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AI-Powered Video Surveillance Market Outlook 2024: Global Growth Opportunities
AI-Powered Video Surveillance Market Outlook
According to The Business Research Company's, The AI in video surveillance market size has grown exponentially in recent years. It will grow from $4.64 billion in 2023 to $5.63 billion in 2024 at a compound annual growth rate (CAGR) of 21.2%. The growth in the historic period can be attributed to increasing security threats, advancements in ai and machine learning, demand for real-time monitoring, cost-effective solutions, and integration with IoT devices.
The AI in video surveillance market size is expected to see exponential growth in the next few years. It will grow to $12.04 billion in 2028 at a compound annual growth rate (CAGR) of 20.9%. The growth in the forecast period can be attributed to government regulations, smart city initiatives, remote monitoring, industry-specific applications, and cloud-based solutions. Major trends in the forecast period include edge computing for ai, advanced analytics, cloud-based video surveillance, deep learning algorithms, and real-time alerts and automation.
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Market Drivers and Trends:
The growth in smart city initiatives is expected to propel the growth of artificial intelligence (AI) in the video surveillance market going forward. Smart city initiatives refer to the use of technology, data, and innovation to improve the quality of life, sustainability, and efficiency of urban areas. Smart city initiatives can significantly enhance the capabilities of artificial intelligence (AI) in video surveillance by providing a connected infrastructure and a wealth of data for analysis. For instance, in September 2021, according to the Ministry of Housing and Urban Affairs, an India-based government ministry, as of December 2022, a total of 5,005 projects amounting to $11.161 billion have been completed, while 2,737 projects worth $10.684 billion are in the advanced stage of implementation. Additionally, 1,707 projects worth $4.422 billion were completed in the current year, indicating significant progress in the Smart Cities Mission in India. Therefore, the growth in smart city initiatives is driving the growth of artificial intelligence (AI) in the video surveillance market.
Major companies operating in the artificial intelligence (AI) in the video surveillance market are developing innovative products such as AWS panorama appliances to improve their operations and reduce costs by using existing on-premises cameras for computer vision applications. The AWS Panorama Appliance is a device that allows for the deployment of self-contained computer vision applications at the edge without sending images to the AWS Cloud. For instance, in October 2021, Amazon Web Services, a US-based cloud computing company, launched AWS Panorama Appliance, an edge computing hardware box with integrated AI for analyzing video streams from security cameras and providing analytics insights. The Appliance can run multiple computer vision models against multiple video streams in parallel and is designed for use in commercial and industrial settings, rated for dust and liquid. By integrating with other AWS services, customers can track data from the application over time. The Appliance is integrated with Amazon SageMaker, allowing for the development and deployment of computer vision models.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Huawei Technologies Co. Ltd., Panasonic Holdings Corporation, Hanwha Group, Honeywell International Inc., Dahua Technology Co. Ltd., NEC Corporation, IntelliVision , ZTE Corporation, Hangzhou Hikvision Digital Technology Co. Ltd., Cisco Meraki, Avigilon Corporation, SenseTime, Genetec Inc., Milestone Systems A/S, CloudWalk Technology Co. Ltd., Eagle Eye Networks, Gorilla Technology, Clarifai, Corsight AI, YITU Tech, Agent Video Intelligence Ltd., Pure Tech Systems, Simshine Intelligent Technology Co.Ltd
Artificial Intelligence (AI) In Video Surveillance Market 2024 Key Insights:
• The artificial intelligence (ai) in video surveillance market is expected to grow to $12.04 billion in 2028 at a compound annual growth rate (CAGR) of 20.9%.
• Smart City Initiatives Driving Growth Of AI In Video Surveillance Market
• Advancing AI In Video Surveillance For Commercial And Industrial Applications With AWS Panorama Appliance
• Asia-Pacific was the largest region in the AI in video surveillance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence (ai) in video surveillance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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