AI in Video Surveillance Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The global AI in video surveillance market is expected to be valued at USD 5.6 billion in 2023 and is projected to reach USD 16.3 billion by 2028; it is expected to grow at a CAGR of 23.7% from 2023 to 2028. The market growth is driven by several factors such as the increasing need for proactive surveillance and threat detection, the exponential growth in data generation and storage, advanced analytics capabilities enabling real-time video analysis, object detection, and behavioural recognition, and advancements in computer vision and deep learning algorithms.

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The software market for AI in video surveillance to account for the highest CAGR during the forecast period. AI-driven video analytics is poised to experience substantial growth in the future due to an increasing need for intelligent and automated video analysis across various industries and sectors. AI-powered video analytics systems can process vast amounts of video data in real time, enabling organizations to derive valuable insights, make informed decisions, and take prompt action. Moreover, the proliferation of high-resolution cameras and the growing availability of affordable storage solutions have contributed to the increased adoption of AI in video analytics. These technological advancements enable the capture of high-quality video footage, which is crucial for accurate and detailed analysis. The decreasing costs associated with hardware components make AI-driven video analytics more accessible to organizations of various sizes and budgets.

The AI in video surveillance market for commercial vertical is projected to account for the largest share during the forecast period. The commercial segment, which includes retail stores and malls, enterprise and data centers, banking and financial buildings, hospitality centers, and warehouses, is experiencing significant growth in utilizing AI-based video analytics. AI enables customer behavior analysis in retail, optimizing store layouts and security measures. Enterprise and data centers benefit from real-time threat detection and access control. Banking and financial buildings utilize facial recognition for secure access and fraud prevention. Hospitality centers enhance guest safety and experience through monitoring and optimizing staff deployment. Warehouses utilize AI to streamline inventory management and ensure operational efficiency. The growing factors driving the adoption of AI in video surveillance within this segment include the need for enhanced security, improved customer experiences, optimized operations, and increased efficiency in resource management. With the continuous advancements in AI technology, the commercial segment is set to embrace further and leverage the benefits of AI-based video analytics in their respective industries.

The AI in video surveillance market in North America accounted for the second-highest share in 2023. The North American AI in video surveillance market is witnessing significant growth, fueled by factors such as the need for advanced security solutions, increasing adoption of smart city initiatives, and technological advancements in AI and video analytics. The US and Canada are the key contributors to the market, with a strong presence of major AI and video surveillance companies. The market is characterized by a high level of innovation, with a focus on facial recognition, object detection, and real-time analytics. The region also emphasizes privacy regulations and ethical considerations, driving the development of AI-powered video surveillance systems that balance security and individual rights.

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Major players operating in the AI in video surveillance market are Hangzhou Hikvision Digital Technology Co., Ltd. (China), Dahua Technology Co., Ltd. (China), Avigilon Corporation (Canada), Milestone Systems A/S (Denmark), YITU Tech (China), SenseTime (China), Agent Video Intelligence Ltd. (US), NEC Corporation (Japan), and others. These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, broader geographical use cases, and a larger product footprint.

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This release was published on openPR.