With the advancement of AI-based video analytics, video surveillance market is set to grow at a significant pace in the coming years. Its increasing popularity is likely to drive adoption of camera surveillance systems in various sectors. Other driving factors are: Dropping prices of specialized products; Increasing security concerns; and Easy installation.
AI-based video analytics enhance efficiencies
The use of AI-based video analytics is a key part of video surveillance solutions. These tools are designed to analyze a live video feed and determine potential threats. Using AI tools, operators can make faster decisions and make better use of their time. AI tools can even detect people or objects in the video and identify them. They can also be used for forensic investigations.
In addition to improving overall efficiencies, AI-based video analytics also improves the security of a video environment by spotting people or objects that are not supposed to be there. They can also recognize people who are abducted or missing, or who are in a particular situation. This type of technology can be used in large business premises and campuses.
Video analytics can help businesses save money by monitoring incidents and predicting how to handle them. Video analytics tools are used by many industries, including retail and healthcare. These technologies allow businesses to monitor customer experience and behavior, and even improve the efficiency of selling locations. They can also help hospitals monitor security and ensure proper patient care.
Dropping specialized product prices
The video surveillance market is booming globally. Technological advancements have helped manufacturers create highly specialized cameras with features like zooming in on objects or scanning for hazardous equipment. These features are increasing the market revenue. In North America, the growth in the video surveillance market has been significant due to robust developments in the infrastructure and an increase in road rage incidents.
The video surveillance industry has seen some challenges recently with the recent outbreak of the COVID virus. This virus has been spreading through cities, including China, which is a major producer of video surveillance equipment. The outbreak of this virus may result in a reduction in local demand for video surveillance equipment. It may also cause problems with domestic and cross-border transportation and logistics of video surveillance systems.
The video surveillance market is segmented by hardware, software, and services. The hardware segment is further divided into cameras, monitors, storage, and accessories. The hardware segment is projected to account for the majority of revenue growth in the video surveillance market. Increased security concerns around the world have led to a rise in the number of cameras being installed in various places around the world. Meanwhile, technological advances have facilitated the migration to IP-based systems.
Increasing security concerns
There is a growing need for video surveillance systems in the workplace, and the use of this technology is growing across verticals. This technology is increasingly being used to protect property and to gather centralized data, and the use of this technology is expected to continue to grow. The video surveillance market is also expected to benefit from the increasing adoption of video surveillance as a service, which is a web-hosted wireless security system that allows users to store and manage footage remotely.
The video surveillance market is divided into vertical segments, including residential, commercial, military, public facilities, and industrial. The industrial segment includes manufacturing companies, which are exposed to a range of security threats, such as theft of valuable machinery and raw materials. By using an organized surveillance system with cameras throughout the production facility, these companies can ensure the safety and security of their employees and assets. With the increasing security concerns, the video surveillance market is expected to experience growth in this vertical, particularly in Asia Pacific.
Video surveillance market growth is expected to reach $20 billion in 2022, driven by an increasing need for security systems. The use of video analytics and deep learning in security systems is further fueling this growth, and this is expected to further increase the demand for security cameras. Furthermore, technological advances are improving communication and collaboration during critical events, making it essential for organizations to have a comprehensive video surveillance system in place.
Easy installation
With the increasing need for public safety and the ability to track down criminals, video surveillance solutions are gaining popularity. Increasingly, companies are investing in new technology and solutions to improve their video surveillance systems. Moreover, companies are making their systems more customizable. In addition to this, the market for video surveillance systems is expected to grow at a CAGR of around 11% during the forecast period.
In the coming years, the video surveillance market will continue to grow as organizations invest in these technologies to protect people and property. According to MarketsandMarkets, the global market for video surveillance is expected to grow from USD 48.7 billion in 2017 to $63.2 billion by 2022, at a compound annual growth rate of 18.2 percent. It is expected to continue growing at a healthy pace through 2019, according to RNR Research.
Another major trend in the video surveillance market is the adoption of AI and other technologies. A good example of these tools is facial recognition. It enables video surveillance systems to match human faces to a database. The technology is becoming widely used in China’s video surveillance systems. Facial recognition startups are also attracting huge investments. For instance, SenseTime Group raised USD 767 million in its IPO in Hong Kong.