The AI CCTV Market share in Asia-Pacific is expected to grow at the highest rate during the forecast period, owing to high investment in the infrastructure sector. Moreover, economically developed nations tend to witness high penetration of AI CCTV products in the military & defense and the commercial sector, which is projected to significantly contribute toward the growth of the market. Allied Market Research, titled, “AI CCTV Market Size by Offering, Camera Type, Deployment, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030″, the global AI CCTV industry size was valued at $14.83 billion in 2020, and is projected to reach $55.22 billion by 2030, registering a CAGR of 14.90%. Asia-Pacific is expected to be the leading contributor to the global market during the forecast period, followed by LAMEA and Europe.
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AI CCTV is a network IP camera that execute advanced analytical functions such as face detection, person detection, vehicle detection, traffic counting, license plate recognition (LPR), and people counting. These AI features are realized by using extremely advanced video analytics software, which is integrated with the recorder and camera.
The global AI CCTV market share is anticipated to witness significant growth during the forecast period, owing to factors such as an increase in demand for technically advanced surveillance systems and a rise in concerns about public safety & security. Furthermore, a surge in the use of AI CCTV at traffic signals by government agencies to detect & recognize license plates on moving or stationary vehicles boosts the overall market growth. However, a lack of awareness about advanced products is a major restraint on the global market. In addition, the growing infrastructure sector in Asia-Pacific is expected to create lucrative opportunities for the AI CCTV industry.
Moreover, developing nations tend to witness high penetration of AI CCTV products, especially in the infrastructure sector. Factors such as a rise in the need for safety in high-risk areas and the growth in the use of AI CCTV in traffic monitoring accelerate the growth of the market.
The global AI CCTV market share is segmented based on offering, camera type, deployment, end user, and region. By offering, the market is divided into hardware, software, and services. By camera type, it is fragmented into PTZ camera, dome camera, bullet camera, box camera, and others. By deployment, the market is bifurcated into cloud-based and on-premise. By end user, the market is segmented into residential, commercial, and industrial.
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Region-wise, the AI CCTV market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed the maximum revenue in 2020. However, between 2020 and 2030, the Asia-Pacific AI CCTV market share is expected to grow at a faster rate compared to other regions. This is attributed to an increase in demand from the emerging economic countries such as India, China, Japan, Taiwan, and South Korea.
Key Findings Of The Study
– The infrastructure sector is projected to be the major application during the forecast period, followed by commercial. A rise in the adoption of AI CCTV in traffic monitoring systems is anticipated to drive the demand in the future.
– Asia-Pacific and North America collectively accounted for more than 63% of the AI CCTV market share in 2020.
– India is anticipated to witness the highest growth rate during the forecast period.
– The U.S. was the major shareholder in the North America AI CCTV market revenue, accounting for approximately 81% share in 2020.
The key players profiled in the report include Axis Communications AB, Bosch Security Systems, D-Link Corporation, Eagle Eye Networks, Hangzhou Hikvision Digital Technology Co., Ltd., Hanwha Techwin America, Panasonic Corporation, Swann, FLIR Systems, Inc., and VIVOTEK Inc. These players have adopted various strategies such as Collaboration, partnership, and product launch to expand their foothold in the AI CCTV industry.
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