The Global AI in Video Surveillance Market size is expected to reach $24.4 billion by 2030, rising at a market growth of 23.4% CAGR during the forecast period.
The growing focus on public safety and security in cities, transit systems, and public areas is a major factor propelling the use of video surveillance in various infrastructures. Therefore, the Infrastructure segment would showcase 1/5th share in the market by 2030. The essential role of video surveillance in maintaining the protection of persons and infrastructure is being acknowledged by governments and organizations worldwide. The deployment of modern video surveillance systems with AI capabilities is a particular focus of recent news stories on the increased investments in smart city initiatives and transportation infrastructure. These technologies can enhance situational awareness and enable rapid reaction by anticipating and responding to potential hazards, including unauthorized access, driving breaches, or suspicious activity.
The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In May, 2023, Dahua Technology announced the launch of AcuPick video search technology, an industry-leading technical solution, to help users locate target videos with more convenience and accuracy. Additionally, In May, 2023, Motorola Solutions, the parent company of Avigilion, released the V700 body camera a mobile broadband-enabled camera, to ensure a clear, accurate account of events, the V700's precision high-definition sensor adjusts to low lighting similar to a human eye.
Based on the Analysis presented in the KBV Cardinal matrix; Honeywell International Inc. and Huawei Technologies Co., Ltd. are the forerunners in the Market. In September, 2022, Honeywell released VESDA Air Solution, a solution that early warning smoke detection with innovative indoor air quality monitoring, to support identifying environmental concerns before they become problems. Companies such as Hangzhou Hikvision Digital Technology Co., Ltd., Zhejiang Dahua Technology Co., Ltd., and Avigilon Corporation (Motorola Solutions) are some of the key innovators in the Market.
Video surveillance systems have become necessary due to the rise in terrorist attacks, particularly in nations like the US and the UK. Additionally, video surveillance systems prevent antisocial behaviors, including burglary, murder, robbery, and theft. In addition, to prevent criminal and terrorist activity, the governments of numerous nations have enacted strict restrictions requiring the installation of video surveillance systems in public places, including malls, hotels, airports, ports, and hospitals. As they build up an alarm system that immediately alerts security professionals when the AI monitoring system detects suspicious behavior, several suppliers also work on techniques to prevent crimes. This makes possible immediate action and threat prevention. As a result, the market is expanding due to the need to reduce criminal activity and terrorist attacks.
An urban region that utilizes many electrical techniques and sensors is generally referred to as “smart city”. According to the UK government’s Smart Cities Pitchbook, approximately 7 billion people will live in cities by the year 2050, creating a significant demand for smart city goods and services. The world’s population is projected to reach 9.7 billion by then. By 2020, it is anticipated that the smart cities will be worth more than GBP 900 billion, which is equal to the GDP of the twelfth-largest country on earth. The idea of smart cities, supported by regional governments, is becoming increasingly popular in many countries throughout the world. By automatically identifying and warning about suspicious behaviors, crowd management, or traffic problems, AI video surveillance helps with crime prevention, emergency response, and general public safety. The market will grow due to the rising number of smart city initiatives.
Despite being used to prevent and identify crimes, video surveillance may compromise people's privacy. Without the owners' permission, public surveillance systems might monitor private spaces like apartments and offices, damaging their privacy. Due to widespread video surveillance, governments can create a picture of people's lives without their permission. Therefore, privacy concerns and ethical issues are important barriers to adopting AI in the video surveillance sector. The right to anonymity is one of the main constitutionally guaranteed rights in many nations that is being violated by disruptive video surveillance. It is crucial to balance maintaining security and defending people's right to privacy, failing which the market would be harmed.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Product Launches and Product Expansions.
On the basis of offering, the market is segmented into hardware, software, and services. The software segment acquired a substantial revenue share in the market in 2022. The growth of the segment is owed to the growing adoption of network security cameras. While the established market players create their software, the up-and-coming firms can integrate industry-available surveillance software from independent software suppliers (ISVs).
Based on deployment mode, the market is fragmented into on-premise and cloud-based. The on-premise segment held the highest revenue share in the market in 2022. On dedicated hardware or servers where the security cameras are installed, on-premises AI video surveillance runs the AI algorithms and video analytics locally. It depends on data sensitivity, processing demands, financial limits, scalability requirements, and legal restraints. Organizations frequently assess their unique scenarios and requirements before choosing the on-premise deployment architecture for AI in video surveillance.
On the basis of vertical, the market is categorised into commercial, residential, infrastructure, military & defence, public facility, and industrial. The commercial segment registered the highest revenue share in the market in 2022. The importance of video surveillance systems has increased due to the rising security concerns in various commercial applications, including retail, businesses, banks, and financial institutions. The demand for AI-powered video surveillance solutions in the commercial sector has increased due to security breaches such as inventory loss, robbery, illegal access, and other criminal activities.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 4.6 Billion |
| Market size forecast in 2030 | USD 24.4 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 23.4% from 2023 to 2030 |
| Number of Pages | 390 |
| Number of Table | 633 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Offering, Deployment Type, Vertical, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region witnessed the largest revenue share in the market. China is one of the world's biggest markets for AI in video surveillance equipment and systems. Data from the National Development and Reform Commission indicate that to improve security and preserve social stability, the nation is committed to installing video surveillance cameras with facial recognition technology in significant public areas. Notably, opportunities for home and small business video surveillance systems are expanding. The regional deployment of AI-based video surveillance systems is further accelerated by the governments’ emphasis on municipal surveillance and smart city programs.
Free Valuable Insights: Global AI in Video Surveillance Market size to reach USD 24.4 Billion by 2030
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Genetec, Inc., Hangzhou Hikvision Digital Technology Co., Ltd., Zhejiang Dahua Technology Co., Ltd., Avigilon Corporation (Motorola Solutions), NEC Corporation, Honeywell International Inc., CloudWalk Technology Co. Ltd., Panasonic Holdings Corporation, Huawei Technologies Co., Ltd. and Corsight AI.
By Deployment Type
By Offering
By Vertical
By Geography
The Market size is projected to reach USD 24.4 billion by 2030.
Rising criminal activity and terrorist attacks are driving the Market in coming years, however, Ethical issues and privacy problems restraints the growth of the Market.
Genetec, Inc., Hangzhou Hikvision Digital Technology Co., Ltd., Zhejiang Dahua Technology Co., Ltd., Avigilon Corporation (Motorola Solutions), NEC Corporation, Honeywell International Inc., CloudWalk Technology Co. Ltd., Panasonic Holdings Corporation, Huawei Technologies Co., Ltd. and Corsight AI.
The expected CAGR of this Market is 23.4% from 2023 to 2030.
The Hardware segment is leading the Market by Offering in 2022; thereby, achieving a market value of $13.9 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $8.7 billion by 2030.
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