Industry verticals need to address security concerns and acquire business intelligence data, says Frost & Sullivan
SAN ANTONIO, March 23, 2022 /PRNewswire/ -- Frost & Sullivan's recent analysis, Global Surveillance Solutions Growth Opportunities, finds that the increasing adoption of advanced surveillance systems and technology innovations is accelerating market growth. Innovative features in surveillance technology such as new integration capabilities and analytics offerings are catalyzing the industry, enabling a shift away from legacy analog. The global market will likely reach $279.28 billion by 2030 from $125.97 billion in 2020, up at a compound annual growth rate (CAGR) of 8.3%.
North America (NA) will spend the largest amount on surveillance solutions, followed by Europe and Asia-Pacific (APAC). Over the forecast period, NA, Europe, and APAC will witness spending at a CAGR of 8.7%, 8.3%, and 7.3%, respectively. Industry verticals'—especially enterprise, retail, and law enforcement—need to address security concerns and acquire business intelligence data are the main reasons behind increasing investments in surveillance solutions across regions.
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"Open integration among surveillance providers is already underway. The short-term period will offer new opportunities among surveillance and access control security vendors," said Danielle VanZandt, Industry Analyst, Security Practice, Frost & Sullivan. "Further, new integrations with cybersecurity solutions and the nascent market of digital intelligence solutions will enable more cyber-physical security convergence."
VanZandt added: "Digitalization has already shifted customer preferences away from closed-loop, hardware-centric solutions to more open-source capabilities. This continuously attracts new vendors because advanced edge capabilities provide new opportunities for market entrants."
The rising demand for advanced surveillance solutions across industry verticals presents lucrative growth prospects for market participants, including:
- Expanded analytics use: Vendors must ensure that their analytics tools integrate with new and legacy solutions to provide actionable data.
- Cross-functional integration among security solutions: Developing diversified partnership networks offers new opportunities for surveillance vendors among their cross-industry partners.
- Cost-efficiency: Vendors that include surveillance-as-a-service and managed security services models provide customers with the level of cost-efficient support they crave.
- Introduction of new facial and behavioral recognition tools: Recognition tools with predictive capabilities deliver better customer experiences. Vendors should provide proof of the accuracy of these identification tools to provide customers quantitative validation of the recognition capabilities.
Global Surveillance Solutions Growth Opportunities is the latest addition to Frost & Sullivan's Security research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Global Surveillance Solutions Growth Opportunities