AI in video surveillance predicted for healthy growth

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The global AI in video surveillance market is expected to be valued at USD 5.6 billion in 2023 and is projected to reach USD 16.3 billion by 2028; it is expected to grow at a huge CAGR of 23.7% from 2023 to 2028. This is according to research company, Marketsandmarkets, whose analysts assess that it is the advent of cloud computing that has significantly impacted the AI capabilities in video surveillance.

Cloud-based platforms provide scalable storage and computing resources, allowing for centralised management, remote access, and the integration of AI-powered analytics across multiple cameras and locations. These technological advancements have propelled the capabilities of AI in video surveillance, enabling more intelligent, efficient, and reliable security systems.

Wireless AI cameras to show strongest growth

The growth of the wireless camera market is driven by the distinct advantages that these cameras offer. Wireless cameras are easier to install than wired systems, reducing installation costs. They provide greater flexibility as they can be placed at any location without the constraints of wires. Wireless surveillance systems also enable remote monitoring of camera feeds from anywhere worldwide. However, wireless cameras do have some disadvantages. Analogue cameras and DVRs cannot be connected wirelessly, limiting wireless connectivity to IP cameras and NVRs. Additionally, wireless cameras are susceptible to signal losses due to interference or tampering. As a result, most cameras deployed globally are still wired cameras.

Strong trend for AI surveillance in the commercial vertical 

In 2022, the commercial vertical held the largest share in the AI in video surveillance market, and this trend is expected to persist. The escalating security concerns across various applications within the commercial sector, including retail, enterprises, banks, and financial institutes, have led to the growing importance of video surveillance systems. The rise in security breaches such as inventory loss, robbery, unauthorised access, and other criminal activities has fuelled the demand for AI-powered video surveillance solutions in the commercial space. Furthermore, the significant growth of small businesses, as well as the expansion of retail stores and malls, has contributed to the increased adoption of surveillance systems in recent years.

Significant growth in Asia Pacific region

The Asia Pacific region is witnessing significant growth and adoption of AI in the video surveillance market. The region's rapid urbanisation, increasing population, and rising security concerns are driving the demand for advanced video surveillance systems integrated with AI technologies. Governments in countries like China, India, and Japan are investing heavily in smart city initiatives, leading to the deployment of extensive video surveillance networks. AI-powered video analytics, including facial recognition and object detection, are being utilised to enhance security and improve public safety in crowded areas, transportation hubs, and critical infrastructure. The region also benefits from the presence of several major technology companies and startups focusing on AI in video surveillance.

The AI in video surveillance market includes major Tier I and II players like Hikvision, Dahua, Avigilon, Milestone, YITU Tech, Sensetime, Agent Video Intelligence and others. According to the research, these players have a strong market presence in AI in video surveillance across various countries in North America, Europe, Asia Pacific, and RoW.


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