The Surveillance Camera Market Estimated to Reach Over $81 Billion by 2030
The global surveillance camera market size is expected to reach USD 81.36 billion by 2030, registering a CAGR of 10.7% from 2023 to 2030, according to a new study by Grand View Research, Inc.
The rising concerns regarding security and safety and the growing adoption of the Internet of Things (IoT) and smart technologies in smart cities are some of the major factors cited by analysts as driving the growth of the market. In addition, growing technological advancements in video surveillance solutions to achieve improved security are further propelling the market’s growth. The continuous evolution of camera technology, coupled with innovations in Artificial Intelligence (AI), video analytics, and edge computing, has empowered surveillance system manufacturers to offer advanced functionalities and capabilities.
AI Enhances Performance and Utility
Integrating AI into video surveillance focuses on specialised software or systems embedded within security camera devices. These systems facilitate real-time analysis of audio and images to rapidly identify individuals, vehicles, objects, events, and behaviours. The implementation of AI in video surveillance systems enhances their overall quality, accuracy, and utility.
The 5G cellular service offers considerable benefits to users, including reduced latency and improved data speeds. Its expanded bandwidth capacity makes it ideal for video surveillance applications in residential, commercial, and industrial environments, as its capacity to notably enhance image resolution and support diverse surveillance requirements.
Cellular Camera the Fastest-Growing Segment
Based on product type, cellular camera is anticipated to emerge as the fastest-growing segment over the forecast period. The segment is poised to experience significant growth due to the rising need for remote and flexible monitoring solutions leveraging cellular networks to enable real-time video access and connectivity in various locations.
Asia Pacific is anticipated to be the fastest-growing region owing to rapid urbanization and increasing industrialisation. The key players cited within the research as being most active in this sector include, Honeywell, Cisco Systems, Eye Trax, Nokia, Panasonic, Bosch, Teledyne FLIR, Milesight, Dahua and Swann.
