Global Security Camera Market Forecast To Double To $44B By 2025
Market research firm IDC has forecast the worldwide video surveillance camera market to almost double from $23.6 billion in 2019 to $44 billion by 2025, representing a five-year compound annual growth rate of nearly 13%.
“Video surveillance camera growth is being driven by the adoption of smart camera systems and the adoption of the video analytics applications that enable them,” said Mike Jude, Research Director for IDC’s Video Surveillance and Vision Applications practice.
“Although the market has seen a short-term decline driven by COVID-19 impacts, the longer-term prospects will be driven by the increasing use of video surveillance in law enforcement and physical security.”
Currently, consumer video surveillance cameras, which includes home security systems and mobile cameras (such as mobile dashcams in cars), represent 32% of the global total.
Looking ahead, IDC expects that the blacklisting of Chinese camera manufacturers by the US government will not slow down broader market growth, but it will open the market to smaller camera producers.