AI in Video Surveillance Market worth $16.3 billion by 2028 – Exclusive Report by MarketsandMarkets™

CHICAGO, July 19, 2023 /PRNewswire/ –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 according to a new report by MarketsandMarkets™. The advent of cloud computing has significantly impacted the AI capabilities in video surveillance. Cloud-based platforms provide scalable storage and computing resources, allowing for centralized management, remote access, and the integration of AI-powered analytics across multiple cameras and locations. These technological advancements have propelled the capabilities of AI in video surveillance, enabling more intelligent, efficient, and reliable security systems.
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AI in Video Surveillance Market Report Scope:
Report Coverage
Details
Market Revenue in 2023
$5.6 billion
Estimated Value by 2028
$16.3 billion
Growth Rate
Poised to grow at a CAGR of 23.7%
Market Size Available for
2019–2028
Forecast Period
2023–2028
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Hardware, Software, Service, Deployment and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
System reliability and false positives
Key Market Opportunities
Growth in smart city initiatives
Key Market Drivers
Advancements in deep learning and computer vision
AI in video surveillance market for wireless AI cameras to hold the highest CAGR during the forecast period.
The growth of the wireless camera market is driven by the distinct advantages that these cameras offer. Wireless cameras are easier to install than wired systems, reducing installation costs. They provide greater flexibility as they can be placed at any location without the constraints of wires. Wireless surveillance systems also enable remote monitoring of camera feeds from anywhere worldwide. However, wireless cameras do have some disadvantages. Analog cameras and DVRs cannot be connected wirelessly, limiting wireless connectivity to IP cameras and NVRs. Additionally, wireless cameras are susceptible to signal losses due to interference or tampering. As a result, most cameras deployed globally are still wired cameras.
AI in video surveillance market for commercial vertical to hold the highest market share during the forecast period.
In 2022, the commercial vertical held the largest share in the AI in video surveillance industry, and this trend is expected to persist. The escalating security concerns across various applications within the commercial sector, including retail, enterprises, banks, and financial institutes, have led to the growing importance of video surveillance systems. The rise in security breaches such as inventory loss, robbery, unauthorized access, and other criminal activities has fueled the demand for AI-powered video surveillance solutions in the commercial space. Furthermore, the significant growth of small businesses, as well as the expansion of retail stores and malls, has contributed to the increased adoption of surveillance systems in recent years.
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AI in video surveillance market for Asia Pacific to hold the highest CAGR during the forecast period.
The Asia Pacific region is witnessing significant growth and adoption of AI in the video surveillance market. The region’s rapid urbanization, increasing population, and rising security concerns are driving the demand for advanced video surveillance systems integrated with AI technologies. Governments in countries like China, India, and Japan are investing heavily in smart city initiatives, leading to the deployment of extensive video surveillance networks. AI-powered video analytics, including facial recognition and object detection, are being utilized to enhance security and improve public safety in crowded areas, transportation hubs, and critical infrastructure. The region also benefits from the presence of several major technology companies and startups focusing on AI in video surveillance.
The AI in video surveillance companies includes major Tier I and II players like 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) and others. These players have a strong market presence of AI in video surveillance across various countries in North America, Europe, Asia Pacific, and RoW.
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