The Latin America, Middle East and Africa AI in Video Surveillance Market would witness market growth of 25.7% CAGR during the forecast period (2023-2030).
The video surveillance systems function has been transformed by AI-powered video analytics solutions offering cutting-edge features like real-time object detection, facial recognition, and behavioural analysis. These solutions improve security and safety across sectors by enabling proactive monitoring, quick alerts, and automated response. AI-driven video analytics supports customer behaviour research in industries like retail, enabling targeted marketing and enhancing operational effectiveness. It helps with traffic control, crowd control, and anomaly identification in the transportation sector.
The need for video surveillance and security systems has been fuelled by the growing public concern for safety and security due to increased robberies, terrorist attacks, and other crimes. Systems for video surveillance and security aid in observing and documenting human activity and behaviour in a camera's field of view. Airports, schools, corporate buildings, public spaces, and other locations are quickly implementing these monitoring and security systems. Due to the increased attention being paid to security-related issues, governments in many different nations have required installing surveillance systems to protect public spaces and vital infrastructure.
Artificial intelligence is rapidly used in video surveillance systems to ensure security and safety while observing trends and patterns. The program aids in the identification of people, cars, objects, and events through the analysis of audio and video data from surveillance cameras. Also, AI-powered video analytics can perform jobs like real-time surveillance, population counting, and automatic license plate recognition while giving businesses access to non-security-related data.
According to International Trade Administration, by 2030, Saudi Arabia aims to be the world's most connected and digitalized country. It is actively developing many smart cities to achieve this goal, including NEOM, Red Sea, Qiddiya, Waad Alshamal, and SPARK. The International Data Corporation (IDC) projects that Saudi Arabia's IoT industry will expand in the coming years with artificial intelligence being one of the focus points. To rank among the top 100 cities worldwide, Saudi Arabia also plans to build smart infrastructure in five of its existing cities. Hence, the increasing development smart cities and mobility will aid in the expansion of the market in the coming years.
The Brazil market dominated the LAMEA 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 $386.3 million by 2030. The Argentina market is showcasing a CAGR of 26.4% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 25.4% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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