Omdia: Global smart video surveillance market size to reach US$25.2 billion in 2022

According to Omdia estimates, the global intelligent video surveillance market will reach US$25.2 billion in 2022, a slight decrease of 1.2% compared to the market in 2021. The Chinese market has been affected by a weak macroeconomic environment, strict epidemic prevention policies, and reduced fiscal spending, and the market size has shrunk by 19.3%, with the total volume falling to 41.6% of the global market share.

Looking overseas, as the epidemic became normalized and the country opened up, social and economic activities and trade quickly recovered, market demand rebounded strongly, and the backlog of orders since the epidemic was quickly released, and the overseas market growth rate achieved a substantial increase of 17.7%. Among them, the market in Europe, the Middle East and Africa grew by 16.1%, the market in the Americas grew by 20.5%, and the market in Asia grew by 14.6%.

Omdia predicts that the global market will grow at a compound annual growth rate of 8.6% in the next five years (2022-27). The overseas market will grow at a rate of 10%, mainly driven by the Middle East, Africa, Latin America and Southeast Asia, which will benefit from government investment and large-scale infrastructure construction. China is expected to grow at a compound annual growth rate of only 6.6%, because after the completion of large-scale city-level projects such as the Xueliang Project, the government's investment in public security will slow down.

At the product level, video surveillance software is expected to become the fastest growing category, achieving a compound annual growth rate of 14.4%, and video surveillance cloud service VSaaS will drive the rapid growth of the software market. Since the outbreak of the epidemic in 2020, the demand for remote monitoring, rapid deployment and centralized management has increased rapidly worldwide, and the promotion of visual networking led by Chinese operators will also greatly promote the development of the domestic VSaaS market.

From the perspective of competition, the global intelligent video surveillance market concentration will further increase in 2022, with the market share of the top ten manufacturers increasing to 64.8%. In addition to Chinese manufacturers such as Hikvision, Dahua, and Uniview, which are affected by the decline in the domestic market, other overseas brands such as Axis, Motorola Solutions, Hanwha, and Bosch Security have revenue growth rates that are higher than the market average.