Find stats on top websites
Industry Landscape
The video surveillance industry is experiencing significant growth, driven by advancements in AI, 4K resolution, and smart home integration. There's a strong shift towards intelligent features like AI-powered detection and color night vision. While cloud-based solutions are popular, local storage models remain competitive due to privacy concerns and avoidance of subscription fees. The market sees increased adoption in both residential and commercial sectors.
Total Assets Under Management (AUM)
Market Size of Video Surveillance Systems in United States
~Approximately 5.5 billion USD
(10.0% CAGR)
- Increased demand for smart city initiatives.
- Growing adoption of IP cameras.
- Integration with AI and IoT technologies.
Total Addressable Market
8.5 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Edge AI Processing
Processing video data directly on the camera or NVR, reducing reliance on cloud computing for advanced AI features like object recognition and anomaly detection.
Matter Standard Integration
A new smart home connectivity standard enabling seamless interoperability between different smart devices, including security cameras, across various ecosystems.
Cybersecurity for IoT Devices
Enhanced security protocols and hardware-level protections to safeguard smart cameras and surveillance systems from cyber threats and unauthorized access.
Impactful Policy Frameworks
California Consumer Privacy Act (CCPA) (2018)
The CCPA grants California consumers new rights regarding the collection and sale of their personal information, including the right to know what data is collected and to request its deletion.
Lorex must ensure transparency in data handling and provide mechanisms for consumers to exercise their data rights, especially regarding recorded video footage.
IoT Cybersecurity Improvement Act of 2020
This federal law mandates that federal agencies only purchase IoT devices that meet specific cybersecurity standards, though it influences the broader market.
While primarily for federal procurement, it encourages Lorex to adopt robust security-by-design principles and adhere to higher cybersecurity standards for all its products, enhancing trustworthiness.
State and Local Biometric Privacy Laws (e.g., Illinois BIPA 2008)
Various state laws, like Illinois' Biometric Information Privacy Act (BIPA), regulate the collection, use, and storage of biometric data (e.g., facial recognition data).
If Lorex implements advanced facial recognition or similar biometric features, they must ensure compliance with strict consent and data handling requirements to avoid legal penalties.
Transform Your Ideas into Action in Minutes with WaxWing
Sign up now and unleash the power of AI for your business growth
