The Asia Pacific AI in Video Surveillance Market would witness market growth of 23.7% CAGR during the forecast period (2023-2030).
CCTV cameras make it possible for employees or managers to keep an eye on actions at work. The company will feel more secure knowing that they have an in-depth knowledge of what is happening inside its perimeters if they maintain track of the employees and visitors who come to the premises. As a result, cameras are mostly supplied to customers worldwide, which is anticipated to promote market expansion.
Since IP cameras can do digital processing within the camera, like compression and motion detection, and contain additional hardware components for encoding/decoding or cybersecurity, they have greater capabilities than analog cameras. Network video recorders (NVRs), utilized in IP systems, can handle more simultaneous video feeds from several connected cameras compared to Digital video recorders (DVRs). The growing requirement for video analytics is boosting industry adoption of AI in video surveillance. Analog systems have generally had lower entry-level costs than IP systems. But as the cost of IP cameras and storage devices continues to drop, this is progressively changing, leading to a significant rise in popularity in recent years.
The need for more effective and precise surveillance systems is driving the rise in demand for advanced video analytics. AI-driven solutions can transform video monitoring from a labour-intensive and reactive procedure into an intelligent and proactive security measure. AI-based video analytics can offer insightful information and useful intelligence. Patterns, trends, and anomalies can be found by extracting data from video feeds, which helps with operational decision-making, resource allocation, and security strategy optimization. Video analytics, for instance, may measure consumer behavior, footfall analysis, and dwell periods in retail settings, allowing businesses to optimize store layouts, enhance customer experiences, and strengthen loss prevention efforts.
The security and surveillance industry in India have grown as a result of rising safety standards, the emergence of airport security, and smart cities. In order to ensure public safety, there is a significant demand for safe city initiatives in India. More areas are anticipated to adopt comparable video surveillance systems with central control rooms equipped with sophisticated large video wall solutions to monitor minute details. This is because of the successful implementation of surveillance and smart city projects in a number of Indian cities. Owing to all these elements, the market is anticipated to expand in the region.
The China market dominated the Asia Pacific AI in Video Surveillance Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,596.9 million by 2030. The Japan market is registering a CAGR of 22.9% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 24.4% during (2023 - 2030).
Based on Deployment Type, the market is segmented into On-premise and Cloud-based. Based on Offering, the market is segmented into Hardware (AI Cameras, Storage Devices, Servers and Monitors), Software (AI Video Management and AI-driven Video Analytics), and Services (Video Surveillance as a Service and Installation & Maintenance). Based on Vertical, the market is segmented into Commercial, Infrastructure, Public Facility, Military & Defense, Residential and Industrial. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide AI in Video Surveillance Market is Projected to reach USD 24.4 Billion by 2030, at a CAGR of 23.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Genetec, Inc., Hangzhou Hikvision Digital Technology Co., Ltd., Zhejiang Dahua Technology Co., Ltd., Avigilon Corporation (Motorola Solutions), NEC Corporation, Honeywell International Inc., CloudWalk Technology Co. Ltd., Panasonic Holdings Corporation, Huawei Technologies Co., Ltd. and Corsight AI
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