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.
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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.
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
Video Surveillance and VSaaS Market: Definition
- The report provides analysis of the global video surveillance and VSaaS market for the period 2017 – 2027, wherein 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- The study on the video surveillance and VSaaS market would help clients understand the analysis of video surveillance and VSaaS among different technologies
- A video surveillance system enables visual surveillance in the absence of an observer on site. Surveillance may be performed directly or can be stored, evaluated, as well as repeated as often as necessary. Video surveillance is extremely helpful to governments and law enforcement agencies in maintaining social control and order, monitor and recognize threats, and investigate/prevent criminal activities. Video surveillance systems (VSS) are useful in security measures such as verifying alarms (intrusion, fire, hold-up), detecting criminal offence (theft, defalcation), documenting security relevant events, open-air ground monitoring, deterring offenders (tamper, arson, and vandalism), localizing offenders and tracing their movements, and for prompt intervention in case of accidents.
Asia Pacific Video Surveillance and VSaaS Market: Snapshot
- Growing economy and large construction projects in China and India, along with the demand from the public sector, are projected to be major factors driving the expansion of the video surveillance and VSaaS market in the region.
- According to the Chinese media, establishments in the country plan to increase video surveillance to cover all public places. The police plans to link all CCTVs in public places to monitor centers. Hence, Asia Pacific is expected to dominate the video surveillance and VSaaS market, followed by North America.
Video Surveillance and VSaaS Market: Key Growth Drivers
- Increasing security concerns globally and government regulations
Video surveillance finds application in the security industry to prevent terrorist and criminal activities. Governments across the world are investing significantly in the development of the most sophisticated surveillance networks and expanding their utilization in order to strengthen the fight against street crimes and counterterrorism operations. According to the U.S. National Security Agency, since the 9/11 incidence, law enforcement agencies in the U.S. have been able to foil over 50 terrorist plots in the U.S. and other countries with the help of surveillance technologies. The impact of this driver is anticipated to be high during the forecast period. Globally, a major drive is taking place to bring most of the critical infrastructure under video surveillance, which includes government-funded installations around public infrastructure, roads, airports, and maritime and defense. Retail outlets and commercial premises are increasingly being brought under video surveillance due to security concerns and the need to monitor and understand the environment around them.
- Continued investments in infrastructure
Investments in global infrastructure has been increasing over the years. Global energy infrastructure and public sector infrastructure such as railways, roads, airports, and communication networks need to be expanded and replaced. Coordinated efforts are needed to reinforce and maintain secure and resilient infrastructure including networks, assets, and systems vital for society. Furthermore, major upcoming sports events, such as the 2018 FIFA World Cup in Russia, FIFA World Cup 2022 in Qatar, and the 2020 World Expo in UAE are estimated to drive the demand for video surveillance products in the near future.
Video Surveillance and VSaaS Market: Competition Landscape
- In September 2018, Hikvision signed a technology partnership with Videonetics, a world-leading visual computing platform development company. The integration enables Intelligent Video Management Software (IVMS) of Videonetics to efficiently handle Hikvision H.265+ compressed video streams delivered by Hikvision network cameras.
- In May 2018, Dahua Technology became the first company in the global video surveillance industry to receive certification for its IP video products from TÜV Rheinland, which indicate that its IP products are in compliance with GDPR.
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