The "City Surveillance Market Size & Share Analysis - Growth Trends & Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The City Surveillance Market is poised for substantial growth, with an estimated size of USD 12.23 billion in 2023, projected to reach USD 18.39 billion by 2028, at a commendable CAGR of 8.50% during the forecast period (2023-2028).
The city surveillance market exhibits a highly fragmented landscape, characterized by continuous efforts from key players to enhance their competitiveness. Notable industry leaders dominating the City Surveillance Market include Dahua Technology Co. Ltd, Bosch Security and Safety System (The Bosch Group), Hangzhou Hikvision Digital Technology Co. Ltd, Hanwha Techwin (Hanwha Group), and Honeywell Security Group (Honeywell International Inc.).
The evolution of cloud computing and video surveillance software has brought significant transformation to the city surveillance market, ushering in a new era of security and monitoring. A growing emphasis on public safety and security concerns worldwide has led to increased adoption of IP cameras and video management systems.
Investments in smart city initiatives, coupled with decreasing prices of IP cameras and advancements in analytics and software, have stimulated demand for wireless and spy cameras, contributing to citizen safety and driving the growth of the city surveillance industry.
The market's growth trajectory is further propelled by the introduction of advanced IP-based digital technologies designed to detect and prevent undesirable behaviors such as theft, vandalism, and terror threats. The deployment of video analytics and surveillance cameras for identifying potential wrongdoers is expected to contribute to crime reduction and boost the demand for integrated surveillance systems.
Technology Advancements and Strategic Investments
With the rapid adoption of advanced technologies like 5G and the increasing demand for tech-driven surveillance systems, leading IT services firm Atos entered the video analytics market by acquiring Ipsotek in April 2021. Ipsotek's VISuite offers multi-camera tracking capabilities and can be applied across various use cases, including crowd management, smoke detection, intrusion detection, perimeter protection, number plate recognition, and traffic management.
However, it's essential to address issues related to the accuracy of surveillance systems. Some vendors have faced backlash from consumers and government entities due to technology shortcomings in recognizing faces in certain scenarios. For instance, Amazon's facial recognition software 'Rekognition' was accused of falsely identifying 28 members of the US Congress as individuals arrested for various crimes.
The COVID-19 pandemic has played a moderate role in driving electronic security innovation for city infrastructure while highlighting technologies crucial for sustaining broader business momentum. The pandemic accelerated the digitization of global commercial operations, leading to a surge in demand for electronic security systems in smart city surveillance worldwide.
Camera Segment Leading the Market Share
The camera segment, encompassing IP camera systems, network or PoE cameras, and hybrid cameras, holds the largest market share. IP cameras, which are networked over fast ethernet connections, are increasingly used in IP surveillance, closed-circuit television (CCTV), and digital videography. Advancements in interface options for IP cameras are expanding their applications across various industrial sectors globally. The introduction of Power over Ethernet (PoE) security and surveillance cameras allows network cables to transmit electrical power, driving their adoption.
The Asia-Pacific region is witnessing significant growth in surveillance camera adoption due to smart city initiatives, rising crime rates, and the integration of AI/ML technologies. Additionally, expansions in transportation infrastructure contribute to the adoption of hybrid video surveillance camera systems. For example, South Korea's national and local governments have been installing thousands of CCTV cameras annually in public places, with nearly 1.46 million cameras in operation as of 2021, a 200% increase in five years.
Overall, the global surge in crime rates contributes to the market's growth. In response to rising crime rates, cities like Montreal and Vancouver are implementing security camera installations to enhance public safety and deter criminal activities.
Asia Pacific Leading the Growth Charge
The Asia-Pacific region is expected to register the fastest growth during the forecast period, driven by the rapid expansion of smart city infrastructure and increased adoption of smart security technologies to combat rising crime rates. Technological innovations facilitate cloud data storage and real-time analytics, enhancing security solutions' predictive capabilities.
Smart city technologies leverage analytics, real-time monitoring, and decision-making solutions, enabling the prediction of potential crime scenes through data analysis from sensors and CCTV cameras, combined with insights from social media feeds. These advancements empower law enforcement to proactively address and prevent criminal activities, contributing to overall public safety.
However, surveillance and analytics systems face operational challenges and accuracy concerns, posing barriers to adoption rates. Vendors are intensifying their focus on improving accuracy to address these challenges. Inaccuracies in recognizing faces in certain situations have raised concerns among consumers and government entities, emphasizing the need for more reliable surveillance technologies.
- Dahua Technology Co. Ltd
- Bosch Security and Safety System (The Bosch Group)
- Hangzhou Hikvision Digital Technology Co.Ltd
- Hanwha Techwin (Hanwaha Group)
- Honeywell Security Group (Honeywell International Inc.)
- Panasonic Corporation
- NEC Corporation
- Genetec Inc.
- Axis Communications (Canon Inc.)
- CP Plus
- Avigilon Corporation (Motorola Solutions Inc.)
- Infinova Corporation (The Infinova Group)
- Axon Enterprise Inc.
- Cisco Systems Inc.
- Agent Video Intelligence Ltd
- Verint Systems
- Nice Systems Limited
- Qognify Inc. (Battery Ventures)
- Zhekian Uniview Technologies
Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.4 Assessment of the Impact of COVID-19 on the Industry
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increased Spending on Surveillance in Major Cities Across the World
5.1.2 Diminishing IP Camera Prices, Coupled with Technological Advancements in Analytics and Software
5.1.3 Growing Security Threat and Smart City Growth Prompting Governments and City Administrations to Adopt Innovative Surveillance Solutions
5.2 Market Challenges
5.2.1 Operational and Cybersecurity-related Threats
5.3 Market Opportunities
5.3.1 Advent of AI and ML and Strong Growth Forecast from the Emerging Markets in Asia & Middle East
6 MARKET SEGMENTATION
6.1 By Component
6.1.3 Video Management System
6.1.4 Video Analytics
6.2 By Geography
7 COMPETITIVE LANDSCAPE
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ld6w0r
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