Wireless Video Surveillance Market Size
The Business Research Company recently released a comprehensive report on the Global Wireless Video Surveillance Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The wireless video surveillance market size has grown rapidly in recent years. It will grow from $22.77 billion in 2023 to $25.48 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to the rapid evolution of smart cities, the surge in demand for real-time surveillance systems, the capability of recording and monitoring activities, increase in disposable income, and challenges in public administration.
The wireless video surveillance market size is expected to see rapid growth in the next few years. It will grow to $40.37 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to an increase in urbanization demands, an increase in the adoption of advanced surveillance, a rise in the need for safety in high-risk areas, the demand for wireless home video surveillance, and remote monitoring and accessibility. Major trends in the forecast period include faster 5G technology, product innovations, integration of IoT and artificial intelligence, partnerships and collaborations, and emerging technologies in video surveillance.
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Market Drivers and Trends:
The increasing integration of IoT technology is expected to propel the growth of the wireless video surveillance market. The Internet of Things (IoT) refers to a network of interconnected devices, sensors, objects, and systems that communicate with each other and exchange data over the Internet or other networks. The rising adoption of IoT technology is driven by advancements in connectivity, cost reductions in hardware, data analytics capabilities, integration with AI, and machine learning. IoT technology enables the integration of artificial intelligence (AI) and deep machine learning (ML) into video surveillance systems, allowing for advanced video analytics. The use of IoT technology in wireless video surveillance enhances its functionality, efficiency, and security by enabling advanced analytics, improved connectivity, and remote monitoring. For instance, in January 2022, according to the data from the GSM Association, a UK-based non-profit industry organization, it was anticipated that the number of Internet of Things (IoT) connections would exceed 23.3 billion by 2025, a significant rise from the 15.1 billion connections that were registered in 2021. Therefore, the increasing integration of IoT technology drives the growth of the wireless video surveillance market.
Major companies operating in the wireless video surveillance market are focusing on innovative technologies, such as AI-enabled smart home security cameras, to strengthen their position in the market. AI-enabled smart home security cameras refer to surveillance cameras equipped with artificial intelligence (AI) technology that enhance their capabilities beyond traditional video monitoring. For instance, in January 2024, Abode Systems, a US-based company that provides home security systems, in partnership with Morse Micro, an Australia-based Wi-fi company, and Xailient, a US-based privacy service provider, launched the world’s first wireless home security camera supercharged with AI-at-the-edge capabilities. It is a battery-powered smart home security camera that uses the Wi-Fi-certified HaLow system-on-chip (SoC) to penetrate transmission obstacles and provide unmatched performance, even in noisy environments crowded by multiple devices and cameras. It also uses a PIR (passive infrared sensor) motion sensor, in cooperation with AI detection, that alerts the camera to meaningful activity and triggers the recording of critical events.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Robert Bosch GmbH, Panasonic Corporation, Cisco Systems Inc., Canon Inc., Tyco International, Hangzhou Hikvision Digital Technology Co. Ltd., Honeywell Security, Motorola Solutions Inc., Zhejiang Dahua Technology Co. Ltd., FLIR Systems Inc., Axis Communications AB, IDIS, Vivotek Inc., Genetec, Infinova Group, D-Link Corporation, Eagle Eye Networks Inc., Pro-Vigil, Qognify Inc., Ivideon, Advancis Software & Services GmbH, CP PLUS, Vantage Security Ltd., Camcloud, Eyeforce Inc.
Wireless Video Surveillance Market 2024 Key Insights:
• The wireless video surveillance market size is expected to see rapid growth in the next few years. It will grow to $40.37 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%.
• Role Of IoT Technology In Driving Growth Of The Wireless Video Surveillance Market
• Adoption Of AI-Based Cameras In The Wireless Video Surveillance Market
• North America was the largest region in the wireless video surveillance market in 2023
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