times. IoT cameras gather and analyse data through data analytics to identify patterns and trends, augmenting security measures and preventing incidents. Moreover, IoT cameras are cost-effective, requiring less infrastructure, such as cables and servers, than traditional surveillance systems.

Key findings and figures

• In terms of component, the hardware segment dominated the market in 2022 with a revenue share of over 71%. The increasing need for security and surveillance solutions across various residential, commercial, industrial, and public infrastructure sectors has led to a higher demand for cameras, sensors, recorders, and other hardware components

• The IP video surveillance systems segment led the market in 2022 with a revenue share of over 54%. IP surveillance systems are more scalable, allowing for the addition of cameras and components without significant infrastructure changes, making them more suitable for small-scale installations and large enterprise-level deployments

• Vertical markets - the commercial segment dominated the market in 2022 with a revenue share of over 37%. Commercial establishments, including offices, retail stores, banks, and hotels, prioritise security and loss prevention. Video surveillance systems provide a deterrent against theft, vandalism, and other criminal activities, making them a crucial investment for these enterprises

• Asia Pacific dominated the market in 2022 with a revenue share of over 37%. Governments in the Asia Pacific region have launched initiatives to enhance public safety and security, including deploying video surveillance systems in public spaces, transportation networks, and critical infrastructure.

Key players

Some of the key players in this sector and mentioned in the report include Hikvison, Dahua, Bosch, Axis, Motorola, Uniview, Tiandy, TKH, Hanwha Vision, and Infinova.