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According to DataHorizzon Research, the video inspection system market size was valued at USD 1.6 Billion in 2022 and is expected to reach USD 2.6 Billion by 2032 and is expected to register a CAGR of 5.3%.
Fort Collins, Colorado, Oct. 04, 2023 (GLOBE NEWSWIRE) — DataHorizzon Research published a report titled, “Video Inspection System Market Size, Growth, Share, Statistics Report, By Component (Hardware & Software), By Application ( Sewer/Drain Inspection, Electrical Conduit, Duct Pipeline Inspection), By End-user (Oil & Gas, Food & Beverages, Construction), By Region and Segment Forecasts, 2023-2032.”
According to DataHorizzon Research, the video inspection system market size was valued at USD 1.6 Billion in 2022 and is expected to reach USD 2.6 Billion by 2032 and is expected to register a CAGR of 5.3%.
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Technological innovation in the surveillance industry, such as edge computing, is trending. Edge computing offers several benefits to the end-users, such as bandwidth optimization, reduced latency, real-time insights, and support for offline operations. These advantages relay the viability of edge computing across various industries. Artificial intelligence and machine learning adoption in manufacturing and healthcare have enabled growth avenues for video inspection systems. Other trends, such as high-resolution imaging, IoT integration, cloud-based solutions, and virtual realities, are shaping market developments.
The key drivers to the market growth include the need for tight surveillance across several industries and the use of real-time insights to review and analyze large volumes of data. Industries such as construction, manufacturing, healthcare, oil and gas, etc., include close surveillance and monitoring for robotics and manual labor on site. Since these industries comprise potential threats to life, a periodic on-site security review can facilitate a high-end surveillance operation. Moreover, when advanced security technologies are employed in public places, they generate huge volumes of data enabled with real-time insights.
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Report Snapshot
| Report Title | Video Inspection System Market |
| Market Size in 2022 | USD 1.6 Billion |
| Market Size by 2032 | USD 2.6 Billion |
| CAGR from 2022 to 2032 | 5.3% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors |
| By Component | Hardware & Software |
| By Application | Sewer/Drain Inspection, Electrical Conduit, Duct Pipeline Inspection |
| By End-user | Oil & Gas, Food & Beverages, Construction, and Manufacturing, Pharmaceuticals |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others |
| Major Market Players | AM Industrial, Envirosight LLC, Hikvison, Uniview, Agent Video Intelligence, NICE Systems, Rausch USA, Insight Vision, ARIES INDUSTRIES, INC, Rapidview LLC, CUES, etc. |
Segmentation Overview:
The global video inspection system market has been segmented into components, usage, end-user, and region. Regarding components, software is a fast-growing segment attributed to the high spending on technology. By end-user, the oil and gas sector registered positive growth in 2022 and is projected to account for a significant share in the following years.
North America is a leading region for video inspection systems and is projected to account for a significant market share in the forthcoming years. The need for digitized video inspection systems in public places is expected to propel the market demand. Also, U.S. government regulations are stringent regarding social security. On the other hand, Asia Pacific is a fast-growing market for video inspection systems and is expected to account for promising growth in the upcoming years.
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Video Inspection System Market Report Highlights:
- The global video inspection system market growth is anticipated at a CAGR of 5.3% by 2032.
- The video inspection system market growth is largely influenced due to the increasing need for security at public places such as railways, metro stations, airports, and traffic signals. Video inspection enables real-time monitoring at public places and assists with gathering advanced data to facilitate a major operation. Besides, high spending on security devices and features is expected to be crucial in determining market growth.
- Based on components, hardware is the leading segment due to the availability of novel devices with sophisticated and upgradable features.
- Based on end-users, the oil & gas sector dominates the global market because of the constant monitoring required during several operations. Construction and manufacturing account for rapid growth in the forecast years attributed to deploying security bots.
- North America is a dominant market for video inspection systems, and the growth factors include the emphasis on automation and process optimization in the security domain and the growing need for data analysis for automated decision-making. Asia Pacific is a fast-growing market for video inspection systems in the forthcoming years, owing to the adoption of artificial intelligence and automated technologies.
- Some prominent players in the video inspection system market report include AM Industrial, Envirosight LLC, Hikvison, Uniview, Agent Video Intelligence, NICE Systems, Rausch USA, Insight Vision, ARIES INDUSTRIES, INC, Rapidview LLC, and CUES.
Industry Trends and Insights:
- In 2023, Norwalt, a leading name for custom-built automation for complex manufacturing applications, designed an innovative bottle inspection system that is custom-made with deep learning tools.
- In 2023, Hikvision India launched a Next Generation X-ray baggage scanner with in-built AI features.
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Video Inspection System Market Report Segmentation:
- By Component: Hardware, Software
- By Application: Sewer/Drain Inspection, Electrical Conduit, Duct Pipeline Inspection
- By End-user: Oil &Gas, Food & Beverages, Construction, Manufacturing, Pharmaceuticals
- By Region: North America, Latin America, Europe, Asia Pacific, Middle East and Africa
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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