Introduction
The Global AI in Video Surveillance Market is estimated to be USD 5.5 Bn in 2023 and is expected to reach USD 15.99 Bn by 2028, growing at a CAGR of 23.80%.
The global market for AI in video surveillance is witnessing substantial growth propelled by evolving security needs, technological advancements, and an increasing demand for advanced surveillance solutions. This market is characterized by its dynamic nature, influenced by various factors. Key drivers include rising concerns regarding security and safety, advancements in artificial intelligence and computer vision technologies, and global crime rates. Moreover, the widespread adoption of AI-driven video surveillance systems is accelerated by the proliferation of smart cities, integration with the Internet of Things (IoT), and the impacts of the COVID-19 pandemic.
Despite the promising growth potential, the market faces significant challenges. Privacy concerns linked to continuous monitoring, data storage, and potential bias in AI algorithms pose ethical and regulatory issues. Additionally, the initial high implementation costs of AI in video surveillance, cybersecurity threats, and public resistance to extensive surveillance efforts impede market expansion. Ensuring compliance with data protection regulations, including GDPR and CCPA, is a notable obstacle, especially for organizations operating across diverse regions.
Geographically, the market encompasses regions such as North America, Europe, Asia-Pacific, and others, each presenting distinct opportunities and challenges. The focus on customization, integration, and scalability highlights the potential of AI in video surveillance to revolutionize security and monitoring practices across various industries.
Segment Analysis of AI in Video Surveillance Market
The Global AI in Video Surveillance Market is segmented based on Offering, Deployment Mode, and End-User.
The global AI in video surveillance market is experiencing growth due to rising security apprehensions and technological progress. It is categorized based on its offerings, which include hardware, software, and services. Hardware elements include AI-equipped cameras and storage solutions, whereas software encompasses video analytics, management systems, and deep learning frameworks. Services comprise installation, maintenance, and consulting. The incorporation of AI drives this market’s expansion, the increasing prevalence of smart cities, and the need for instantaneous threat identification. Consequently, it represents a dynamic environment offering various prospects for enterprises in various sectors and regions.
The market displays significant diversity in its applications across various industries. These applications include security and surveillance functions such as intrusion detection, facial recognition, object tracking, and behavioral analysis. In the retail sector, The deploment of AI to prevent losses and analyze customer behavior, while smart cities benefit from AI in managing traffic and public surveillance. Healthcare relies on AI for tasks like patient monitoring and access control, and the transportation industry uses it for airport security, traffic monitoring, and cargo security. Banking and financial institutions deploy AI for ATM security and detecting fraudulent activities, whereas the manufacturing sector focuses on maintaining product quality and ensuring worker safety.
Regional Analysis of AI in Video Surveillance Market
The APAC region holds a prominent position due to the swift urbanization of smart cities and heightened investments in surveillance infrastructure. Nations like China and India have deployed AI-based video surveillance systems to enhance public safety and security. Additionally, the region benefits from the presence of leading technology firms and supportive government initiatives, fostering innovation and market growth.
In the Americas, particularly in North America, the adoption of AI in video surveillance is gaining momentum due to stringent security regulations and the presence of advanced technology providers. The United States, in particular, has witnessed widespread implementation across sectors like retail, transportation, and financial services. Latin American countries are also gradually adopting AI-driven video surveillance for security and smart city applications, albeit at a slightly slower pace.
The EMEA region, encompassing Europe and the Middle East, has experienced substantial growth owing to escalating security concerns and adherence to data protection regulations like GDPR. European nations, including the United Kingdom, Germany, and France, have embraced AI in video surveillance for diverse applications, spanning public safety to retail analytics. Meanwhile, Middle Eastern countries, such as the United Arab Emirates, have invested significantly in smart city initiatives, boosting the demand for advanced video surveillance systems.
Europe distinguishes itself as a leader in AI technology development and regulation. Numerous European nations prioritize privacy concerns, leading to the development of privacy-centric AI solutions. Eastern European countries, such as Russia and Poland, also witnessed increased adoption of AI-powered video surveillance across various applications.
List of Companies
The report provides profiles of the key companies, outlining their history, business segments, product overview, and company financials. Some companies from the competitive analysis are Hangzhou Hikvision Digital Technology Co., Ltd, Sensen.AI, Indigo Vision, Milestone Systems, NEC Corporation, and Robert Bosch GmbH.
Key Developments
BriefCam Debuts Customizable Classes, Superior Real-Time Performance, and Enhanced UI for its Comprehensive Video Analytics Platform- March 2023
Hikvision launches HEOP 2.0 to strengthen its open AIoT ecosystem further – November 2022
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Frequently Asked Questions
How Much Is The Global AI in Video Surveillance Market  Size?
The Global AI in Video Surveillance Market is set to surge from USD 5.5 Bn in 2023 to a projected USD 15.99 Bn by 2028, growing at a CAGR of 23.80%.
What Is The Major Global AI in Video Surveillance Market  Driver?
- Use of ML and Computer Vision Technology to Enhance the Capabilities
- Adoption of Wired AI Cameras to Enable Long-Distance Data Transmission
Who Are The Global AI in Video Surveillance Market Players?
Honeywell International, Inc., Huawei Technologies Co. Ltd., Indigo Vision (Motorola Solutions), Intellivix Co., Ltd., IPsotek Ltd., Megvii Technology Co., Ltd., and Others
