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Video Surveillance Market worth $88.71 billion by 2030 – Exclusive Report by MarketsandMarkets™

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DELRAY BEACH, Fla., Nov. 6, 2024 /PRNewswire/ — The Video surveillance market is expected to be valued at USD 54.42 billion in 2024 and is projected to reach USD 88.71 billion by 2030, growing at a CAGR of 8.5% during the forecast period according to a new report by MarketsandMarkets™. Additions to existing applications in various industries and technological advancements in video surveillance product offerings are key factors driving the expansion of the video surveillance market. Restraints such as privacy concerns and bandwidth and storage issues hinder market growth. However, factors such as expansion in emerging markets and the emergence of smart cities provide lucrative opportunities for market players in the coming years.

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Browse in-depth TOC on “Video Surveillance Market” 
330 – Tables
70 – Figures
330 – Pages

Video Surveillance Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 54.42 billion

Estimated Value by 2030

$ 88.71 billion

Growth Rate

Poised to grow at a CAGR of 8.5%

Market Size Available for

2020–2030

Forecast Period

2024–2030

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Offering, System, Vertical and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Cybersecurity risks

Key Market Opportunities

Emergence of AI and ML-powered video analytics

Key Market Drivers

Increasing use of edge AI

Hardware by offering to witness the highest market share during the forecast period

Cameras, monitors, and storage devices hold the maximum share in the market of the video surveillance market.  Demand for security across various verticals is acting as driver for the market. High-resolution IP cameras and thermal cameras are gaining wider acceptance because they allow better image clarity under low-light conditions. In addition, the advanced features of modern cameras, such as AI-enabled facial recognition, motion detection, and real-time analytics, further go to enhance them, which are also necessary for the new surveillance system. Even the monitors and storage solutions are significant because the requirement for large-scale monitoring and long-term data retention builds up with the increased deployment of surveillance systems in smart cities and different critical infrastructures. Additionally, it is widely seen that the software capabilities are often accompanied by hardware updates to maintain the evolution of software capabilities and increasing payloads for data processing, where the dominance of hardware continues to prevail. A notable addition includes the steady increase in the need for cameras and associated hardware in the consumer and enterprise markets with the trend toward IoT and smart home solutions. With mushrooming surveillance needs worldwide, hardware will continue to be an important investment in the effective management of security.

Video surveillance market for IP video surveillance systems by system to hold the highest market share during the forecast period

IP video surveillance systems are likely to maintain the highest market share in the video surveillance market due to several key factors. The technology provides superior image quality and better flexibility, and scalability compared to traditional analog systems. As the dimensions of high-resolution video and unhindered system scalability are gaining traction amongst businesses and governments, this makes IP cameras very prone to adoption while giving them the room to integrate with complex software solutions like video analytics, facial recognition, and AI-based monitoring. In addition, the rising demand for smart city projects and infrastructure programs globally is also pushing the need for effective and scalable surveillance solutions that IP systems can easily deliver. The system also facilitates remote monitoring from geographically dispersed sites through cloud-based platforms, thus making it a product in huge demand for large installations spread across diverse locations, further propelling the demand among enterprises as well as among urban centers. Moreover, continuous shifts toward wireless connectivity and gradually decreasing costs of IP cameras are making them increasingly available to small and medium businesses. The upsurge in security fears about theft, terrorism, and public safety is yet another factor paving the way for new generations of security solutions, of which IP video surveillance stands out in terms of flexibility and integration into modern IT infrastructure. All these tendencies point to the expected dominating positions of the IP systems in the market. 

Infrastructure by vertical in the video surveillance market to exhibit the highest CAGR during the forecast period

Governments and private sectors have identified the security of vital infrastructure, such as airports, railways, highways, energy facilities, and public space, to be of paramount importance. All these institutions pose a great threat to vandalism, terrorism, and also unauthorized access, hence the quest for advanced surveillance systems. Urbanization and smart city initiatives all amount to requiring monitored solutions that ensure not only public safety but also a smooth management of traffic in the infrastructure expansion. Video surveillance systems with AI and analytics capabilities allow real-time monitoring, threat detection, and automated alerts-all of which are critical in securing an expanding urban space. The increased demand for robust security solutions that are secure and protected infrastructure is compelling industries worldwide to go for these strong security solutions. Advanced technologies in facial recognition, thermal imaging, and cloud-based surveillance systems accelerate the process, further increasing the efficiency and scalability of video surveillance systems. The huge growth in the video surveillance market will be driven by the dependency of the sector on such sophisticated solutions to prevent potential threats against their infrastructures.

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Based on region video surveillance market for Asia Pacific is expected to hold the highest CAGR during the forecast period

Asia Pacific is expected to dominate the video surveillance industry as urbanization and infrastructure in the region are rapidly expanding. The vast growth of smart city projects and public transport systems, as well as development in industrial zones in countries like China, India, and Japan, is definitely contributing to this emerging demand for video surveillance solutions. The increasing crime rate is also a driver for the market. The increasingly popular technologies in the Asia Pacific, including AI-based video analytics and cloud-based surveillance, are also supported by favorable policies and government initiatives. The importance is that security cameras and video surveillance systems from China occupy a significant share in the production and deployment of security cameras and video surveillance systems globally, and this significantly contributes to Asia’s overall domination in this field. Further, the increase in smart home security and demand for surveillance in the commercial sector, including retail, banking, and manufacturing, is fueling market growth further. Altogether, these factors make Asia Pacific a key region for video surveillance solutions.

Key Players

The video surveillance companies includes major Tier I and II players like Hangzhou Hikvision Digital Technology Co., Ltd. (China), Dahua Technology Co., Ltd (China), Honeywell International Inc. (US), Motorola Solutions, Inc. (US), Bosch Sicherheitssysteme GmbH (Germany) and others. These players have a strong market presence in advanced packaging across various countries in North America, Europe, Asia Pacific, and the Rest of the World (RoW).

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Video Analytics Market by Offering, Application (Intrusion Management, Incident Detection, and Traffic Monitoring), Deployment Model, Type, Vertical (Critical Infrastructure, Government & Defense, and Manufacturing) and Region – Global Forecast to 2028

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IgniteTech Delivers MyPersonas for Jive AI, Redefining Human-AI Collaboration

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Groundbreaking announcement made at Financial Times’ Future of AI Conference

LONDON, Nov. 6, 2024 /PRNewswire/ — IgniteTech, a leader in enterprise AI solutions, today launched MyPersonas™ for the Jive AI platform at the Financial Times (FT) Future of AI Conference, where CEO Eric Vaughan shared insights during a fireside chat with FT Technology Reporter Stephanie Stacey.

MyPersonas represents a breakthrough in knowledge sharing by creating AI-powered digital clones of Subject Matter Experts (SMEs) that interact with users through natural-language, multi-modal chat sessions. The solution, which supports over 160 languages, addresses a universal challenge: making expert knowledge accessible without creating bottlenecks around key personnel.

What sets MyPersonas apart is its patent-pending dynamic learning capability. When the AI encounters questions it cannot answer, it automatically connects with the human expert through iOS, Android, Slack, or Microsoft Teams. The expert’s response is not only delivered to the user but also permanently enriches the AI’s knowledge base, ensuring continuous improvement and reducing repetitive inquiries over time.

“MyPersonas transforms the AI narrative from job replacement to human empowerment,” said Vaughan during his “AI Resistance to Renaissance” fireside chat. “We’re enabling organizations to multiply the impact of their top performers while freeing them to focus on strategic initiatives.”

The solution helps prevent SME burnout while enhancing team collaboration and accelerating decision-making. Organizations from small businesses to global enterprises can now provide around-the-clock access to expert knowledge without overwhelming key personnel.

First previewed at the ImagineAI Live Conference in Las Vegas in March 2024, MyPersonas demonstrates IgniteTech’s commitment to AI-first innovation. The rapid development cycle – just eight months from concept to market – showcases the power of AI-enhanced software development and IgniteTech’s successful transformation to an AI-first organization.

About IgniteTech
Founded in 2010, IgniteTech is a leading AI-first enterprise software company. With a track record of successful acquisitions and rapid innovation, IgniteTech’s solutions power businesses worldwide. The recent announcements of AI product visions and enhancements across its entire portfolio highlight IgniteTech’s commitment to transforming its offerings with AI-centric innovative solutions.

About Jive AI Software
Jive AI is an industry-leading Employee Experience Platform uniting people, knowledge, and content in a secure hub across mobile and desktop devices. It is an indispensable tool for millions of users and many of the world’s most successful organizations who depend on Jive-powered collaboration hubs to get work done. Part of the IgniteTech Software portfolio, Jive AI continues to transform the landscape of collaboration, making every interaction meaningful.

Experience the Future of Work with MyPersonas
To learn more about how MyPersonas can revolutionize your organization, visit MyPersonas.ai or contact your Jive AI account representative.

For Media Inquiries: meridith@mk-bridge.com or teena@teenatouch.com
For Business Inquiries: software@ignitetech.com
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EVN Ho Chi Minh City Reinforces its Commitment to Maximum Reliability and Resiliency

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Top executives from EVN Ho Chi Minh City (one of the largest electricity providers in Vietnam) visit Survalent to strengthen partnership and receive 2024 Industry Leadership Award.

BRAMPTON, ON, Nov. 6, 2024 /PRNewswire-PRWeb/ — Survalent had the honor of welcoming a delegation of power executives from EVN Ho Chi Minh City (EVNHCMC), one of the largest electricity providers in Vietnam, to its global headquarters on October 8, 2024. The visit marked a pivotal step forward in the partnership between Survalent and EVNHCMC, driving forward the modernization and optimization of the power grid in Ho Chi Minh City.

“We are proud to celebrate EVNHCMC’s remarkable accomplishments,” said Steve Mueller, CEO of Survalent. “Their use of SurvalentONE FLISR and SCADA systems has significantly improved the reliability of their grid, and we are excited to continue our partnership on future projects.”

EVNHCMC and Survalent have previously collaborated on deploying Fault Location, Isolation, and Service Restoration (FLISR) technology to EVNHCMC’s 872 feeders, which yielded immediate, substantial results. In the first year of running SurvalentONE FLISR, EVNHCMC reduced their System Average Interruption Duration Index (SAIDI) by 95% and their System Average Interruption Frequency Index (SAIFI) by 93%, earning them a spot among the top 50 power companies on Smart Grid Benchmarking Results 2022.

EVNHCMC’s achievements have been recognized with numerous awards, including a perfect score of 4 out of 4 in grid monitoring and control by the Singapore Power Grid’s Smart Grid Index in 2022, the prestigious “Digital Enterprise” certification from the Vietnamese Ministry of Information and Communications, and POWER magazine’s “2024 Smart Grid Award” for their Distribution Automation System (DAS) project. Additionally, EVNHCMC won the “Smart Grid Project of the Year” award at Enlit Asia in both 2023 and 2024, demonstrating their continued innovation and excellence in smart grid development.

During the visit, EVNHCMC representatives provided an update on their success with SurvalentONE SCADA and SurvalentONE FLISR which has been fully operational across their entire distribution network since 2021. The system supports 5 independent regions with 100,000 datapoints and connects to 12 substations at 220kV, 62 substations at 110kV, and over 3,000 medium voltage switching devices. EVNHCMC has been able to remotely operate all 22kV circuit breakers, monitor the grid in real-time, and handle 91% of the incidents on their 22kV grid through automation in 2023.

The delegation also discussed future plans to expand the SCADA and FLISR systems, aiming to enhance the resiliency and efficiency of the power network further. It’s critical that EVNHCMC deliver high-quality, reliable power to support the city’s citizens, to attract and retain commercial and industrial enterprises to the city, and to uphold electricity’s important role in economic, social, and political stability.

To commemorate EVNHCMC’s outstanding achievements in grid modernization and reliability, Survalent presented them with the Survalent 2024 Industry Leadership Award. This award recognizes select utilities that demonstrate leading-edge utility processes, and extraordinary commitment to maximum reliability, resiliency, and to future grid advancements.

“We are proud to celebrate EVNHCMC’s remarkable accomplishments,” said Steve Mueller, CEO of Survalent. “Their use of SurvalentONE FLISR and SCADA systems has significantly improved the reliability of their grid, and we are excited to continue our partnership on future projects to meet Ho Chi Minh City’s evolving energy needs.”

Survalent looks forward to building on this strong foundation, continuing to support EVNHCMC in their pursuit of innovation and excellence in power grid modernization.

About Survalent:
Survalent is the most trusted provider of ADMS and DERMS for electric, water/wastewater, oil & gas, renewable energy, and transit utilities across the globe. More than 800 utilities in 40+ countries rely on SurvalentONE ADMS and DERMS solutions to operate, monitor, analyze, restore, and optimize operations and better integrate renewable resources into their network. Our SCADA, OMS, and DMS solutions enable utilities to significantly increase reliability & resiliency, customer satisfaction, and operational efficiencies. Our DERMS solution enables utilities to monitor, control, report on, plan and optimize renewable energy assets in the grid. Our comprehensive substation automation solution, StationCentral, delivers real-time control and monitoring to help utilities enhance network performance and protect their investment in mission-critical substations. Our unwavering commitment to excellence and to our customers has been the key to our success for over 60 years.

To learn more about Survalent, please visit http://www.survalent.com or contact:

Debbie Gallo
VP, Marketing
press@survalent.com
(905) 285-9528

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Media Contact

Survalent Press, Survalent, 905-826-5000, press@survalent.com, https://www.survalent.com/

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SOURCE Survalent

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The Goodman Group Announces Kevin Carden as Vice President of Investments

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CHASKA, Minn., Nov. 6, 2024 /PRNewswire/ — The Goodman Group has appointed Kevin Carden as vice president of investments at JBG Design & Development, an affiliate specializing in interior design services, project planning, development, acquisitions, and renovation services for The Goodman Group’s managed communities.

The Goodman Group has appointed Kevin Carden as vice president of investments at JBG Design & Development.

Founded in 1965, The Goodman Group is a recognized national leader in developing and managing senior living and health care communities, residential communities, and commercial properties. With over 65 properties across eight states, the company provides homes for over 10,000 residents and employment for over 4,000 individuals. Platinum Service® is the customer philosophy of The Goodman Group and serves as each managed community’s ongoing commitment to residents and families to deliver the highest-level quality of service.

Carden holds a master’s degree in business administration with a focus on finance and international business and brings more than 25 years of experience in sourcing and completing real estate investments, conducting market research, and leveraging strategic investment platforms, particularly in the senior living industry. Carden will lead the origination, evaluation, and execution of beneficial acquisition and development opportunities for The Goodman Group and its managed partnerships, including The Goodman Family Operating Foundation (TGFOF).

The Goodman Group’s investments are focused in both senior living and residential properties, as well as for-profit ventures and not-for-profit initiatives. The company aims to achieve strategic growth through the management and development of extraordinary communities, innovative technologies, and life enriching programs and services, while remaining committed to its mission and the mission of its nonprofit partners.

“I’m very excited to join The Goodman Group. I believe that The Goodman Group’s ability to self-fund the entire equity stack, hold and execute long-term strategies, access tax-exempt financing for its partners, and maintain traditions of high-quality resident service for over half a century, uniquely positions the organization and its partners to aggressively pursue and complete acquisition and development opportunities,” Carden says. “The Goodman Group is a long-standing organization with continual growth, and I’m excited to be part of the acquisitions and developments that are to come.”

With careful consideration of third-party management opportunities, The Goodman Group will continue contributing to its legacy, building relationships, and planning for the future. The company takes pride in expanding its portfolio through acquisitions and new developments in select markets.

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SOURCE The Goodman Group

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