The North America Video Surveillance Market would witness market growth of 11.6% CAGR during the forecast period (2024-2031).
The US market dominated the North America Video Surveillance Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $34,423.3 million by 2031. The Canada market is experiencing a CAGR of 12.9% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 12.7% during (2024 - 2031).
Video surveillance systems, commonly known as CCTV (closed-circuit television), have become integral to modern security infrastructure. Initially employed to monitor sensitive or restricted areas, video surveillance has expanded to various residential, commercial, industrial, and governmental applications. As the demand for security solutions increases worldwide, the video surveillance market has experienced significant growth, driven by technological advancements and increasing concerns related to safety and security.
The video surveillance market encompasses the technologies used to monitor, record, and analyze real-time or stored video footage. These systems help ensure assets, people, and infrastructure safety and security. With a focus on continuous monitoring and the ability to record incidents for future reference, video surveillance plays a critical role in crime prevention, safety management, and emergency response.
The alarming vehicle theft rate in the United States, with over 1 million vehicles stolen in 2022, has underscored the necessity for robust surveillance measures. The financial impact, with vehicle owners losing more than $8 billion, highlights the economic burden of this crime. The fact that driver error accounts for approximately half of these thefts indicates a need for enhanced preventive measures, including video surveillance.
Passenger cars, which constitute more than 74% of all stolen motor vehicles, are a primary target for thieves. This has led to an increased adoption of video surveillance systems in parking lots, residential areas, and public spaces. Surveillance cameras provide continuous monitoring and can capture crucial details that aid in recovering stolen vehicles and apprehending perpetrators. Additionally, advancements in video analytics, such as license plate recognition (LPR) and facial recognition technologies, have further strengthened the capabilities of surveillance systems in combating vehicle theft. In conclusion, the rising rates of theft and motor vehicle theft in Canada and the United States are significant drivers for the growth of the video surveillance market.
Free Valuable Insights: The Video Surveillance Market is Predict to reach USD 165 Billion by 2031, at a CAGR of 12.3%
Based on System Type, the market is segmented into IP Surveillance, Analog Surveillance, and Hybrid Surveillance. Based on End User, the market is segmented into Commercial, Military & Defense, Infrastructural, Residential, and Other End Users. Based on Component, the market is segmented into Hardware (Camera, Monitor, and Storage Accessories), Software (Video Analytics and Video Management Software), and Services. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By System Type
By End User
By Component
By Country
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