Pune, March 06, 2023 (GLOBE NEWSWIRE) -- SNS Insider predicts that the AI CCTV Market will reach a value of USD 57.11 billion by 2030, representing a CAGR of 15.1% from 2023 to 2030. The market is currently valued at USD 18.54 billion in 2022.
The global AI CCTV market is expected to witness significant growth in the coming years, driven by several factors. One of the primary drivers of this growth is the rising demand for highly developed testing systems that can effectively detect and prevent crime, protect public safety, and enhance operational efficiency in various industries. Additionally, governments worldwide are increasingly using AI CCTV systems at road signals to obtain and view license plates for mobile and stationary cars, which is driving market growth.
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Market Segmentation:
By Deployment
- Cloud-Based
- On-premise
By Offering
- Hardware
- software
- services
By Camera Type
- PTZ Camera
- Dome Camera
- Bullet Camera
- Box Camera
- Others
By Application
- Residential
- Commercial
- Industrial
Major Trends Observed for AI CCTV Market
- The integration of AI-powered CCTV systems at traffic signals is expected to improve the accuracy and efficiency of license plate recognition, leading to faster identification of vehicles of interest such as stolen or wanted cars.
- The global market is expected to experience significant growth in the coming years, driven by the commercial segment. The technology is being used in various industries, including retail, healthcare, banking, and transportation, among others, to enhance security and improve operational efficiency.
- The North American region currently holds the largest share of the global market, and this trend is expected to continue during the forecast period. This is primarily due to the high adoption rate of AI CCTV devices in the region, which is driven by the need to maintain personal and domestic security.
Competitive Landscape
The key market players in AI CCTV market are Bosch Security Systems, Eagle Eye Networks, Axis Communications AB, D-Link Corporation, Hangzhou Hikvision Digital Technology Co., Ltd., Panasonic Corporation, FLIR Systems, Inc., VIVOTEK Inc., Hanwha Techwin America, Swann and Other.
Impact of recession on AI CCTV Market
The impact of a recession on the market is likely to depend on several factors, including the severity and duration of the economic downturn. During a recession, businesses and governments may tighten their budgets and cut back on spending, which could lead to a decrease in demand for AI CCTV systems. However, it's worth noting that the video surveillance industry is often viewed as a crucial component of public safety and security, and many governments and organizations may continue to invest in CCTV systems even during an economic downturn.
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Key Developments Related to AI CCTV Market
- At the upcoming ISC West 2023 event, i-PRO Co. Ltd. is set to showcase its latest addition to its collection of edge-based AI analytics applications - AI Scene Change Detection. This new feature utilizes advanced artificial intelligence technology to detect changes in a surveillance camera's field of view and alert security personnel in real-time, enhancing the overall situational awareness of the area being monitored.
- Spot AI, a leading provider of AI-powered video analytics for CCTV security cameras, has raised $40 million in a recent funding round. The company plans to use the funds to further develop its cutting-edge technology, which aims to make CCTV security cameras smarter and more effective at detecting potential threats.
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