LONDON--(BUSINESS WIRE)--The video surveillance market size is expected to grow by USD 35.58 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
The global video surveillance market is witnessing the emergence of innovative solutions with continuous efforts from established vendors. In January 2020, Hikvision showcased its innovative technologies, such as multi-intelligence cameras and cost-effective thermal cameras, during the Intersec 2020 security exhibition held at the UAE. In addition, in October 2019, Hikvision showcased its new innovative AI Cloud practices during the China Public Security Expo held at Shenzen. The integration of advanced technologies such as AI cloud allows SMBs to avail advanced video content analysis and deep learning capabilities. The development of such innovative solutions will drive the growth of the global video surveillance market size.
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As per Technavio, the advent of smart AI-based video surveillance will have a positive impact on the market and contribute to its growth significantly over the forecast period. This video surveillance market research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Video Surveillance Market: Advent of Smart AI-based Video Surveillance
The advent of AI-based video surveillance has transformed video surveillance from being just a passive deterrent tool. AI brings in smart automation to analyze large volumes of surveillance data to derive intelligent insights. AI can accurately analyze live video streams in real time with limited or no assistance from people. For instance, Intel’s Movidius leverages AI and deep learning to make surveillance proactive by detecting unattended objects and behavior monitoring. The partnerships between Movidius with key vendors such as Hangzhou Hikvision Digital Technology and Dahua Technology will increase the use of AI-based video surveillance during the forecast period. Thus, the advent of smart AI-based video surveillance is expected to be one of the key video surveillance market trends during the forecast period.
“Factors such as the advent of predictive crime monitoring and increasing strategic alliances among vendors will have a positive impact on the growth of the video surveillance market value during the forecast period,” says a senior analyst at Technavio.
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Video Surveillance Market: Segmentation Analysis
This market research report segments the video surveillance market by product (hardware, software, and services), end-users (public, commercial, and residential), and geography (APAC, North America, Europe, MEA, and South America).
The APAC region registered the largest video surveillance market share in 2019, followed by North America, Europe, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as rapid urbanization and industrialization and significant investments in the defense sector by countries such as China and India.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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