Security Technology Market Global video surveillance market set to register $28.2 billion in 2022 A new report from Novaira Insights reveals that the global video surveillance market grew 16.4% in 2021 as restrictions on movement due to the Covid-19 pandemic eased. Wellingborough, Northamptonshire (UK) 30 USD billions World market for video surveillance hardware and software 25 20 15 10 5 0 Combined market share of the World’s ten largest vendors 61% 64% 2019 2020 2021 2022 -1.8% 2020 16.4% 2021 11.7% 2022 The report, “The world market for video surveillance hardware and software” shows that shipments of surveillance cameras and related equipment grew as pent-up demand was served. However, there was a shortage of components used for production of video surveillance equipment in 2021 and this led to higher prices for those components. Many video surveillance equipment vendors were unable to absorb such cost increases and raised the prices of their own equipment. This dampened what would likely have been even higher unit shipment growth. “The global average price of a network camera increased by over 7% in 2021. This made 2021 the first year in which the global USD total market growth rates World video surveillanve market Novaira Insights predicts that the global video surveillance market for hardware and software will grow at 11.7% in 2022, compared to 16.4% in 2021. average price of a network camera increased rather than decreased. Furthermore, general inflationary pressures will force vendors to increase prices yet further in 2022 and 2023,” states Josh Woodhouse, lead analyst and founder of Novaira Insights. Lingering Covid delays growth in ME and India 2021 saw high growth in most regions. But it was lower in the Middle Eastern and Indian markets, due to lingering Covid-19 restrictions causing continued disruption to the normal business climate. Here, recovery from Covid has been delayed, leading to much higher growth forecast throughout 2022. US quick on cloud uptake The gradual trend to using the cloud for video surveillance also continued in 2021, particularly in the Americas region where the market for cloud video management software exceeded $150 million. “The United States has been quicker to adopt cloud for video surveillance than most other countries in the world. The cloud is often used for video surveil- lance systems there by both small organisations and by large organisations with distributed sites, each with a small number of cameras”, comments Jon Cropley, principal analyst at Novaira Insights, The report forecasts the number of cloud connected surveillance cameras in the Americas will grow on average over twice as quickly as new network camera shipments between 2021 and 2026. The global video surveillance market for hardware and software is forecast to grow at 11.7%, from $25.3 billion in 2021, to an estimated $28.2 billion in 2022. Demand for cost and scalability drives VSaaS market The VSaaS market is projected to grow from USD 3.3 billion in 2022 and reaching USD 7.6 billion by 2027, according to a new report from Marketsandmarkets; it is expected to grow at a CAGR of 18.0% over the forecast period. Pune, India Analysts found that the growth of this market is driven by factors such as the low cost of investment, the rise in demand for real-time surveillance data, and flexible scalability offered by VSaaS. Hybrid VSaaS is expected to grow at high rates over the forecast period. The growth is driven by the combined benefits of on-premise video recording and managed video services, provided by hybrid VSaaS. In hybrid VSaaS, the recorded data is stored at both, the customer and service provider’s end; the main reason for the popularity of this model is concerns regarding the security of data. This model offers the benefits of on-premise video recording, along with those of managed video services. All dayto-day management of NVRs and cameras is handled by the offsite provider, thus saving time and effort. Moreover, it reduces the need to purchase and maintain a server and, hence, upfront costs are reduced. These benefits provided by hybrid VSaaS is expected to fuel the segment growth over the forecast period. Infrastructure vertical shows high growth The market for the infrastructure vertical is expected to grow at a high CAGR from 2022 to 2027. The increasing demand for VSaaS solutions across public places, transportation and city surveillance segments is expected to propel the growth of the market. Favourable government initiatives to develop smart city projects will add new opportunities for VSaaS providers. Various countries, such as China, India, and South Korea, are investing huge amounts in building smart cities. For instance, in November 2021, The Ministry of Land, Infrastructure and Transport, South Korea, announced plans to invest USD 215 million to establish 64 small and mediumsized smart cities in the country by 2025. This will create opportuni- ties for the VSaaS service providers in infrastructure and city surveillance applications. North America leads geographically North America is expected to account for the high market share of the VSaaS market during the forecast period. In North America, particularly in the US, the government has taken several initiatives to implement advanced surveillance systems in public areas and government buildings. the focus of the government on boosting the penetration of VSaaS solutions across defence and infrastructure verticals is also high. Adoption in the military & defence sector to monitor security at the border and military bases has further driven VSaaS market growth in the region. Security News Every Day – www.securityworldmarket.com 6 • de tek to r internat io nal