Advancements in Video Analytics and AI Transforming Modern Surveillance Systems
Novel technologies, including artificial intelligence are playing an imperative role in transforming a range of industrial sectors. Despite being at a relatively nascent stage, the adoption of artificial intelligence for video surveillance and VSaaS (video surveillance as a service) market is witnessing a notable growth. The video surveillance and VSaaS market is predominantly driven by technological innovations and the trend is set to continue in the coming years. Advancements made by machine learning, which is largely used for video analytics is gradually influencing the uptake of video surveillance systems and VSaaS. Video surveillance systems have evolved at a significant pace over the past few years – developing from closed-circuit transmission videos (CCTV) to cutting-edge centrally managed IP cameras.
Within the video surveillance and VSaaS market, the demand for cloud-based services from various end users is witnessing a paramount growth. The growth can be attributed to various benefits of cloud-based systems, including swifter response times and remote monitoring, among others. The adoption of cloud-based services is a trend that is projected to continue during the forecast period (2019-2027). Stakeholders operating in the current video surveillance and VSaaS market are confident that additional research and technological advancements will bring about significant improvements in the video surveillance and VSaaS market.
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IP-based Video Surveillance and VSaaS to Replace Traditional Systems
In the past few years, the demand for video surveillance systems has gained immense popularity, owing to mounting safety and security concern demands. At present, video surveillance systems are extensively used across various settings, including government buildings, retail shops, shopping malls, public places, residential societies, commercial buildings, etc. Manually operated surveillance systems paved the way for automated systems with higher reliability and efficiencies.
In the current scenario, traditional video surveillance systems are gradually being replaced by technologically advanced IP-based video surveillance and VSaaS. Within the video surveillance and VSaaS market, IP-based video surveillance and VSaaS is projected to remain the most prominent type of video surveillance system and is estimated to reach a value of ~US$ 104 Bn and hold a market share of ~80% by 2027.
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The growing adoption of IP-based video surveillance systems is predominantly driven by enhanced processing capabilities and compression algorithms. Furthermore, advanced surveillance systems are increasingly being used to identify abnormal behavior and patterns in different videos by leveraging novel technologies, including artificial intelligence, computer vision, and pattern recognition. Traditional analog video surveillance systems are losing their novelty, as reliable and superior IP-based video surveillance systems are entering the video surveillance systems and VSaaS market.
The demand for IP-based video surveillance systems is expected to grow due to significant innovations in security, network offerings, and most importantly dwindling costs of specialized products. Moreover, innovations are also playing a key role in minimizing the costs associated with the deployment of surveillance infrastructure. For instance, the advent of 360o video capturing technology has enabled users to replace around three to four Pan-tilt zoom (PTZ) cameras. The newly developed 360o video capturing technology is expected to be one of the most groundbreaking inventions within the video surveillance and VSaaS market.
Companies Focus on Launching New VSaaS Solutions
Rapid advancements in technology, along with the introduction of artificial intelligence into the video surveillance and VSaaS market landscape has enabled stakeholders to develop cutting-edge VSaaS solutions. Market participants are expected to introduce new and innovative video surveillance solutions in the near future to gain a competitive edge.
For instance, in October 2019, Zain, an established digital service provider announced the launch of a newly developed VSaaS solution for customers at the enterprise level. The company revealed that the VSaaS platform would include a broad range of services on the company’s cloud, and simultaneously provide customers the convenience of accessing and managing the video recordings from any location at any point in time.
Similarly, in September 2019, Etisalat launched the UAE’s first cloud-based video surveillance system. The video surveillance and VSaaS solution was primarily developed to assist small and medium businesses to address their regulatory and security compliance requirements. Video surveillance and VSaaS solution providers are leveraging the advantages of video and video analytics to assist their clients to increase their profitability, business productivity, and security.
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Video Surveillance and VSaaS Market: Overview
- The global video surveillance and VSaaS market is estimated to expand at a CAGR of ~16% between 2019 and 2027. The video surveillance and VSaaS market is projected to be driven by replacement demand due to technological advancements in high-resolution perfect imaging and video analytics, and increasing development of smart cities.
- The video surveillance and VSaaS market is expected to be valued at ~US$ 41.2 Bn in 2019 and reach a value of ~US$ 132 Bn by 2027
- Asia Pacific holds a major share of the global video surveillance and VSaaS market. It is anticipated to dominate the market during the forecast period, followed by North America.
- Asia Pacific also remains the leading market for video surveillance and VSaaS, with revenues estimated to be valued at ~US$ 15.6 Bn in 2019
- The video surveillance and VSaaS market in Middle East & Africa and Latin America is also anticipated to expand at a moderate growth rate during the forecast period
- The video surveillance and VSaaS market in Asia Pacific is projected to expand at a CAGR of ~16% during the forecast period
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