Northbrook, IL 60062 -- (SBWIRE) -- 09/01/2022 -- The video surveillance market is expected to grow from USD 48.7 billion in 2022 to USD 76.4 billion by 2027, at a CAGR of 9.4% during the forecast period.
Video surveillance systems use video cameras to monitor people, facilities, or places from a distance. Video surveillance is an extremely useful and economical method to ensure the security of people, buildings, and valuables. Increasing hardware capabilities of video surveillance cameras, including increased camera capabilities, maturing technology, features, and customized systems, as well as rising use of software analytics and AI in video monitoring, are expected to be the main drivers for the market.
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Most video surveillance systems consist of analog cameras, such as CCTVs, manual human-supervised surveillance, and on-site data storage. However, video surveillance technology is beginning to mature with the deployment of IP cameras, cloud storage, and AI-based features. Developments such as smart cities, IoT, cloud computation, smart devices, and AI are expected to provide growth potential in the future once penetration of video surveillance systems increases in the market. Surveillance cameras are expected to have dedicated hardware for AI processing. VMS systems are expected to be equipped with a suite of intelligent software developed from deep learning. With the rising growth of DIY video surveillance in the residential sector, features such as wireless video streaming and remote video streaming access are expected to become commonplace over time. These are the potential revenue sources that can notably impact the video surveillance market in the future.
New wireless surveillance camera product launches across both residential (smart homes) and commercial (smart cities) applications driving market growth. Major companies such as Hikvision, Dahua, and Axis Communications developing wireless cameras with Wi-Fi as well as cellular connectivity. For instance, Dahua developed the IPC-HFS7842-Z-5G-LED, a 5G enabled wireless camera for smart city deployment. The Dahua IPC-HFW2431DG-4G-SP-LA-B is a 4G enabled camera that can run on solar power. Hikvision offers several wireless cameras under its Wi-Fi series. Several smaller manufacturers are also offering wireless indoor cameras for smart homes. It is expected that with the increased bandwidth and growth of Wi-Fi 5, 6, and 6E technologies, demand for wireless cameras is expected to grow substantially, as a greater number of cameras can be supported in a single network due to increased bandwidth. Hence, wireless camera product launches from various manufacturers are fuelling demand and market growth.
Industry participants are extensively focusing on developing technically advanced video surveillance solutions by integrating alarm notification and access control features. When selecting a video solutions partner to provide a system for critical process, security, or safety monitoring application, it is important to consider a combined solution is much more than a collection of cameras. For instance, Panasonic i-PRO offers its Bravida, an integrated security system platform that combines intruder and assault alarms, access control, fire warning and monitoring; offering comprehensive premises security along with simple operation. Hence, combined system improves quality and performance across marketing, operations and customer services, as well as offering the best security and surveillance functionality available.
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As AI-based video analytics gain more adoption across retail, smart cities/transportation, retail, industrial, and healthcare sectors, they are likely to drive VSaaS market growth in coming years. For many years, the amount of data collected from video analysis tools has risen; data storage, sorting, and analysis has becoming a problem with the tremendous volume of data obtained. AI-based video analytics uses comprehensive and complex algorithms to analyze recorded streams, review camera images pixel by pixel, and intelligently tailor algorithms to satisfy particular security or business requirements. In transport, video analytics has proved to be a success, helping to maintain traffic in smart cities. Without appropriate traffic control steps, traffic especially in urban areas, can increase accidents, traffic violations, and traffic jams. Facial and license plate recognition systems in real-time can be deployed to recognize persons and vehicles and make reasonable decisions.