Video surveillance is playing a pivotal role across sectors right now, especially in the case of banks, as they have to ensure compliance toward safety measures in the light of COVID-19. IP cameras with intelligent security analytics can help rapidly and accurately detect compliance issues, as well as other suspicious or atypical behavior. With the help of AI, analytics cameras can detect minute details with great ease. Artificial intelligence-enabled cameras help in preventing loitering in the premises, learning about any suspicious activity if any, and gives alerts related to breach of zones.
Recently, AMAROK® launched FORTIFEYE™, the world’s first integrated electric fence, video, and monitoring system. FORTIFEYE is the ultimate crime prevention solution as it can integrate electric security fencing, video surveillance, and video monitoring all in one tool. Such strategic developments and benefits offered by video surveillance highlights that the demand for this technology is expected to witness an amazing upsurge in the near future.
As per a market intelligence report published by BIS Research, the global video surveillance market is projected to grow at a CAGR of 10.06% during the forecast period, 2020-2025. Owing to the impact of COVID-19, the market is expected to reach $51.36 billion by 2025. The growth of the market is accredited to factors driving the growth, including increasing adoption of surveillance systems, growing investments in smart cities and megaprojects, and adoption of IP cameras to support Internet of Things (IoT), among several other factors.
However, there are factors that can hamper the growth of the video surveillance market, including the threat to the integrity of data and the burden of data storage for government agencies. At the same time, several opportunities are expected to be created, including increasing demand for video surveillance as a service (VSaaS) and video content analytics (VCA), and the integration of artificial intelligence and deep learning in video surveillance, among others.
Based on the market research report, the video surveillance market is segmented into ecosystem, application, and region. The ecosystem segment is sub-segmented on the basis of camera, storage, software, accessories, and services. Hardware providers, software providers, and service integrators are the major entities managing the supply chain.
Also, the market intelligence report by BIS Research includes the profile of key players operating in the market, including Avigilon Corporation, AB, Canon Inc., Cisco Systems Inc., Hangzhou Hikvision Digital Technology Co., Ltd., Huawei Technologies Co., Ltd., Panasonic Corporation, and Sony Corporation, among several others.