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Global Mobile Video Surveillance Market to Amplify Significantly by 2029 - Brandessence Market Research
The Global Mobile Video Surveillance Market was worth USD 2.35 Billion in 2022 and expected to reach USD 4.25 Billion by 2028, amplifying with the CAGR of 8.79% over the forecast period.
Mobile video surveillance denotes to the use of portable video cameras and other related equipment to monitor and record activities in a particular location or area. It requires the deployment of cameras and other surveillance equipment that can be easily moved from one location to another, allowing for flexible and adaptable surveillance solutions. It offers real-time monitoring and recording of activities, enabling quick response to potential security threats or incidents.
Growing crime rates and influx of advanced technologies in the field of security surveillance are primarily augmenting the outlook of this business vertical. Further, rising disposable income levels, growing R&D activities in the field, along with increasing adoption of smart devices are creating lucrative opportunities for this industry sphere to prosper. Alongside, increase in cross border conflicts, growing government emphasis to ensure citizen safety, and rising popularity of cloud-based surveillance solutions are adding momentum to the progression of this market space.
With rapid population expansion, industrialization, and urbanization, crime rates have also increased. Due to reasons like lack of employment opportunities, thefts and other similar crimes have become quite common. People are highly concerned about the safety of their assets along with the lives of their near ones. Government authorities and law enforcement departments are focusing towards reducing crime rates and ensuring that proper law and order is followed in their respective jurisdictions. Mobile surveillance solutions come in handy to handle such situations and ensure the safety of the masses. This in turn is stimulating the overall dynamics of this market.
The increasingly prevalent use of Internet of Things (IoT) and cloud-based technologies has ushered in a new era of mobile video surveillance systems that boast greater sophistication and efficacy. These advancements are made possible by the systems' ability to seamlessly store and process massive amounts of real-time video data. As a result, organizations are now empowered with a more robust and comprehensive means of monitoring their surroundings and ensuring the safety and security of their assets. With this cutting-edge technology at their disposal, they can remain vigilant against potential threats and respond quickly and decisively to any incidents that may arise.
The prominent players defining the competitive terrain of the Mobile Video Surveillance Market are Seon, FLIR, Bosch Security Systems, Hikvision, Apollo Video Technology, Floatograph Technologies LLC, Maxxess Systems Inc., Strongwatch Corporation, Safety Vision LLC, Rosco Vision Systems, Maryland Security Professionals, Briefcam, Hanwha Techwin, Axis Communications, Tyco International, Infinova, Avigilon, Pelco, United Technologies, 3xLOGIC Inc., CoStar Group Inc., Dallmeier electronic GmbH & Co.KG, DTI Corp, Ivideon Video Surveillance, Strops Technologies, VideoSurveillance.com LLC, Teledyne FLIR, Agent Video Intelligence, CP PLUS, Genetec, Pro-Vigil, MOBOTIX, Hangzhou Hikvision Digital Technology Co.Ltd., Eagle Eye Networks, Danner's, Samsung Techwin Company Limited, and Zhejiang Dahua Technology Company Limited.
By product, the VMS segment is likely to amass notable gains over 2022-2029 due to its ability to enhance the efficiency and effectiveness of video surveillance systems.
In terms of system, the IP video surveillance segment is reckoned to garner significant returns. This is credited to the ability of this system to remotely access footage from anywhere with an internet connection.
MEA is projected to capture a substantial volume share over 2022-2029. This is driven by a variety of factors, including rising crime rates, increased terrorist activity, and the need to secure large-scale events. Additionally, many organizations in these regions are recognizing the benefits of mobile video surveillance in improving operational efficiency and reducing costs.
Europe has emerged as one of the fastest growing regions in this business space. With security concerns on the rise and technological advancements continuing to progress, many organizations across the region are turning to video surveillance as a means of enhancing their security and monitoring capabilities.
The surge in smart cities presents a significant opportunity for video surveillance providers. With the development of IoT (Internet of Things) technology, video surveillance systems can be integrated with other city infrastructure, such as traffic monitoring systems and environmental sensors, to provide a more comprehensive view of city operations. This can help to improve public safety and reduce traffic congestion, among other benefits.
In November 2019 , Motorola Solutions announced its acquisition of Pelco, a provider of video surveillance solutions.
In March 2021 , Verkada, a cloud-based video surveillance provider, announced its acquisition of a Silicon Valley-based IoT (Internet of Things) security company.
In March 2021 , Axis Communications announced a partnership with Canon, a leading provider of imaging solutions. The partnership will focus on the development of new products and solutions for the video surveillance market, leveraging Axis Communications' expertise in network cameras and Canon's imaging technology.
The video surveillance market has a moderate threat of new entrants. While the barriers to entry are relatively low, the market is already crowded with established players, making it difficult for new entrants to gain market share. However, advancements in technology and increasing demand for video surveillance systems could attract new entrants.
The bargaining power of suppliers in the video surveillance market is moderate. While there are numerous suppliers of components and equipment used in video surveillance systems, the market is dominated by a few large manufacturers who have significant bargaining power over their suppliers.
The bargaining power of buyers in the video surveillance market is moderate to high. With numerous options available in the market, buyers have the ability to negotiate pricing and terms with vendors. Additionally, as video surveillance technology continues to evolve, buyers are becoming more knowledgeable about the products and services they require, further increasing their bargaining power.
The threat of substitutes in the video surveillance market is low to moderate. While there are some alternatives to video surveillance, such as physical security measures or manned security personnel, these options may not be as effective or efficient as video surveillance systems.
The intensity of competitive rivalry in the video surveillance market is high. The market is crowded with numerous competitors, ranging from large multinational corporations to smaller regional players. Additionally, as technology continues to evolve and customers demand more advanced features and capabilities, the competition among vendors is expected to increase.
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