New York, USA, July 21, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “AI CCTV Market Information Deployment Mode, By Offering, By Camera Type, By Deployment, By End User, By Region – Market Forecast Till 2032”. The AI CCTV Market could thrive at a rate of 15.20% between 2023 and 2032. The market size will be reaching around USD 54.0 Billion by the end of the year 2032.
AI CCTV Market Analysis:
The AI CCTV market is expected to grow significantly in the coming years, driven by the increasing demand for technically advanced surveillance systems. AI CCTV systems use artificial intelligence to analyze video footage, which can be used to identify and track people, vehicles, and other objects. This information can be used to improve public safety, prevent crime, and investigate incidents.
Key Players:
Eminent market players profiled in the AI CCTV market report include,
- Axis Communications Ab
- Bosch Security Systems GmBH (Robert Bosch GmBH)
- D-Link Corporation
- Eagle Eye Networks
- xHangzhou Hikvision Digital Technology Co., Ltd.
- Hanwha Techwin.
- Panasonic Corporation
- Swann
- FLIR Systems, Inc.
- VIVOTEK INC
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Scope of the Report - AI CCTV Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 54.0 Billion |
| CAGR during 2023-2032 | 15.20% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Dynamics | Demand for technically advanced surveillance system and rise in concerns related to public safety & security are the prime factors that drive growth of the AI CCTV Market. |
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Drivers:
Increasing Adoption in Commercial Segment to Boost Market Growth
The commercial segment is anticipated to drive considerable expansion in the worldwide market over the next several years. Retail, healthcare, finance, and transportation are just a few of the industries using the technology to increase security and boost productivity.
Opportunities:
Increasing use in Smartphones to offer Robust Opportunities
To deliver high-resolution photographs, smartphone manufacturers are integrating artificial intelligence & deep learning technology into their products. These smartphone cameras use artificial intelligence to identify things and create photographs of superior quality. By intelligently detecting missing pixels, these smartphone cameras also improve low-resolution photographs. Full screen photos with greater quality and resolution are possible with these cameras. They are also used for device management, emotion recognition, user authentication, and other things. Due to these qualities, the market's expansion is driven by demand for these smartphones' cameras.
Restraints and Challenges:
Lack of Awareness to act as Market Restraint
The lack of awareness regarding advanced products, privacy concerns, and high cost related to new technology may act as market restraints over the forecast period.
Market Segmentation:
The global AI CCTV market is bifurcated based on offering, camera type, end user, and deployment.
By offering, software will lead the market over the forecast period owing to factors including the growth in worries about the security and safety of the general population and the demand for technologically advanced surveillance systems.
By camera type, dome camera will domineer the market over the forecast period. This may be attributed to the world-class characteristics of the AI dome CCTV camera, which allow it to work far better over other cameras.
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By deployment, cloud based segment will spearhead the market over the forecast period. The increase in need for AI CCTVs globally and their trustworthy deployment utilizing cloud-based storage account for this. The installation of AI-powered CCTV cameras at traffic signals is expected to improve the accuracy and efficacy of license plate recognition, enabling the speedier identification of cars of interest like wanted or stolen vehicles.
By end user, commercial will head the market over the forecast period. This is a result of both developed and emerging countries' growing commercial need for AI CCTV modules. Only a few industries, like retail, healthcare, finance, and transportation, use technology to improve security and increase efficiency.
COVID-19 Analysis:
The electronics & semiconductor industries have greatly been impacted via the advent of the COVID-19 epidemic. Owing to an upsurge in the COVID-19 cases, both businesses & manufacturing facilities across the globe were shut down, & it is anticipated that these facilities will stay shut in 2021. Additionally, a partial or total shutdown has damaged the world's supply chain, making it difficult for manufacturers to reach their customers. The COVID-19 epidemic possessed an effect on the society and the worldwide economy. The impacts of this pandemic are spreading daily and are impacting both the global economy and business in general. The crisis is causing increased client segment concern, a drop in corporate confidence, ambiguity in the stock market, and a major slowdown in the supply chain.
The closure of manufacturing facilities in the area has resulted in a significant loss of revenue and business for the Asian & European nations that are under lockdown. The COVID-19 disease epidemic has had a significant impact on production and manufacturing processes, which will have an effect on the growth of the AI CCTV market in 2020. The COVID-19 epidemic has had an influence on the electronics industry since manufacturing facilities have stagnated, which has led to a major increase in demand for semiconductor and electronics items in the market. Its primary effects include widespread industrial disruption in Europe and a halt to Chinese part shipments, which might impede the expansion of the AI CCTV industry.
Regional Analysis:
North America to Head AI CCTV Market
In 2022, this market was headed by the North American AI CCTV Market (45.80%). This is a result of a number of factors, including the growth in public security & safety worries and the need for highly advanced monitoring equipment. The widespread use of the AI CCTV equipment in the region, which is driven by the need to maintain personal and domestic security, serves as further support for this. Additionally, the North American AI CCTV market in the United States had the biggest market share while the AI CCTV market in Canada had the quickest rate of growth.
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APAC to Have Admirable Growth in AI CCTV Market
From 2023 to 2032, the Asia Pacific market for AI CCTV is anticipated to develop significantly. This is a result of a number of factors, including growing public security & safety worries and increased demand for highly advanced monitoring equipment. Additionally, the AI CCTV market in China had the biggest market share, while the AI CCTV market in India had the quickest rate of growth in the APAC region.
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