Research: Global Video Surveillance Market Remains Resilient Despite COVID-19

Research: Global Video Surveillance Market Remains Resilient Despite COVID-19

It is sometimes said that the video surveillance market is recession proof. That when economic conditions deteriorate, there continues to be spending on security hardware and software. However, market conditions in 2020 were unprecedented. Restrictions in response to the COVID-19 pandemic meant that many organizations were closed for large parts of the year. Many of them were in sectors which normally invest heavily in video surveillance equipment (e.g. education facilities, banks, airports, retailers, sports stadia, casinos, hotels, fitness centres). It is therefore not surprising that the market for video surveillance hardware and software declined in 2020. However, what is surprising is that the rate of this decline was so modest. A new report from Novaira Insights reveals that the video surveillance market declined 2.6% in 2020. What is more, the report, “The world market for video surveillance hardware and software” forecasts a rapid recovery and high growth over the next 5 years.

According to lead analyst and founder of Novaira Insights, Josh Woodhouse, “High growth in sectors like healthcare and critical infrastructure somewhat compensated for big declines elsewhere. Also, in early 2020, a market for body temperature monitoring solutions emerged, often sold by video surveillance vendors utilizing their expertise in video. These products provided a short-term boost to their revenues”.

The COVID-19 pandemic was not the only challenge faced by the video surveillance equipment market in 2020 though. Tariffs and trade restrictions also impacted vendors. Woodhouse continued, “Chinese vendors were particularly affected. They faced both U.S. Government tariffs on their products and the NDAA ban. However, they and many other vendors were also affected by disruption in the semiconductor market such as HiSilicon being effectively unable to supply semiconductors. This caused big changes in the component supply chain.” The global video surveillance market is forecast to grow at 14.3% in 2021 and will be worth an estimated $24.5 billion.

In some markets such as the U.S., the pandemic acted as catalyst for end-users making greater use of cloud and managed services in their video surveillance systems. According to Jon Cropley, principal analyst at Novaira Insights, “Revenues for software and managed services continued to grow in the U.S. in 2020 while revenues for hardware declined.” Cropley added “In the past decade there have been many acquisitions of video surveillance software vendors. A comprehensive software and managed service offering can provide a path to transforming business models to higher recurring revenues. The transition to recurring revenues is a major industry trend”. See the entire report here from Novaira Insights.

Featured

  • The Impact of Convergence Between IT and Physical Security

    For years, the worlds of physical security and information technology (IT) remained separate. While they shared common goals and interests, they often worked in silos. Read Now

  • Unlocking Trustworthy AI: Building Transparency in Security Governance

    In situations where AI supports important security tasks like leading investigations and detecting threats and anomalies, transparency is essential. When an incident occurs, investigators must trace the logic behind each automated response to confirm its validity or spot errors. Demanding interpretable AI turns opaque “black boxes” into accountable partners that enhance, rather than compromise, organizational defense. Read Now

  • Seeking Innovative Solutions

    Denial, Anger, Bargaining, Depression and Acceptance. You may recognize these terms as the “5 Phases” of a grieving process, but they could easily describe the phases one goes through before adopting any new or emerging innovation or technology, especially in a highly risk-averse industry like security. However, the desire for convenience in all aspects of modern life is finally beginning to turn the tide from old school hardware as the go-to towards more user-friendly, yet still secure, door solutions. Read Now

  • Where AI Meets Human Judgment

    Artificial intelligence is everywhere these days. It is driving business growth, shaping consumer experiences, and showing up in places most of us never imagined just a few years ago. Read Now

  • Report: Only 44 Percent of Organizations are Fully Equipped to Support Secure AI

    Delinea recently published new research on the impact of artificial intelligence in reshaping identity security. According to the report, “AI in Identity Security Demands a New Playbook,” only 44% of organizations say their security architecture is fully equipped to support secure AI, despite widespread confidence in their current capabilities. Read Now

New Products

  • Camden CV-7600 High Security Card Readers

    Camden CV-7600 High Security Card Readers

    Camden Door Controls has relaunched its CV-7600 card readers in response to growing market demand for a more secure alternative to standard proximity credentials that can be easily cloned. CV-7600 readers support MIFARE DESFire EV1 & EV2 encryption technology credentials, making them virtually clone-proof and highly secure.

  • Camden CM-221 Series Switches

    Camden CM-221 Series Switches

    Camden Door Controls is pleased to announce that, in response to soaring customer demand, it has expanded its range of ValueWave™ no-touch switches to include a narrow (slimline) version with manual override. This override button is designed to provide additional assurance that the request to exit switch will open a door, even if the no-touch sensor fails to operate. This new slimline switch also features a heavy gauge stainless steel faceplate, a red/green illuminated light ring, and is IP65 rated, making it ideal for indoor or outdoor use as part of an automatic door or access control system. ValueWave™ no-touch switches are designed for easy installation and trouble-free service in high traffic applications. In addition to this narrow version, the CM-221 & CM-222 Series switches are available in a range of other models with single and double gang heavy-gauge stainless steel faceplates and include illuminated light rings.

  • A8V MIND

    A8V MIND

    Hexagon’s Geosystems presents a portable version of its Accur8vision detection system. A rugged all-in-one solution, the A8V MIND (Mobile Intrusion Detection) is designed to provide flexible protection of critical outdoor infrastructure and objects. Hexagon’s Accur8vision is a volumetric detection system that employs LiDAR technology to safeguard entire areas. Whenever it detects movement in a specified zone, it automatically differentiates a threat from a nonthreat, and immediately notifies security staff if necessary. Person detection is carried out within a radius of 80 meters from this device. Connected remotely via a portable computer device, it enables remote surveillance and does not depend on security staff patrolling the area.