According to a new report published by Allied Market Research, titled, “AI CCTV Market by Offering, Camera Type, Deployment, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global AI CCTV industry size was valued at $14.83 billion in 2020, and is projected to reach $55.22 billion by 2030, registering a CAGR of 14.90%.
The global AI CCTV market share is anticipated to witness significant growth during the forecast period, owing to factors such as increase in demand for technically advanced surveillance system and rise in concerns about public safety & security. Furthermore, surge in use of AI CCTV at traffic signals by government agencies to detect & recognize license plates on moving or stationary vehicles boosts the overall market growth. However, lack of awareness about advanced products is a major restraint to the global market. In addition, growing infrastructure sector in Asia-Pacific is expected to create lucrative opportunities for the AI CCTV industry.
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The key players profiled in the report include Axis Communications AB, Bosch Security Systems, D-Link Corporation, Eagle Eye Networks, Hangzhou Hikvision Digital Technology Co., Ltd., Hanwha Techwin America, Panasonic Corporation, Swann, FLIR Systems, Inc., and VIVOTEK Inc. These players have adopted various strategies such as Collaboration, partnership, and product launch to expand their foothold in the AI CCTV industry.
Moreover, developing nations tend to witness high penetration of AI CCTV products specially in the infrastructure sector. Factors such as rise in need for safety in high-risk areas and growth in use of AI CCTV in traffic monitoring accelerate the growth of the market.
The global AI CCTV market share is segmented on the basis of offering, camera type, deployment, end user, and region. By offering, the market is divided into hardware, software, and services. By camera type, it is fragmented into PTZ camera, dome camera, bullet camera, box camera, and others. By deployment, the market is bifurcated into cloud-based and on-premise. By end user, the market is segmented into residential, commercial, and industrial.
Region wise, the AI CCTV market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed maximum revenue in 2020. However, between 2020 and 2030, the Asia-Pacific AI CCTV market share is expected to grow at a faster rate as compared to other regions. This is attributed to increase in demand from the emerging economical countries such as India, China, Japan, Taiwan, and South Korea.
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Key Findings of the Study
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The infrastructure sector is projected to be the major application during the forecast period followed by commercial. Rise in adoption of AI CCTV in traffic monitoring system is anticipated to drive the demand in the future.
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Asia-Pacific and North America collectively accounted for more than 63% of the AI CCTV market share in 2020.
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India is anticipated to witness highest growth rate during the forecast period.
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U.S. was the major shareholder in the North America AI CCTV market revenue, accounting for approximately 81% share in 2020.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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