Global video monitoring spend to top USD $89bn by 2024

A recent study from Juniper Research has projected that global expenditure on video monitoring and analytics will surge to exceed USD $89 billion in 2024, marking an increase from USD $82 billion in 2023. This represents a growth rate of 9% over the span of two years.

The report indicates that the growth will be primarily driven by the adoption of Video Surveillance as a Service (VSaaS). VSaaS shifts traditional video monitoring solutions towards comprehensive security systems by integrating cloud-based storage. This technological improvement unifies system management, facilitating remote control and administration. Enhancements in remote management are important for the seamless integration of IoT devices with video monitoring systems, thereby stimulating growth in sectors such as smart cities.

The report also highlights a significant challenge to the expansion of the video monitoring and analytics market: cybersecurity. As the volume of sensitive data generated and stored on cloud-based video monitoring platforms increases, the need for robust cybersecurity measures becomes more pressing. The study recommends that vendors in the video monitoring and analytics space address these concerns by implementing end-to-end encryption for data security, both in transit and at rest.

Research author Georgia Allen commented, "VSaaS provides an ideal platform to tackle these cybersecurity concerns. Video analytics vendors must build VSaaS models to include high levels of end-to-end encryption for storage and transmission of data. Additionally, this will enable providers to easily integrate new video analytics services, such as AI-based facial recognition and behavioural analysis, into complete video monitoring solutions."

The research suite from Juniper Research is noted for offering a detailed assessment of the video monitoring and analytics market, including market analysis and comprehensive forecasts for 60 countries. The dataset includes over 11,400 market statistics covering a five-year period. It also features tools such as the Country Readiness index, which evaluates future market opportunities, and a Competitor Leaderboard for assessing the leading vendors in the market.

The detailed insights provided by the report suggest that while there is a strong upward trajectory in the video monitoring and analytics sector, addressing cybersecurity concerns will be pivotal to sustaining this growth. The study serves as a critical resource for industry stakeholders aiming to navigate the evolving landscape of video surveillance technologies.