Total video surveillance market revenues to hit $24.2bn in 2021
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The global video surveillance market revenues are set to reach $24bn by the end of 2021, according to Omdia’s latest Video Surveillance and Analytics Intelligence Database.
This marks a quick recovery for the video surveillance market as demand that was suppressed in 2020 will return and revenues will be bolstered by projects that were postponed in 2020 due to COVID-19. Omdia forecasts that total video surveillance market revenues will grow to $31.9bn by 2025 with a total CAGR of 7.1% between 2020-2025.
The size of the thermal body temperature solutions market rapidly grew to $1.3bn globally in 2020. Driven by COVID-19 precautions, this technology has been adopted by several regions, in particular China, East Asia, India and the Middle East. However, without the growth in thermal body temperature solutions, the global video surveillance equipment market declined 3.8% globally in 2020
Despite being a driving growth factor in 2020, Omdia forecasts the thermal body temperature solutions market will decline rapidly in 2021 to just $137 million, an 89.8% decline, ultimately limiting the overall video market surveillance market growth.
Oliver Philippou, Research Manager – Physical Security at Omdia, commented: “The semiconductor shortfall driven by geopolitics and the COVID-19 impact has affected all industries and video surveillance is no expectation. This disparity between supply and demand is expected to last until mid-2022.
Longer term, Omdia expects that there will be a greater adoption of the network camera products using AI deep learning acceleration and inference at the endpoint. This will result in higher average prices of network cameras.