Dublin, Sept. 22, 2023 (GLOBE NEWSWIRE) -- The "City Surveillance Market Size & Share Analysis - Growth Trends & Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global City Surveillance Market, currently estimated at USD 12.23 billion in 2023, is projected to grow at a Compound Annual Growth Rate (CAGR) of 8.50% during the forecast period (2023-2028) and is expected to reach USD 18.39 billion by 2028.
Transformation and Trends in City Surveillance:
The City Surveillance Market has undergone a significant transformation in recent years, driven by rapid advancements in cloud computing and video surveillance software.
Additionally, the growing concerns surrounding public safety and security have propelled the adoption of IP cameras and video management systems worldwide. Increased investments in smart city initiatives, coupled with reduced prices of IP cameras and technological enhancements in analytics and software, are boosting the demand for wireless and spy cameras to ensure citizens' safety, driving the growth of the city surveillance industry.
Key Highlights:
- Innovations to Detect and Prevent Undesirable Behaviors: The introduction of new IP-based digital technologies aimed at detecting and preventing undesirable behaviors, such as shoplifting, theft, vandalism, and terror attacks, is expected to fuel the growth of the city surveillance market.
- Crime Reduction through Video Analytics: The deployment of video analytics and video surveillance cameras for identifying potential felons is anticipated to lead to reduced crime rates in various countries. This trend is expected to drive the demand for integrated surveillance systems.
- Atos' Entry into Video Analytics Market: Leading IT services firm Atos made a strategic move by acquiring Ipsotek in April 2021, entering the video analytics market. Ipsotek's VISuite, with multi-camera tracking capabilities, is used in various applications, including crowd management, smoke detection, intrusion detection, perimeter protection, number plate recognition, and traffic management.
- Focus on Accuracy: Achieving high accuracy is crucial for surveillance systems. Several vendors are focusing on enhancing the accuracy of their technologies. Failure to recognize faces accurately has led to concerns among consumers and government bodies. For example, Amazon's facial recognition software 'Rekognition' faced criticism for falsely identifying 28 members of the US Congress as individuals arrested for various crimes.
- Impact of COVID-19: The COVID-19 pandemic has driven innovation in electronic security for city infrastructure. The digitization of commercial operations worldwide due to the pandemic has significantly increased the demand for electronic security systems in smart city surveillance.
City Surveillance Market Trends:
- Dominance of IP Cameras: The camera segment, including IP camera systems, network cameras, and hybrid cameras, is poised to hold the largest market share. IP cameras are networked over fast ethernet connections and are used in IP surveillance, closed-circuit television (CCTV), and digital videography.
- Asia-Pacific's Growing Influence: The Asia-Pacific region is witnessing a substantial increase in surveillance camera adoption, driven by smart city initiatives, rising crime rates, and the integration of AI and ML technologies. For instance, South Korea has seen significant growth in closed-circuit television (CCTV) installations, with nearly 1.46 million cameras in operation as of 2021, a 200% increase in five years.
- Global Increase in Crime Rates: The rise in crime rates worldwide is contributing to the growth of the city surveillance market. Cities like Montreal and Vancouver are investing in security cameras to address increasing crime. The Montreal police plan to operate a surveillance network of 42 cameras in the city by the end of the year, while Vancouver considers using CCTV to deter violent crime.
- Asia Pacific's Smart City Initiatives: With the rapid growth of smart city infrastructure in the Asia-Pacific region, the adoption of smart security technologies is gaining importance. Technological innovations enable cloud data storage and real-time analytics, allowing security solutions to predict potential crime scenes and track potential perpetrators effectively.
City Surveillance Industry Overview:
The City Surveillance Market is characterized by fragmentation, with several key players continuously upgrading their offerings to gain a competitive edge. Major players dominating the market include Dahua Technology Co. Ltd, Bosch Security and Safety System (The Bosch Group), Hangzhou Hikvision Digital Technology Co. Ltd, Hanwha Techwin (Hanwha Group), and Honeywell Security Group (Honeywell International Inc.).
Recent Developments:
- Dahua Technology Co. Ltd: In June 2022, Dahua Technology announced a new Night Color2 Fusion Camera with dual-lens technology, providing full-color images in poorly lit scenes.
- Bosch Security and Safety System: In May 2022, Bosch added two fixed cameras to the Inteox open camera portfolio: the Flexidome and Dinion inteox7100i IR cameras, powered by AI, bringing efficiency to various indoor and outdoor applications, including city surveillance, airports, government, and traffic.
The City Surveillance Market is set to witness substantial growth, driven by technological innovations and the increasing need for advanced security solutions in cities around the world. The trend toward smart cities and the adoption of surveillance technologies to ensure public safety are expected to fuel this growth in the coming years.
A selection of companies mentioned in this report includes
- Dahua Technology Co. Ltd
- Bosch Security and Safety System (The Bosch Group)
- Hangzhou Hikvision Digital Technology Co.Ltd
- Hanwha Techwin (Hanwaha Group)
- Honeywell Security Group (Honeywell Internatinal Inc.)
- Panasonic Corporation
- NEC Corporation
- Genetec Inc.
- Axis Communications (Canon Inc.)
- CP Plus
- Avigilon Corporation (Motorola Solutions Inc.)
- Infinova Corporation (The Infinova Group)
- Axon Enterprise Inc.
- Cisco Systems Inc.
- Agent Video Intelligence Ltd
- Verint Systems
- Nice Systems Limited
- Qognify Inc. (Battery Ventures)
- Zhekian Uniview Technologies
For more information about this report visit https://www.researchandmarkets.com/r/rvtif1
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