According to a new report by MarketsandMarkets, AI in video surveillance market is expected to be valued at $5.6 billion (£4.27bn) in 2023 and is projected to reach $16.3 billion (£12.44bn) by 2028; at a CAGR of 23.7% from 2023 to 2028.
China is one of the largest consumers of video surveillance devices and systems globally, MarketsandMarkets says. According to data from the National Development and Reform Commission, the country is determined to implement video surveillance cameras equipped with facial recognition technology in crucial public areas to enhance security and maintain social stability. Notably, a growing market for video surveillance systems exists in small businesses and residential segments. China’s extensive infrastructure projects, including railways, airports, stadiums, and highways, drive the demand for high-definition surveillance systems capable of capturing clear images even in low-light conditions. The Chinese government’s focus on city surveillance and smart city initiatives further propels the nationwide adoption of AI-based video surveillance systems.
Hardware segment to lead AI video surveillance market
The market of the hardware segment is attributed to the fact that hardware makes for more than 60% of the total cost of an AI-based video surveillance system. There is also an increasing use of cameras deployed worldwide due to rising security concerns across multiple verticals. The industry shift toward IP cameras has led to many hardware-based innovations that provide better low-light performance, object tracking, and in-built security.
Cloud-based deployment to have highest AI surveillance CAGR
Cloud-based AI in video surveillance is poised to become increasingly popular in the future due to its numerous advantages and potential benefits. One key reason is scalability. With the exponential growth of video data generated by surveillance cameras, cloud-based AI provides a scalable solution that can handle large volumes of video footage efficiently. By leveraging the power of cloud computing, AI algorithms can analyze and process vast amounts of data in real-time, enabling quick detection of anomalies, threats, or suspicious activities.
Infrastructure vertical to grow fastest in AI surveillance
The infrastructure vertical for AI in video surveillance is expected to gain significant popularity in the future, driven by several factors and supported by notable investments and advancements in technology. One key driver is the increasing emphasis on public safety and security in transportation systems, cities, and public places. Governments and organizations worldwide are recognizing the crucial role that video surveillance plays in ensuring the safety of citizens and infrastructure.
Recent Developments in AI in Video Surveillance Market
In June 2023, Milestone Systems announced its latest product update, XProtect 2023 R2, a software upgrade designed to meet the evolving demands of Video Management Software (VMS) users.
In May 2023, Dahua Technology, a world-leading video-centric AIoT solution and service provider, officially released the latest AcuPick video search technology to help users locate target videos more accurately and conveniently.
In May 2023, Motorola Solutions launched its next-generation V700 body camera with mobile broadband capabilities to give public safety agencies another critical source of real-time field intelligence and collaboration.
The report includes 169 market data Tables and 49 Figures spread through 272 Pages and in-depth TOC on “AI in Video Surveillance Market by Hardware (AI Cameras, Monitors, Storage Devices, Servers), Software (AI Video Management Software, AI-Driven Video Analytics), Service (VSaaS), Deployment (On-premises, Cloud-based), Vertical – Global Forecast to 2028”
To request a sample of the report, click here
To download the PDF brochure, click here
For more news from MarketsandMarkets, click here
