Face Biometrics to Help Video Surveillance Market Reach $33.6 Billion

Fortune Business Insights (FBI) is predicting that the video surveillance market will display moderate growth for the next few years. To that end, the firm has released a new report that suggests that the market for video surveillance technology will jump from $19.12 billion to $33.6 billion between 2019 and 2026.

Those figures represent a CAGR of 6.8 percent for the forecast window. They also take COVID-19 into account. According to FBI, the pandemic has dampened the video surveillance market, and will continue to do so until the virus is back under control. The slowdown can be attributed to shifting national priorities, and to lockdowns that have disrupted global technology supply chains.

However, FBI ultimately believes that the rising demand for facial recognition and smart city technologies will offset those limiting factors and foster growth in the years ahead. The firm went on to identify Bosch, Hangzhou Hikvision, Honeywell, Huawei, and Panasonic as some of the key players in the video surveillance space.

FBI has previously predicted that the overall image recognition market will climb to nearly $82 billion in the same forecast period. The firm’s video surveillance numbers differ sharply from those of Valuates Reports, which valued the market at $42.94 billion in 2019 and projects that it will reach $144.85 billion by 2027, though they are closer to those of Adroit. The latter firm expects the video analytics market to top $11 billion by 2025.

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October 5, 2020 – by Eric Weiss