Video surveillance camera by component accounted for the largest revenue share in the US Video Surveillance Market – 6Wresearch
In 2022, video surveillance cameras acquired the majority share in US video surveillance market. As in 2022 under the Urban Area Security Initiative federal grant program, US government has planned to fund the installation of 5,400 cameras in 2,700 New York City Transit subway cars. Therefore, the increasing government investment towards deployment of security cameras would be a key driver in sustaining the dominant position of video surveillance cameras in the market. Video Surveillance Market in the US has been growing rapidly and it will grow more in the near future as there are many factors driving the growth of the market in the nation.
According to 6Wresearch, US Video Surveillance Market revenues is projected to grow at a CAGR of 10.9% during 2023-2029. The overall demand for video surveillance is prompting due to rising crime rate in the country as violent crime in US has reached a 14-year high 721 per 100,000 population in 2021. In 2022, violent crime in top cities of US have increased from 5% to up to 40% compared to same time frame in 2021. In 2022 the government has taken initiative to install more than 200 security cameras and to upgrade security systems at 31 facilities to reduce the crime rate in the country would propel the demand for video surveillance system.
The growth in infrastructure in the United States such as construction of new airports, railway lines, highways, renovation of state office buildings would increase the demand for video surveillance system in the country as they are often equipped with cameras to enhance security and monitor activity.
According to Ravi Bhandari, Research Head, 6Wresearch, the government and transportation sector acquired the majority share in US Video Surveillance Industry to protect government properties from damage and to keep their important data safe as they have large amounts of data in the form of user records, public policies, etc. Transportation sector of US held the majority share along with government sector as public transports need to be equipped with video surveillance system to decrease crimes in the region.
The US Video Surveillance Market (2023-2029)” report provides an in-depth analysis with 19 figures and 9 tables, covered in 77 pages. The report on Video Surveillance Market in US comprehensively covers the industry by Component, and Applications. The report provides a detailed as well as unbiased analysis of the on-going drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per to the latest and future market dynamics.