AI CCTV Market By Offering (Hardware, Software and Services), Camera Type (PTZ Cameras, Dome Cameras, Bullet Cameras, Box Cameras and Others), Deployment (Cloud-Based and On-premise), and End user (Residential, Commercial, and Industrial), and Region - Market Share, Trend Analysis, Competitive Intelligence, Historical Data, and Forecast 2023 – 2030
Market Perspective
The global AI CCTV Market was valued at USD 15.65 billion in 2022 and is anticipated to surpass a valuation of around USD 51.21 billion by 2030 at a CAGR of around 16.16% between 2023 and 2030.
The use of artificial intelligence in CCTV surveillance systems has significantly improved the accuracy and efficiency of security monitoring. With real-time video analysis, AI can identify potential security threats and help prevent them before they occur. This has not only enhanced public safety but has also reduced the burden on security personnel. Furthermore, AI-based CCTV systems have the ability to track and recognize individuals, making it easier to identify and apprehend criminals. As a result, the demand for AI-based CCTV systems is expected to grow in the coming years, especially with the increasing deployment of smart city projects that require advanced surveillance systems.
High demand for smart city projects offers lucrative opportunities for the market. Hence, these factors are expected to influence the development of the global AI CCTV market during the forecast period. The AI Global Surveillance (AIGS), Index 2019 ranked 176 countries on their use of AI in surveillance and found that 56 countries were using AI for crime analysis and to improve security. The use of AI and surveillance in numerous countries around the world, including China, France, Germany, Japan, and the United States, is accelerating market growth.
However, there is a need for more awareness and education about these technologies, as well as addressing concerns related to data protection and cost-effectiveness.
Key Insights
- Based on the offering, the software segment held the largest market share
- Based on camera type, PTZ cameras segments are expected to dominate over the forecast period
- Based on deployment, cloud-based segments are expected to dominate over the forecast period
- Based on end-user, the commercial segment generated the highest revenue
- On the basis of region, accounted largest market share
Rising Demand for Technically Advanced Surveillance Systems Augments the Market Growth
The rise of the surveillance and security industry has led to the emergence of new and improved solutions, including the integration of artificial intelligence (AI) for organizations across various industries. This has resulted in significant improvements in traffic monitoring, image and video quality, detection and identification of moving or stationary vehicles, and overall security measures. The global AI CCTV market is expected to experience growth due to these advancements.
AI encompasses various approaches to problem-solving, including computer vision, object detection, natural language processing, and other AI applications. The integration of AI into CCTV systems enables real-time analysis, event recording, and the processing of each frame captured by the camera. This enhances the efficiency of the highway infrastructure, improving crash data and contributing to the growth of the AI CCTV market during the forecast period.
High Installation Cost Restricts the Market Growth
Artificial intelligence encompasses various approaches to problem-solving, such as computer vision, object detection, and natural language processing. These AI technologies aid businesses and individuals in automating processes, enhancing accuracy, and improving overall efficiency. However, the high installation and maintenance costs associated with AI cameras, which include the cost of an AI platform, AI integration into the camera, and necessary services to support an AI platform, have resulted in an increased production cost. This increase in cost is 6 to 8% of the CCTV unit which has restricted the market growth of AI CCTV. To address this issue, there is a need to improve the cost-effectiveness of AI cameras and associated services to make them more accessible to a wider range of customers.
The growing need for Surveillance Systems to Protect Public Places and Critical Infrastructure Offers Lucrative Opportunities for the Market
The growing public concern about security, resulting from increasing robberies, terrorist attacks, and other crimes, has increased the need for video surveillance systems. Governments in various countries have deployed AI CCTV to protect public places and critical infrastructure. However, video surveillance and security systems are often seen as an invasion of privacy and are opposed by some civic groups and activists. Despite this, there are still lucrative opportunities for market growth.
Recent Developments
In May 2022: Tenda launched its brand new Full HD 1080p Smart AI Security Camera - CP3, which expands its existing product range and targets the SOHO category in India. Tenda CP3 is a highly intelligent artificial intelligence-based surveillance camera system with a Full HD 1080p image sensor which is a very versatile product that is a useful product designed to meet all home security needs.
In November 2022: Nikon Corporation launched the ultra-compact LuFact smart camera, which uses AI computing to accelerate and accelerate subject inspection without a computer connection. The LuFact series industrial cameras are equipped with a processor and a separate processor, which enables independent evaluation and control of data processing directly at the device, which reduces the amount of data sent to the server, which reduces the load on transmission devices and the server, which reduces energy consumption.
Segmentation Analysis
Based on camera type, the market is segmented into PTZ cameras, dome cameras, bullet cameras, box cameras, and others. PTZ camera segment is ruling with the dominant shares owing to the rising demand for Al in traffic signals. This PTZ camera is a multitasking camera with video analytics which is installed and supported by modular hardware in a plug-and-play format. It meets the security and monitoring requirements of any remote site, which helps in solving many problems with autonomous security systems, manned surveillance services, and manned security patrols.
Based on end-user, the market is classified into residential, commercial, and industrial. The commercial segment is expected to dominate the market owing to the technological advances in the industry that have led to the development of night vision cameras designed to work in dimly lit areas. The roads require night vision cameras to monitor traffic and monitor suspicious activity; these factors are expected to increase the demand for AI CCTV.
North America Region is Expected to Dominate the Global Market Owing to the Wide Adoption of Personal and Home Security
North American region currently holds the largest share of the global AI CCTV market and is expected to maintain its leading position during the forecast period. The widespread adoption of AI CCTV equipment in the region is driven by the need for personal and home security. The integration of artificial intelligence in CCTV has also brought significant changes, such as the clear identification of people, vehicles, and objects, which continues to drive market growth in the region.
Furthermore, the increasing demand for AI surveillance technology by security professionals to map, track and locate people is also expected to boost the market growth in North America. The growing number of companies and the visibility of AI CCTV deployment near traffic lights are also driving the demand for companies in the North American market.
Asia Pacific is the Fastest Growing Region Owing to the Increasing Security Concerns
The Asia-Pacific market is expected to grow steadily due to the growing demand for personal use in homes, factories, and offices for security purposes. In addition, the recent development of terrorist activities has forced government agencies to opt for CCTV cameras for surveillance. In line with this, the governments of China and India have already started investing heavily in video surveillance and security systems due to combat security breaches and reduce crime rates across public places.
The deployment of large-scale AI CCTVs at traffic signals for security reasons in several countries in the region is expected to significantly increase market demand. In addition, government strategies aimed at reducing the workforce are also contributing to the growth rate of the market. This positive trend is further fueled by the ever-increasing per capita income and the rising demand for cloud computing technologies, which are driving the adoption of AI CCTV solutions.
Competitive Landscape
- Clearway Group Ltd.
- Eagle Eye Networks
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Honeywell International Inc.
- Panasonic Corporation
- Robert Bosch GmbH
- Sentry AI
- Shenzhen Tenda Technology Co., Ltd.
- Teledyne FLIR LLC
- Turing AI
The global AI CCTV market is segmented as follows:
By Offering
- Hardware
- Software
- Services
By Camera Type
- PTZ Camera
- Dome Camera
- Bullet Camera
- Box Camera
- Others
Deployment
- Cloud-Based
- On-premise
By End-user
- Residential
- Commercial
- Industrial
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Reunion
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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AI CCTV Market By Offering
- March-2023
- 148
- Global
- semiconductor-electronics
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