According to projections, the market for AI in video surveillance would be worth USD 5.7 billion in 2024 and USD 47.0 billion in 2034. Over the course of the forecast period, the worldwide AI in video surveillance market is anticipated to expand at a compound annual growth rate (CAGR) of 23.6%.
Integrating the Internet of Things (IoT) allows for a holistic security strategy, incorporating data from various sources to create a more robust surveillance ecosystem. Continuously advancing deep learning algorithms contribute to AI’s increased accuracy and efficiency in recognizing and analyzing complex visual patterns, ensuring cutting-edge capabilities in video surveillance. Regulatory challenges are posed by data security and privacy concerns, with the need to strike a delicate balance between robust security measures and protecting individual privacy.
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Additionally, the significant expenses associated with implementing AI-powered surveillance systems, including hardware, software, and training costs, may deter budget-constrained businesses. Another obstacle is the need for more skilled professionals in AI and video surveillance technologies, which could slow down AI systems’ effective deployment and maintenance.
Despite these challenges, the market for AI-powered surveillance continues to thrive due to its unmatched benefits. The trend toward AI-powered surveillance has led to higher sales and widespread adoption across various industries, including retail, transportation, banking, and smart cities. Businesses increasingly seek sophisticated and efficient security solutions, driving the industry to innovate and overcome existing barriers. The versatility and scalability of AI technology, along with its ability to offer business intelligence insights and facilitate remote monitoring and management, have made it a popular and essential component of the modern video surveillance landscape.
Key Takeaways from the Market Study
- Hardware offerings dominate the AI in video surveillance market.
- On-premises deployment mode is expected to lead the market, expanding at a CAGR of 1% through 2034.
- The Japanese AI in video surveillance market is predicted to rise at a 25.0% CAGR through 2034.
- The AI in video surveillance market in South Korea is predicted to grow at a remarkable CAGR of 24.8% through 2034.
- The AI in video surveillance market in China is predicted to rise at a whopping 24.4% CAGR through 2034.
- The AI in video surveillance market in the United States has the potential to increase at a 23.8% CAGR through 2034.
- The AI in video surveillance market in the United Kingdom is predicted to grow at a CAGR of 24.1% through 2034.
Competitive Landscape
There are many players in the market competing for a higher market share. Hikvision Digital Technology Co., Ltd. is a major player in the global AI in video surveillance market, known for its comprehensive range of innovative solutions. The company specializes in cutting-edge AI-powered cameras, video management software, and analytics tools. It is responsible for many technological advancements, including facial recognition, deep learning algorithms, and intelligent video analytics.
Dahua Technology Co., Ltd. is a Chinese company that contributes significantly to the global AI in video surveillance market. The company designs and manufactures high-quality cameras, recorders, and advanced AI-driven analytics. With a worldwide presence and strategic partnerships, Dahua is a key contributor to the evolution of AI in video surveillance technology, both in China and internationally.
Key Companies in the Market
- Hangzhou Hikvision Digital Technology Co., Ltd. (China)
- Dahua Technology Co., Ltd. (China)
- Avigilon Corporation (Canada)
- Milestone Systems A/S (Denmark)
- YITU Tech (China)
- SenseTime (China)
- Agent Video Intelligence Ltd. (United States)
Market Segmentation
By Offering:
- Hardware
- Software
- Services
By Deployment Mode:
- On-premises
- Cloud-based
By Use Cases:
- Gun Detection
- Industrial Temperature Monitoring
- Anomaly detection and Behavior Recognition
- Facial recognition/Person search
- Object detection and tracking
- Intrusion detection and perimeter protection
- Smoke and Fire Detection
- Traffic Flow Analysis/ Accident and Traffic Incident
- Detection
- False alarm filtering
- Parking Monitoring
- Vehicle Identification and Numberplate Recognition
By Vertical:
- Commercial
- Residential
- Infrastructure
- Military & Defense
- Public Facility
- Industrial
By Region:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- Latin America
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
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