NEW YORK, June 2, 2023 /PRNewswire/ — New advances in artificial intelligence (AI) and edge computing for video analytics are fueling the video surveillance market. According to the global technology intelligence firm ABI searchthese advances will bring the global installed base of video surveillance cameras to 1.2 billion in 2030.
“By leveraging new advances in artificial intelligence and edge computing, all areas of a business can see surveillance cameras as intelligent Internet of Things (IoT) devices that can collect data and issue alerts without human intervention,” he claims Lizzie Stokes, IoT Hardware & Devices and IoT Networks & Services Analyst at ABI Research. “Surveillance cameras on the market today are smarter and more powerful than their predecessors, prompting more companies to view cameras as accurate sensors that can predict human behavior.”
Lines of business such as marketing and human resources are investing in smart camera and video analytics solutions to bolster corporate bottom line and improve operational efficiency. These expanded use cases are increasing the total business value of video surveillance cameras, which were once considered routine tools reserved for security and monitoring teams. Business units use AI-powered surveillance solutions to track customer spending and satisfaction, and monitor employee health and safety. Vertical industries such as manufacturing use smart cameras to locate defective products in the factory and municipalities use video surveillance solutions to improve public safety and optimize traffic patterns. New use cases for AI video analytics are transforming the industry as more customers shift their investments to services that extract surveillance footage for operational insights. Video surveillance vendors will continue to evolve their business models and product offerings to meet new demand from verticals and lines of business. Evolutions in camera connectivity technology have introduced new form factors, such as advanced body cameras for law enforcement and mobile cameras for hunters. These new form factors and use cases will reinvigorate a market experiencing lower shipment growth.
Most surveillance camera manufacturers today supply cameras equipped with artificial intelligence, and these smart devices have been essential catalysts in moving cameras beyond their traditional uses in security. Major video surveillance companies include Axis Communications, Honeywell and Bosch. Motorola has also become a major player in the market after acquiring several popular video surveillance brands, some with cloud product portfolios. Chinese manufacturers Hikvision and Dahua continue to be the biggest and most controversial companies in the video surveillance market, as more Western governments ban or remove their products from government buildings for national security reasons.
“The video surveillance industry experienced higher growth a decade ago and has since faced international disagreements, privacy concerns and the threat of increased regulation. While the market is now maturing, it has the potential to be transformed from a new use of value-added cases and form factors,” concludes Stokes.
These findings come from ABI Research’s Video in IoT: Trends, Use Cases, and Connectivity Technology analysis report. This report is part of the company’s research services on IoT hardware and devices and IoT networks and services, which includes research, data and analyst insights. Based on extensive primary interviews, Application Analysis Reports present an in-depth analysis of key market trends and drivers for a specific technology.
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