NEW YORK, June 1, 2023 /PRNewswire/ -- New advancements in Artificial Intelligence (AI) and edge computing for video analytics are energizing the video surveillance market. According to global technology intelligence firm ABI Research, these advancements will drive the global installed base of video surveillance cameras to 1.2 billion in 2030.
"By harnessing new advancements in AI and edge computing, all areas of a business can consider surveillance cameras as intelligent Internet of Things (IoT) devices that can gather data and issue alerts without human intervention," says Lizzie Stokes, IoT Hardware & Devices and IoT Networks & Services Analyst at ABI Research. "The surveillance cameras on the market today are smarter and more powerful than their predecessors, prompting more companies to view cameras as accurate sensors that can predict human behavior."
Lines of business such as marketing and HR are investing in video analytics solutions and smart cameras to bolster company profits and improve operational efficiency. These expanded use cases are increasing the total business value of video surveillance cameras, which were once considered customary tools reserved for security and monitoring teams. Business units use AI-equipped surveillance solutions to track customer spending and satisfaction and monitor employee health and safety. Verticals like manufacturing are using smart cameras to spot defective products on the factory floor, and municipalities use video surveillance solutions to improve public safety and optimize traffic patterns. New use cases for AI video analytics are transforming the industry as more customers shift investments toward services that mine surveillance footage for operational insights. Video surveillance vendors will continue to evolve their business models and product offerings to meet new demand from verticals and lines of business. Evolutions in camera connectivity technology have introduced new form factors, like advanced body cameras for law enforcement and cellular trail cameras for hunters. These new form factors and use cases will invigorate a market experiencing lower shipment growth.
Most surveillance camera manufacturers today provide AI-equipped cameras, and these smart devices have been essential catalysts in moving cameras beyond their traditional uses in security. Key video surveillance companies include Axis Communications, Honeywell, and Bosch. Motorola has also become an important player in the market after acquiring several popular video surveillance brands, some featuring cloud product portfolios. Chinese manufacturers Hikvision and Dahua continue to be the largest and most controversial companies in the video surveillance market, as more western governments ban or remove their products from governmental buildings out of concerns for national security.
"The video surveillance industry experienced higher growth a decade ago and has since grappled with international disagreements, privacy concerns, and the threat of increased regulation. Though the market is maturing now, it has the potential to be transformed by new, value-adding use cases and form factors," Stokes concludes.
These findings are from ABI Research's Video in IoT: Trends, Use Cases, and Connectivity Technology analysis report. This report is part of the company's IoT Hardware and Devices and IoT Networks and Services research services, which include research, data, and analyst insights. Based on extensive primary interviews, Application Analysis reports present in-depth analysis on key market trends and factors for a specific technology.
About ABI Research
ABI Research is a global technology intelligence firm delivering actionable research and strategic guidance to technology leaders, innovators, and decision makers around the world. Our research focuses on the transformative technologies that are dramatically reshaping industries, economies, and workforces today.
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