Following a slight decline in 2020, Omedias latest Video Surveillance and Analytics Intelligence Database predicts a rise to US$24.2bn by the end of the year.
Following a 3.8% global investment decline in 2020, Omedia predicts a notably speedy recovery for the video surveillance market. By 2025, the total global video surveillance market is expected to grow to US$31.9bn, with a total CAGR of 7.1%, by 2025.
The market for thermal body temperature surveillance solutions rapidly grew in 2020, to US$1.3bn globally, driven by Covid-19 solutions and precautions across industry. The technology has shown exponential growth throughout China, East Asia, India and the Middle East notably.
Despite growth in 2020, Omdia forecasts a decline in 2021, to US$137mn; the 89.8% decline due to a decrease in demand since the Covid-19 pandemic first began. This rapid decline is expected to inhibit the overall video market surveillance growth for the next 4 years.
Average selling prices of video surveillance equipment is expected to increase in the short term, with US-China geopolitical tension and supply chain constraints due to Covid-19 increasing pressure of vendor margins.
Oliver Philippou, research manager at Omdia commented, “The semiconductor shortfall driven by geopolitics and COVID impact has affect all industries, and video surveillance is no expectation. This disparity between supply and demand is expected to last until mid-2022."
