Intelligent Video Surveillance Systems Market Trends [2031]

Report Description

Intelligent Video Surveillance Systems Market Outlook 2031

The global intelligent video surveillance systems market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of XX% during 2023–2031. The market growth is attributed to the advances in artificial intelligence (AI) technology and growing security demands in private and public spaces.

Development and launch of AI-based video security systems and services is propelling the market. Security needs are expanding, due to the failure of existing surveillance systems in the timely detection and prevention of threats. Growing criminal activities necessitates the adoption of smart surveillance tools. Increasing focus on upgrading traditional surveillance systems with intelligent and dynamic ones is projected to generate several opportunities in the market. Rising investments in surveillance systems is expected to propel the market during the assessment period.

• According to several news reports published in September 2023, the US federal government is planning to invest USD 22 million to develop smart ready-to-wear garments that record video, audio, and location data. This investment is planned through the Smart Electrically Powered & Networked Textile Systems program (or SMART ePANTS).

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The research report finds that the COVID-19 pandemic propelled the intelligent video surveillance systems market. Surveillance was a major task for security agencies, private sectors, and government offices during the pandemic. This fueled the need for real-time smart monitoring systems that provide dynamic analysis and alerts as and when needed. The rise of digitization and the expansion of internet connectivity in this period drove the adoption of intelligent solutions across enterprises.

Impact of Artificial Intelligence (AI) on Intelligent Video Surveillance Systems Market

AI is expected to play a crucial role in the growth of the market in the coming years. AI tools based on data records identify people, vehicles, objects, events, and other attributes. Based on the pattern of movement or behavior, intelligence surveillance tools detect suspicious acts to alert the authorities. Based on the designated programming, computer vision (machine vision) records and provides security data to the authorities. AI systems are enabled to learn from the collected data, which allows them to enhance their capabilities to provide improved output.

Intelligent Video Surveillance Systems Market Dynamics

Major Drivers

Rising adoption of video surveillance tools across industries is driving the market. Security needs are widening in commercial, residential, and industrial spaces, owing to the increasing threats from internal and external factors. Intelligent camera systems deter criminals, which aids in curbing crimes significantly. Increase in cybercriminal activities, thefts & burglaries, terrorism threats, and security lapses is triggering the widescale implementation of smart CCTV cameras, for enhanced control over the events occurring in designated premises and public places. Intelligent surveillance tools enable real-time monitoring and detection of risks and threats, to alert humans and prevent crimes.

• As per the study published in November 2023, the video surveillance market valuation stood at USD 35 billion in 2022 and is expected to surpass USD 62 billion by 2027. This is attributed to the rising installation of smart camera systems in various sectors.

Existing Restraints

High costs and concerns over violation of an individual’s right to privacy are restraining the market. Intelligent video surveillance systems are dynamic systems that demand high capital investment for purchase, installation, and maintenance. These systems require consistent internet connectivity, which increases their costs. Additionally, concerns from the public over the violation of their right to privacy, by public and private agencies, with face detection, behavior analysis, and other smart tools are high. This motivated governments to form strict regulations against recording video footage of individuals without their knowledge.

Emerging Opportunities

Rising demand for Internet of Things (IoT) video surveillance cameras is expected to generate lucrative growth opportunities in the market. High-speed internet connectivity solutions such as 5G, WiFi, and drones are allowing companies to increase the use of smart gadgets for various operations. This has boosted the utilization of industrial Internet of Things (IIoT) solutions, including IoT monitoring tools, smart IoT cameras, and other solutions.

IoT cameras facilitate real-time monitoring of surroundings with remote control, which improves the safety of assets and averts risks. These surveillance cameras are moved to different locations with remote connectivity, which enables high control over tracking activities happening in the surroundings. These smart movable cameras are expected to save significant cost and time for organizations in terms of managing security requirements.

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Scope of the Intelligent Video Surveillance Systems Market Report

The global market research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

System Analysis

Based on system, the intelligent video surveillance systems market is divided into analog surveillance and IP surveillance camera. The IP surveillance camera segment is projected to expand at a substantial growth rate during the forecast period, owing to its rising popularity for several video surveillance systems. In several ways, these IP systems record footage similarly to analog cameras. However, data is transferred to a networked video storage system through the internet or using a local/wired area network (LAN/WAN). The picture quality and recording efficiency of IP surveillance camera is better than the analog systems, which is driving their preference for surveillance purposes.

The analog surveillance segment is anticipated to expand at a considerable growth rate over the forecast period, due to its wide availability and acceptability as a traditional surveillance solution. These cameras need less cost allocation as compared to IP systems, especially when several cameras need to be installed. The HD versions of analog cameras with enhanced image and video quality are becoming highly available in the market, which is expected to further support their demand in the coming years.

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Component Analysis

On the basis of component, the global market is trifurcated into software, hardware, and services. The software segment is subdivided into video management systems, video analytics, and others. The hardware segment is further classified as monitors, cameras, and storage media. The services segment is divided into Video Surveillance as a Service (VSaaS) and cloud storage. The software segment is projected to expand at a considerable CAGR during the forecast period, owing to the rising digitization of security agencies and departments across the sectors. Software solutions such as VMS and analytics are essential for implementing intelligent surveillance infrastructure. The surveillance software is customized based on organizational security requirements, to identify suspicious incidents and risk factors, and recognize behavioral patterns.

The services segment is expected to generate considerable revenue in the market, owing to the rising preference for cloud computing software and services, needed for organizational security. Cloud surveillance tools provide significant flexibility and storage, which is beneficial in the evolving nature of security needs across several sectors. For instance, VSaaS adoption eliminates the need for on-premise costly software solutions. On-premise tools have internet connectivity and storage accessibility lapses. These concerns are resolved by using cloud-based video surveillance solutions. Cloud services offer instant upgrades and the potential to expand as and when needed.

• According to a study published by the International Security Journal (ISJ) in January 2020, the VSaaS market valuation is likely to reach USD 132 billion by 2027. Advances in technology and the development of smart cities by various governments are some of the major factors that are boosting the adoption of VSaaS.

Application Analysis

On the basis of application, the intelligent video surveillance systems market is segmented into commercial, government, BFSI, residential, defense & infrastructure, traffic management, and others. The Banking, Financial Services and Insurance (BFSI) segment is expected to register robust growth during the forecast period, owing to the rising implementation of advanced video surveillance tools in this sector. Banking and financial establishments are identified as a primary target of criminal elements. This implies the significant need for 24/7 vigilance, using technology and manpower. Intelligent video surveillance facilitates an added layer of security, providing real-time alerts against suspicious behavior and activities.

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Regional Outlook

In terms of region, the global intelligent video surveillance systems market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is projected to dominate the market during the assessment period, due to rising urbanization and economic growth in the major economies of the region, such as India, China, Japan, and South Korea.

Rising investment in the improvement of security measures using advanced video surveillance tools is propelling the demand for smart cameras and analytics software & services. The threats of terrorist activities, cybercrimes, thefts, and burglaries are tremendous in this region, due to the high population and comparatively few security personnel. Intelligent video surveillance tools are enabling the betterment of security enforcement and deterring individuals from criminal activities. These factors are expected to play a significant role in the growth of the regional market.

• According to a report published by IBM in February 2023, Asia Pacific was ranked as the most affected region by cybercrime in 2022. The region accounted for 31% of cybercrime incidents remediated all over the world. The manufacturing and finance & insurance sectors were the most affected sectors in the region that registered several cybersecurity cases.

The market in North America is expected to register rapid growth, due to the surging adoption of advanced security tools based on AI technology. Rising implementation of real-time facial recognition surveillance tools by government and private security agencies is fueling the demand for intelligent video analytics solutions. The adoption of video surveillance tools is significantly high in private commercial establishments, including office buildings, restaurants, malls, and hotels. Additionally, soaring demand for smart residential security cameras and institutional security monitoring systems in the US, Canada, and Mexico, is expected to propel the regional market in the coming years.

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