FRAMINGHAM, Mass.--(BUSINESS WIRE)--Despite the negative impact of the COVID-19 pandemic and the exclusion of the two market leaders from contention for U.S. government contracts, the video surveillance camera market will experience growth through 2025. This is largely due to the increasing adoption of smart camera systems and analytical software that enables them to be utilized in a variety of roles — beyond simple surveillance. A new forecast from International Data Corporation (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. "Although 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."
IDC's Video Surveillance and Vision Applications practice follows the increasingly important applications of machine vision that augment physical security. While most data protection coverage begins and ends with data stored or carried by an organization's IT infrastructure, IDC's focus also includes the protection of data before it becomes data; that is, protecting the intellectual property that people carry around with them, by protecting the people. Physical security of the areas that creative people occupy, including, increasingly, from the exposure to biological threats like COVID- 19, is critical to companies that increasingly depend on the introduction of innovative new services and products to drive revenue generation. Losing an employee with a good idea that hasn't yet been expressed could be devastating to the future of a company.
Key findings from IDC's forecast include the following:
- 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.
The IDC report, Worldwide Video Surveillance Camera Forecast, 2020-2025 (IDC #US46230720), provides a forecast for the worldwide Video Surveillance Camera market during the 2019—2024 period with projections to the year 2025. It measures revenue by geography and market vertical and provides insights into the drivers and inhibitors that have been considered when building the forecast details.
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of International Data Group (IDG), the world's leading tech media, data and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights: http://bit.ly/IDCBlog_Subscribe.