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%. Asia-Pacific is expected to be the leading contributor to the global market during the forecast period, followed by LAMEA and Europe.
AI CCTV is a network IP camera which execute advanced analytical functions such as face detection, person detection, vehicle detection, traffic counting, license plate recognition (LPR), and people counting. These AI features are realized by using extremely advanced video analytics software, which is integrated with the recorder and camera.
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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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.
Covid-19 Impact Analysis
The arrival of COVID-19 has significantly affected the electronic and semiconductor sector. Business and manufacturing units across various countries were closed, owing to increase in number of COVID-19 cases and are estimated to remain closed in 2021. Furthermore, partial or complete lockdown has disrupted global supply chain posing challenges for manufactures to reach customers. The overall production process is being adversely affected, but owing to surge in demand from infrastructure and military & defense sectors, the global AI CCTV market is expected to witness significant growth.
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Key Findings Of The Study
- 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.
- Asia-Pacific and North America collectively accounted for more than 63% of the AI CCTV market share in 2020.
- India is anticipated to witness highest growth rate during the forecast period.
- U.S. was the major shareholder in the North America AI CCTV market revenue, accounting for approximately 81% share in 2020.
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.
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