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AI in Video Surveillance Market Size
AI in Video Surveillance Market size was valued at USD 5.5 billion in 2023 and is estimated to register a CAGR of over 15.5% between 2024 and 2032. With increasing security threats globally, there is a growing demand for advanced surveillance systems that can effectively monitor and protect public and private spaces. AI-powered video surveillance offers enhanced capabilities such as real-time threat detection, facial recognition, and behavior analysis, making it a preferred choice for security applications.
The rapid advancements in artificial intelligence and deep learning technologies have enabled the development of sophisticated video analytics algorithms. These algorithms can automatically detect and classify objects, people, and activities in video feeds with high accuracy, improving the overall effectiveness of surveillance systems. AI-driven video surveillance systems can automate many tasks that would otherwise require human intervention, leading to cost savings for organizations.
Additionally, these systems can analyze vast amounts of video data in real-time, enabling proactive responses to security threats and reducing the need for manual monitoring. Additionally, In May 2023, Motorola Solutions, the parent company of Avigilion, released the V700 body camera a mobile broadband-enabled camera, to ensure a clear, accurate account of events, the V700's precision high-definition sensor adjusts to low lighting like a human eye.
AI algorithms used in video surveillance systems are susceptible to biases, both in their development and deployment. Biases can result from various factors, including biased training data, flawed algorithms, or improper calibration. These biases can lead to inaccurate or discriminatory outcomes, such as misidentifying individuals or misclassifying activities. Addressing algorithmic bias and ensuring the accuracy and fairness of AI-powered video surveillance systems is crucial to maintain trust, credibility, and effectiveness in security applications.
How is commercial sector boosting the demand for AI in video surveillance?
The commercial segment accounted for a market share of over 30% in 2023, as they offer various benefits tailored to the specific needs of businesses.
Why is North America AI in video surveillance industry growing?
North America market accounted for over 25% revenue share in 2023, backed by the rising security threats and incidents, and a growing demand for advanced surveillance solutions with enhanced capabilities such as real-time threat detection, facial recognition, and behavior analysis.
Who are the main players in AI in video surveillance market?
Agent Vi, Avigilon (a Motorola Solutions company), Axis Communications, AxxonSoft, Bosch Security Systems, BriefCam, Dahua Technology, and Eagle Eye Networks.
What is the size of AI in video surveillance market?
The market size of AI in video surveillance reached USD 5.5 billion in 2023 and is set to grow at over 15.5% CAGR between 2024 and 2032. With increasing security threats globally, there is a growing demand for advanced surveillance systems that can effectively monitor and protect public and private spaces.