The global video surveillance market is poised for a return to growth following a slight contraction in 2024, according to new research released by Novaira Insights.
Novaira Insights estimates the global video surveillance equipment market was valued at $25 billion in 2024. In their latest report, co-authored by analysts Josh Woodhouse and Jon Cropley, the firm notes that the overall market for video surveillance hardware and software declined by .3% last year, falling short of earlier growth projections. The primary cause was a 7.8% contraction in the Chinese market, where government spending on surveillance has yet to recover from shifts made during the COVID-19 pandemic.
As the Chinese government redirected spending toward public health and economic support initiatives in 2022, investment in surveillance infrastructure slowed — and has yet to recover. The firm has revised its Chinese market forecasts downward and now holds a pessimistic outlook for high growth in that segment.
While the rest of the world saw a 4.9% increase in market growth during the same period, this too was below previous expectations. Geopolitical factors and national elections in several major economies — including the United States, India, Mexico, France and Germany — contributed to budgetary delays and project disruptions that dampened momentum in 2024.
Cloud, regions fuel growth
Despite these challenges, Novaira Insights remains optimistic about the long-term outlook for the global market excluding China. The report projects a compound annual growth rate (CAGR) of 8.1% from 2024 to 2029, fueled by growth in emerging regions such as India, Latin America and the Middle East. Additionally, established markets in North America and Western Europe are expected to see increased demand for cloud-based solutions.
Key trends identified in the report include the continued migration to cloud infrastructure and the increasing integration of artificial intelligence (AI) technologies. The U.S. and Canadian markets are leading adoption of recurring cloud video management software, while advances in artificial intelligence (AI) are driving improvements in video analytics capabilities.
A growing share of new surveillance cameras now ship with embedded deep learning analytics, and broader moves toward intelligent automation are expected to further accelerate AI deployment across surveillance systems.
