The key players operating in the Al in Video Surveillance Market are 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 CAGR of 23.7% from 2023 to 2028. In 2023, an increasing number of manufacturers are anticipated to include AI-based analytics as a standard feature in cameras and video management systems (VMS). As security cameras are now prevalent in nearly every environment, the task of manually monitoring them all has become exceedingly challenging for human operators. By incorporating AI-based analytics, security professionals gain valuable tools to effectively process and manage the vast amount of images and data they encounter. , Driver: Advancements in deep learning and computer vision , Advancements in deep learning and computer vision are driving the adoption of AI in the video surveillance market. Deep learning, a subfield of machine learning, has revolutionized computer vision by enabling the development of highly accurate and efficient algorithms for analyzing visual data. In the context of video surveillance, deep learning algorithms can analyze video streams in real-time, allowing for rapid and accurate detection of objects, events, and anomalies. For example, they can identify specific objects like vehicles, people, or weapons, track their movements, and classify their actions. The advancements in deep learning have also improved the accuracy and reliability of facial recognition systems, enabling more robust identification and authentication capabilities in video surveillance applications. , Restraint: Privacy concerns and ethical considerations , Privacy concerns and ethical considerations are important restraints that impact the adoption of AI in the video surveillance market. The widespread use of AI-powered video surveillance systems raises questions about the invasion of privacy, the potential misuse of collected data, and the ethical implications of constant monitoring. One primary concern is the collection and storage of personal data. AI-based video surveillance systems capture and analyze vast amounts of video footage, often including images of individuals. This raises concerns about the potential for unauthorized access, data breaches, or misuse of personal information. Striking a balance between maintaining security and protecting individuals’ privacy rights is a critical challenge. , Opportunity: Growth in smart city initiatives , The growth in smart city initiatives presents a significant opportunity for the adoption of AI in video surveillance. Smart cities leverage advanced technologies to enhance the quality of life, improve urban infrastructure, and optimize resource management. AI-powered video surveillance systems play a crucial role in achieving these goals and addressing various challenges faced by urban environments. One key opportunity in smart city initiatives is the enhancement of public safety. AI-based video surveillance can enable real-time monitoring of public spaces, transportation systems, and critical infrastructure. AI video surveillance contributes to crime prevention, emergency response, and overall public safety by automatically detecting and alerting suspicious activities, crowd management, or traffic incidents. , Challenge: System reliability and false positives , System reliability and false positives are significant challenges in AI-based video surveillance systems. While AI algorithms can offer advanced capabilities for threat detection and behavior analysis, ensuring system reliability and minimizing false positive alerts are crucial for maintaining the effectiveness and efficiency of these systems. One challenge is the need for high accuracy and reliability in threat detection. AI video surveillance systems must be capable of detecting and identifying security threats accurately and in real time. False negatives, where a threat goes undetected, can have severe consequences. In contrast, false positives, where a benign event is flagged as a threat, can lead to alert fatigue and wasted resources. Reducing false positives is particularly critical. An excessive number of false alarms can overwhelm security personnel and reduce their ability to respond effectively to genuine threats. It can also lead to complacency or disregarding alerts, diminishing the trust and reliability of the system. , Ai In Video Surveillance Market Ecosystem , The AI in video surveillance market is dominated by established and financially sound manufacturers with extensive experience in the industry. These companies have diversified product portfolios, cutting-edge technologies, and strong sales and marketing networks. Leading players in the market include 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. (US) and others. , AI in video surveillance for hardware is expected to hold the highest market share during the forecast period , 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. Technological advancements have resulted in highly specialized surveillance cameras that can be programmed to zoom in and scan items, such as harmful equipment. These factors are driving the market for AI in video surveillance hardware market. , Based on deployment mode, the cloud-based market for AI in video surveillance to hold the highest CAGR during the forecast period , 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. Moreover, cloud-based AI allows for centralized management and storage of video data, eliminating the need for on-site hardware and infrastructure, reducing costs, and simplifying maintenance. This accessibility and flexibility make cloud-based AI in video surveillance an attractive option for businesses and organizations of all sizes. , Infrastructure vertical for AI in video surveillance market to grow at the highest CAGR , 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 news reports highlight the rising investments in smart city initiatives and transportation infrastructure, with a specific focus on deploying advanced video surveillance systems integrated with AI capabilities. These systems can proactively detect and respond to potential threats, such as unauthorized access, traffic violations, or suspicious activities, thereby enhancing situational awareness and enabling timely intervention. , AI in video surveillance market in Asia Pacific to hold the highest market share during the forecast period , China is one of the largest consumers of video surveillance devices and systems globally. 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. , Recent Developments , 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 V700 seamlessly integrates with Aware - a cloud-based platform that provides a standard operating view and the M500 in-car video system, APX radios, and Holster Aware sensors. , In September 2022, Hikvision announced the latest additions to its Pro series PTZ cameras, including integrating ColorVu technology for the first time in this range. With ColorVu, Hikvision's new Pro series cameras can provide consistent image brightness and full-color imaging as the camera zooms in and out. This ensures crystal-clear details and vivid color for distant objects at all times and in all conditions. , KEY MARKET SEGMENTS, By Offering , Hardware , Software , Service , 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 , North America , Europe , Asia Pacific , RoW, KEY MARKET PLAYERS , Hangzhou Hikvision Digital Technology Co., Ltd. , Dahua Technology Co., Ltd. , Avigilon Corporation , Milestone Systems A/S , YITU Tech , SenseTime , Agent Video Intelligence Ltd..
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