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

  • Just as Expected

    GSX produced a wonderful tradeshow earlier this week. Monday was surprisingly strong in the morning, and the afternoon wasn’t bad at all. That’s Monday’s results and asking attendees to travel on Sunday. Just a quick hint, no one wants to give up their weekend to travel and set up an exhibit booth. I’m just saying. Read Now

    • Industry Events
    • GSX
  • NOLA: The Crescent City

    Twenty years later we finds ourselves in New Orleans. Twenty years ago the aftermath of Hurricane Katrina forced exhibitors and attendees to look elsewhere for tradeshow floor space. Read Now

    • Industry Events
    • GSX
  • Nothing Artificial About this Intelligence

    I have been looking forward to this year’s GSX show in New Orleans, the Cresent City, or if you prefer The Big Easy. It seems like quite a while since we’ve been here. Twenty years ago, ASIS, as it was known then was literally washed out of the city by someone known as Katrina. It is a good thing to come back to NOLA. Read Now

  • From Monitors to Mission Control

    Security Operations Centers (SOC) were once defined by rows of static monitors, each displaying a single feed with operators quietly watching for issues. That model has become obsolete. Incidents evolve too quickly, data comes from multiple locations, and decisions must be made in seconds—not minutes. Read Now

  • New Gas Monkey Garage Venue Uses AI-Enhanced Video Technology

    Gas Monkey Garage, the automotive custom shop and entertainment brand founded by Richard Rawlings of Fast N’ Loud TV fame, has opened a vibrant new restaurant and bar in South Dakota, equipped with advanced, AI-enhanced video tech from IDIS Americas. Read Now

New Products

  • 4K Video Decoder

    3xLOGIC’s VH-DECODER-4K is perfect for use in organizations of all sizes in diverse vertical sectors such as retail, leisure and hospitality, education and commercial premises.

  • ResponderLink

    ResponderLink

    Shooter Detection Systems (SDS), an Alarm.com company and a global leader in gunshot detection solutions, has introduced ResponderLink, a groundbreaking new 911 notification service for gunshot events. ResponderLink completes the circle from detection to 911 notification to first responder awareness, giving law enforcement enhanced situational intelligence they urgently need to save lives. Integrating SDS’s proven gunshot detection system with Noonlight’s SendPolice platform, ResponderLink is the first solution to automatically deliver real-time gunshot detection data to 911 call centers and first responders. When shots are detected, the 911 dispatching center, also known as the Public Safety Answering Point or PSAP, is contacted based on the gunfire location, enabling faster initiation of life-saving emergency protocols.

  • HD2055 Modular Barricade

    Delta Scientific’s electric HD2055 modular shallow foundation barricade is tested to ASTM M50/P1 with negative penetration from the vehicle upon impact. With a shallow foundation of only 24 inches, the HD2055 can be installed without worrying about buried power lines and other below grade obstructions. The modular make-up of the barrier also allows you to cover wider roadways by adding additional modules to the system. The HD2055 boasts an Emergency Fast Operation of 1.5 seconds giving the guard ample time to deploy under a high threat situation.