Body Worn Camera Market will Touch USD 368.95 Billion at an Admirable CAGR of 72.3% by 2030 - Report by Market Research Future (MRFR)
Increasing Adoption by Law Enforcing Agencies and Security Personnel to Boost Body Worn Camera Market Growth
New York, US, May 10, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Body Worn Camera Market” information by Mode of Operation, by Resolution, by End User and Region – Forecast to 2030” market size to reach USD 368.95 billion, growing at a compound annual growth rate of 72.3% by 2030.
The growing demand for body worn cameras from sports and adventure tourism will offer robust opportunities for the market over the forecast period. The increase is linked to a rise in health consciousness among individuals who want to keep healthy and strong, as well as a growing desire for leisure in the midst of a stressful lifestyle, especially in urban regions. In addition, a rise in recreational water sports & adventure tourism is predicted to enhance demand for body worn cameras. As a result, the growing popularity of recreational water sports & adventure tourism is likely to boost the market's growth throughout the forecast period. Backpacking, rafting, scuba diving, snorkelling, leaf-peeping, and bird watching are all popular activities in the adventure tourism & sports industries.
Dominant Key Players in Body Worn Camera Market Covered are:
- Reveal Media Limited (U.S.)
- Axon Enterprises Inc. (U.S.)
- Pinnacle Response Ltd. (Ireland)
- WatchGuard Technologies Inc. (U.S.)
- GoPro Inc. (U.S.)
- Panasonic Corporation (Japan)
- Coban Technologies Inc. (U.S.)
- Transcend Information Inc. (Taiwan)
- Digital Ally Inc. (U.S.)
- Motorola Solutions (U.S.)
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Market USP Exclusively Encompassed:
The widespread adoption of body-worn cameras by security professionals and law enforcement agencies is propelling the Global Body Worn Cameras Market forward. Body-worn cameras record police enforcement or military personnel's interactions with the public and can be utilized as important evidence in a variety of situations.
Data Theft and Privacy Issues to act as Market Restraint
The legal policies related to data theft and privacy issues may act as a market restraint over the forecast period. Besides, the high cost of these cameras may also impede body worn camera market growth.
Dubious Studies to act as Market Challenge
Dubious studies coupled with lack of independent evaluators to verify the perks of these cameras may act as market challenges in the forecast period.
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Segmentation of Market Covered in the Research:
The global body worn camera market has been bifurcated based on mode of operation, resolution, and end user.
By mode of operation, live streaming and recording will lead the body worn camera market over the forecast period.
By resolution, full HD will dominate the body worn camera market over the forecast period.
By end user, law enforcement will spearhead the market over the forecast period.
North America to Hold Lion’s Share in Body Worn Camera Market
Because of different state financing schemes supporting its usage in law enforcement agencies, North America is likely to capture the lion's share of the worldwide body worn camera market. Due to several states in the country adopting pilot initiatives to improve the effectiveness of law enforcement officials, the region is predicted to grow at an 18.3 percent CAGR over the projection period. The fact that a growing number of federal agencies are opting for these programmes may reveal the market's hidden potential. The United States is predicted to lead in the technological field of body worn cameras, and the availability of smart gadgets bodes well for the market. The presence of big players and the early acceptance of innovative technologies, significant rise in the deployment rates of surveillance systems in Mexico, Canada, and the US, high crime rates, increasing adoption of technology by police personnel, favorable government-led initiatives for rising security across cities, ease of accessibility of smart devices, high technology exposure, and rise in the participation of individuals in extreme sports events are also adding market growth in the region.
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Europe to Have Favorable Growth in Body Worn Camera Market
Europe will have favorable growth in the body worn camera market over the forecast period. In 2018, the market for body worn cameras in Europe was worth USD 145.2 million. The desire for tamper-proof recordings as well as the usage of cameras for early danger detection could drive the market. Customers' capacity to film live footage with the use of BWCs, as well as the development of sports and tourism areas, can drive market demand. Individuals' growing interest in sports & sporting activities may have a favourable impact on the market. The use of this technology via police forces in Germany, Belgium, and the Czech Republic, along with initiatives to increase citizen safety, should bode well for the sector.
APAC to Have Significant Growth in Body Worn Camera Market
Due to the presence of federal funding programmes for law enforcement in the United States, use and testing of body-worn cameras by police departments in the United States, high adoption of the devices, high technology exposure and ease of availability of smart devices, and increasing participation of individuals in extreme sports events in the region, Asia-Pacific will have a significant growth in the body-worn camera market.
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COVID-19 Impact on the Global Body Worn Camera Market
Disruptions in supply chain, fluctuations in demand share, economic situations, along with immediate & with long term impact of the novel coronavirus possessed a negative impact on the body worn camera market growth. Such outbreak has put the economic activity at a halt, thus pushing the worldwide economy in a very steep recession. Besides, with the roots originating in China, supply chains across the globe are facing shutdown and unprecedented disruption. Following the relaxation of lockdowns and restrictions across the globe, the market is likely to get back to usual in the days to come.
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