new york, June 2, 2023 /PRNewswire/ — New advances in artificial intelligence (AI) and edge computing for video analytics are fueling the video surveillance market.According to a global technology intelligence company ABI ResearchWith these advances, the global installed base of video surveillance cameras is expected to reach 1.2 billion units in 2030.
“By leveraging new advances in AI and edge computing, all areas of business will see surveillance cameras as intelligent Internet of Things (IoT) devices that can collect data and issue alerts without human intervention. We can do that,” he said. Lizzie Stokes, IoT Hardware and Devices and IoT Networks and Services Analyst at ABI Research. “Surveillance cameras on the market today are smarter and more powerful than their predecessors, and more and more companies see cameras as accurate sensors that can predict human behavior.”
Departments such as marketing and human resources are investing in video analytics solutions and smart cameras to increase corporate profits and improve operational efficiency. The expansion of these use cases has increased the business value of video surveillance cameras, once considered a traditional tool exclusively for security and surveillance teams. Business units use AI-powered surveillance solutions to track customer spending and satisfaction and monitor employee health and safety. Companies such as manufacturers are using smart cameras to spot defective products on factory floors, and local governments are using 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 investment into services that mine surveillance footage for operational insights. Video surveillance vendors will continue to evolve their business models and product offerings to meet new demands from industries and lines of business. Advances in camera connectivity technology have introduced new form factors such as advanced body cameras for law enforcement and handheld trail cameras for hunters. These new form factors and use cases will revitalize a market with slowing shipment growth.
Most surveillance camera manufacturers now offer AI-powered cameras, and these smart devices have become an essential catalyst in taking cameras beyond their traditional uses in security. Leading video surveillance companies include Axis Communications, Honeywell and Bosch. Motorola has also become a significant player in the market with the acquisition of several popular video surveillance brands featuring cloud product portfolios. Chinese manufacturers Hikvision and Dahua remain the largest and most controversial players in the video surveillance market as more Western governments ban or remove products from government buildings over national security concerns. .
“The video surveillance industry experienced high levels of growth ten years ago and has since dealt with international disagreements, privacy concerns and the threat of increased regulation. “The case and form factor have the potential to be transformed by many value-added applications,” 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 He IoT Hardware and Devices and His IoT Networks and Services research service, which includes research, data, and analyst insights. Based on extensive primary interviews, the application analysis report presents an in-depth analysis of key market trends and drivers for a given technology.
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