According to a new report from Novaira Insights, the global video surveillance market grew 16.4% in 2021 as lockdowns and restrictions on the movement of people and goods due to the Covid-19 pandemic eased. In 2022, the market research firm believes this strong recovery will continue as it predicts the global market for video surveillance hardware and software will grow at 11.7% and be worth an estimated $28.2 billion.
Additionally, the report, “The world market for video surveillance hardware and software,” found that shipments of surveillance cameras and related equipment grew last year to serve pent up demand. However, the industry, like many others, suffered a shortage of components used for production of said equipment, which forced manufacturers to increase prices and thus dampened what would have been an even greater growth in product shipments.
“The global average price of a network camera increased by over 7% in 2021,” Novaira Insights Founder and Lead Analyst Josh Woodhouse said in a statement. “This made 2021 the first year in which the global average price of a network camera increased rather than decreased. Furthermore, general inflationary pressures will force vendors to increase prices yet further in 2022 and 2023.”
Although most regions across the globe saw high growth in demand for video surveillance equipment, demand was still lower in some places, such as the Middle East and India, due to lingering pandemic restrictions.
The increasing shift across the market to using cloud and software-as-a-service (SaaS) offerings also continued last year. For example, Novaira found that the market for cloud video management software in the Americas region exceeded $150 million in 2021. In addition, the report estimates that the number of cloud-connected cameras in the Americas will grow, on average, over twice as quickly as new network camera shipments between 2021 and 2026.
“The United States has been quicker to adopt cloud for video surveillance than most other countries in the world,” said Jon Cropley, Principal Analyst at Novaira Insights. “The cloud is often used for video surveillance systems there by both small organizations and by large organizations with distributed sites, each with a small number of cameras.”
For more information about the report, click here.
