Shaping the Future of AI in Video Surveillance Market - Analysis of Size, Share, Trends

The global market for artificial intelligence in video surveillance is anticipated to be worth USD 5.6 billion in 2023 and increase at a compound annual growth rate (CAGR) of 23.7% to reach USD 16.3 billion by 2028.

It is projected that more and more manufacturers would include AI-based analytics as a common feature in cameras and video management systems (VMS) by 2023. Since security cameras are now present in almost every setting, it is becoming quite difficult for human operators to manually monitor them all. Security professionals may better process and manage the large amounts of photos and data they come across by utilizing AI-based analytics.

The industry for video surveillance is adopting AI at an accelerating rate because to developments in deep learning and computer vision. Computer vision has been completely transformed by deep learning, a branch of machine learning that has made it possible to create extremely precise and effective algorithms for processing visual data. Deep learning algorithms can analyze video feeds in real-time for video surveillance, making it possible to quickly and accurately detect objects, events, and abnormalities. For instance, they are able to recognize particular things like cars, people, or weapons, follow their movements, and categorize their behavior. Deep learning developments have also increased the precision and dependability of facial recognition software, making it possible for video surveillance applications to use more powerful identification and authentication features.

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Market Dynamics:

Opportunity: An increase in smart city projects

The use of AI in video surveillance has a great deal of potential due to the expansion of smart city programs. Smart cities use cutting edge technology to optimize resource management, boost urban infrastructure, and improve quality of life. Video surveillance systems with AI capabilities are essential for accomplishing these objectives and resolving the different issues that urban areas present. Increasing public safety is one of the main benefits of smart city projects. Real-time surveillance of public areas, transit networks, and vital infrastructure can be made possible via AI-based video surveillance. Artificial intelligence (AI) in video surveillance helps to prevent crime, respond to emergencies, and maintain public safety by automatically identifying and notifying of suspicious activity, crowd control, or traffic issues.

Challenge: False positives and the dependability of the system

AI-based video surveillance systems face major hurdles in terms of false positives and system stability. While AI algorithms can provide sophisticated threat detection and behavior analysis capabilities, sustaining the efficacy and efficiency of these systems depends on guaranteeing system dependability and reducing false positive alerts. The requirement for high precision and dependability in threat detection is one difficulty. AI-powered video surveillance systems need to be able to quickly and reliably recognize security concerns. Serious repercussions may result from false negatives, in which a threat remains unidentified. On the other hand, false positives, in which a benign occurrence is reported as a threat, might result in resource waste and alert fatigue. Particularly important is lowering false positives.

Ai In Video Surveillance Market Ecosystem

The AI in video surveillance market is dominated by established and financially sound manufacturers with extensive experience in the industry. These companies have diversified product portfolios, cutting-edge technologies, and strong global sales and marketing networks. Leading players in the market include Hangzhou Hikvision Digital Technology Co., Ltd. (China), Dahua Technology Co., Ltd. (China), Avigilon Corporation (Canada), Milestone Systems A/S (Denmark), YITU Tech (China), SenseTime (China), Agent Video Intelligence Ltd. (US) and others.