Smart City Development Projects Propel Video Surveillance Industry

The video surveillance industry contributes $42.3 billion, and it is projected to advance at a rate of 11.7%, to contribute $114.9 billion in 2030. The primary consumer of video surveillance technology is China, and it captures an extensive share of the industry, accounting for 42.7%. In addition, the country owns a significant surveillance network, accounting for over 50% of the surveillance cameras used worldwide.

China is focusing on developing infrastructure projects, such as railways, highway networks, airports, and stadiums, which are predicted to make the installation of high-definition surveillance systems mandatory for capturing crisp pictures in the whole darkness.

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In addition, the large public spaces are projected to be covered by video surveillance cameras, equipped with facial recognition technology, to procure social stability and decrease crime in the country. It provides the possibility for small companies and residential units for adoption of video surveillance systems. The government's initiatives to develop smart city infrastructure and improve surveillance also propel the demand for video surveillance equipment.

Moreover, intelligent video surveillance systems are increasingly preferred for the maintenance of security and safety, as well as trends and patterns analysis. The application supports the audio and picture data analysis from video cameras, to identify people, objects, cars, and various events.

Furthermore, the AI-powered video analytics can manage duties such as people counting, real-time surveillance, license plate automation identification, as well as facilitates organizations with non-security related data.

In the retail sector, store owners can detect shoplifters, and information security officers act in real-time by using surveillance cameras with analytics. Besides retail outlets, sophisticated video surveillance is utilized in businesses, industrial plants, banks, and warehouses for the identification of unexpected actions. Thus, it results in the growing requirement for intelligent monitoring, which propels artificial intelligence and software analytics demand and hence fuels video surveillance industry growth.

North American industry is projected to experience a higher growth rate in the coming future, led by led by continuous rise in strong infrastructure, which results in increasing road rage accident cases, and growing public safety concerns.

Under the hardware type segment, cameras are the largest revenue contributor in the industry, amounting to $16.9 billion, and it is projected to rise at a rate of 11.9% in the coming future. It is led by deep learning technology and video analytics combination that propels security cameras' requirement for numerous end-use applications.

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In addition, the storage category is projected to experience the largest growth in the near future. The rising adoption of cloud-based surveillance technologies by end users encourages companies to leverage resources such as processing power and storage devices. Therefore, it boosts the industry's demand for data storage equipment.

The major players operating in the industry are; Hanwha Techwin Co. Ltd., Agent Video Intelligence Ltd., MOBOTIX, Axis Communications AB, VIVOTEK, Dahua Technology USA Inc., Genetec Inc., Tiandy Technologies Co. Ltd., and Hanwha Techwin Co. Ltd. Therefore, the demand for the video surveillance industry is rising in order to reduce crime rates and ensure social stability.

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