The global video surveillance market is likely to gain momentum from the increasing usage of deep learning technology. It helps in lowering calibration of algorithms and facilitating video analytics. Therefore, it is capable of driving the usage of video surveillance software in the near future.
This information is given in a recently published report by Fortune Business Insights, titled, “Video Surveillance Market Size, Share and COVID-19 Impact Analysis, By Component (Hardware, Software, and Video Surveillance as a Service (VSaaS)), By End-User (Commercial, Industrial, Residential and Government), and Regional Forecast, 2019-2026.”.
The report further mentions that that the market size was USD 19.12 billion in 2018 and is projected to reach USD 33.60 billion by 2026, exhibiting a CAGR of 6.8% during the forecast period.
Increasing Smart City Initiatives to Skyrocket Demand
The rising adoption of artificial intelligence (AI) worldwide is one of the major video surveillance market growth drivers. The Carnegie Endowment for the International Peace Organization published a paper in 2019 which states that out of the total 176 countries, 75 of them are using AI for surveillance purposes, such as smart citing, facial recognition systems, and more. It proves that the rising development of facial recognition applications and smart city initiatives by several regions would contribute to the market growth.
Restraints-
Outbreak of COVID-19 Pandemic to Hamper Growth
In December 2019, as the outbreak of Covid-19 started in Wuhan, China began showcasing a reduction in production backed by the lack of man-power. It is because China is considered to be a major hub for the production of video surveillance equipment. In addition to that, the local demand for this type of equipment is likely to lower as every country is currently emphasizing on controlling the pandemic. Almost every region, such as Asia Pacific and North America are under lockdown. It would affect the cross-border and domestic transportation and logistics of video surveillance systems, such as system-on-chip devices and CMOS sensors. If the pandemic is controlled, it would have a considerable impact on the market. If not, then it can obstruct growth for a long time period.
Industry Segment to Grow Significantly Owing to Security Issues in Manufacturing Sector
Based on end user, the market is segregated into government, residential, industrial, and commercial. Out of these, the industrial segment held 21.4% market share in 2018 for this market. This sector consists of the automobile industry, manufacturing and construction industry, and others. The manufacturing industry is mainly susceptible to a broad range of security issues, namely, theft of raw materials, such as steel, copper wires, and optical fibres, as well as expensive machines. Vandalism is also a major threat. Hence, video surveillance systems are required to conduct organized surveillance throughout the plant.
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