Increased adoption of smart camera systems and analytical software that enables them to be utilized in a variety of roles — beyond simple surveillance – will fuel the global growth of video surveillance camera market through 2025.
IDC estimates the worldwide video surveillance camera market will grow to $44 billion by 2025, up from $23.6 billion in 2019, with a five-year compound annual growth rate (CAGR) of nearly 13%.
"Video surveillance camera growth is being driven by the adoption of smart camera systems and the adoption of the video analytics applications that enable them," said Mike Jude, research director for IDC's Video Surveillance and Vision Applications practice.
He acknowledged that the market has seen a short-term decline driven by COVID-19 impacts, the longer-term prospects will be driven by the increasing use of video surveillance in law enforcement and physical security.
Key points of the report:
- The North American market is still the top consumer of video surveillance cameras, followed closely by China.
- Currently, consumer video surveillance cameras present 32% of the world total, largely as a result of the use of home security systems and mobile cameras such as cameras in automobiles.
- The blacklisting of Chinese camera manufacturers by the US government will not slow down market growth but will open the market to many of the smaller camera producers.
- The use of advanced analytics such as AI to enable applications like facial recognition may trigger regulations which could impede market growth.
