Market Research Future (MRFR) has published on the “Global AI in Video Surveillance Market”.
The AI in video surveillance market is estimated to register a CAGR of 15.30% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global AI in video surveillance 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), and Agent Video Intelligence Ltd. (US).
The global AI in video surveillance market is accounted to register a CAGR of 15.30% during the forecast period and is estimated to reach USD 18.726 billion by 2032.
The demand for intelligent and effective security solutions, the expanding use of cloud-based video surveillance systems, and the growing demand for facial recognition and object detection in video surveillance are all factors driving the market's expansion. Additionally, smart cities are adopting AI-driven video surveillance to enhance environmental monitoring, traffic management, and public safety. Therefore, it is projected that this will accelerate market expansion.
The global AI in video surveillance market has been segmented based on vertical, offering, deployment mode, and use cases.
On the basis of vertical, the market is segmented into Commercial, Residential, Infrastructure, Military & Defense, Public Facility and Industrial. The infrastructure segment was attributed to holding the largest market share in 2022. The growing financial support for traffic infrastructure and smart city efforts, with a focus on implementing cutting-edge camera systems with Al capabilities. These technologies can enhance situational awareness and enable prompt response by anticipating and responding to potential hazards, including unauthorized access, driving infractions, or suspicious activity.
On the basis of offering, the market is segmented into Hardware, Software and Service. The hardware segment was attributed to holding the largest market share in 2022. Increasingly specialized security cameras that may be set up to zoom in and scan objects, such as dangerous machinery, are now available thanks to technological improvements. In the market for video surveillance hardware, these considerations are boosting the need for Al.
Based on deployment mode, the global AI in video surveillance market has been segmented into On-premises and Cloud-based. The cloud-based segment was expected to hold the largest market share in 2022. With cloud-based Al, video data can be managed and stored centrally, negating the need for on-site gear and equipment and cutting expenses and maintenance requirements. Cloud-based Al in video surveillance is a convenient and adaptable choice for businesses and organizations of all sizes.
Based on use cases, the global AI in video surveillance market has been segmented into Gun Detection, Industrial Temperature Monitoring, Anomaly detection and Behavior Recognition, Facial recognition/Person search, Object detection and perimeter protection, 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. The vehicle identification and numberplate recognition segment was expected to hold the largest market share in 2022. In order to recognize cars and scan their license plates from video feeds, it uses computer vision and artificial intelligence (AI) technology. Applications for this technology include security, law enforcement, parking management, and traffic control.
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The global AI in video surveillance market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of the US and Canada. The Europe AI in video surveillance market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The AI in video surveillance market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World AI in the video surveillance market comprises the Middle East, Africa, and Latin America.
The largest market share for AI in video surveillance was maintained by the North American regional sector driven by the requirement for more complex security solutions and the necessity of efficient monitoring in a changing threat environment. Video surveillance systems are transformed by AI technology's real-time object recognition, behavior analysis, and anomaly detection capabilities.
Moreover, the Europe market has been persistently growing over the forecast period, driven by the increasing need for complex security solutions as well as the requirement for efficient monitoring and crime prevention in a continuously changing threat environment. Furthermore, Resources for investing in AI technology, such as video surveillance, increased as the region's economy grew.
Additionally, Asia-Pacific is anticipated to experience the quickest growth over the forecast period. The demand for sophisticated video surveillance systems incorporating Al technologies is being driven by the region's rapid urbanization, growing population, and growing security concerns. Moreover, governments in nations like China, India, and Japan are making significant investments in smart city efforts, which have resulted in the installation of large video surveillance networks.
Furthermore, the rest of the world's AI in video surveillance market is divided into the Middle East, Africa, and Latin America. The use of AI in video surveillance in the rest of the world was sparked by a number of factors, including the demand for increased security and the availability of more accessible AI-powered surveillance solutions. The need for sophisticated surveillance systems to manage urban infrastructure and security has also grown as a result of the fast urbanization that is occurring in many cities throughout Latin America.
Key Findings of the Study