The global surveillance camera market accounted for US$ 21.82 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 8.7% over the forecast period 2019-2027, to account for US$ 45.93 billion in 2027.
The increase in cybersecurity concerns and rising infrastructural developments and significant rise in adoption of IP cameras are few of the factors driving the surveillance camera market worldwide. However, concerns related to data security may restrain the future growth of surveillance camera market.
Despite these limitations, the integration of artificial intelligence in surveillance cameras is projected to have a positive impact on the growth of the surveillance camera market in the coming years.
The video surveillance industry is growing at an impressive pace owing to the evolving security landscape, growing demand for innovative security solutions, and rising integration of advanced technologies such as artificial intelligence in surveillance cameras.
The ongoing trends of digital transformation and business process automation are pushing enterprises operating in critical sectors such as BFSI, government, defense, and healthcare to invest in efficient security systems to ensure safety and meet compliance requirements.
In addition to this, the demand of surveillance cameras is also anticipated to increase due to rising trend of smart cities, smart homes, and intelligent workplaces across the world. In the global video surveillance industry, there are various future trends which are projected to boost the adoption of surveillance cameras across diverse industry verticals.
Some of the prominent trends include artificial intelligence based end-to-end security solutions, cybersecurity features, cloud based solutions, privacy management, and vertical specialized solutions. The integration of technologies such as artificial intelligence, cloud, and internet of things into existing and upcoming surveillance equipment and solutions to meet the challenging demands customers is fuelling the future growth of global surveillance camera market.
The market for surveillance camera has been segmented on the basis of type, product type, end user, and geography. Based on type, the market is segmented into analog and IP cameras. IP cameras segment represented the largest share of the overall market throughout the forecast period and it is also expected to be the fastest growing surveillance camera type owing to the increasing number of technology advancements in IP camera systems.
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