The CCTV market will reach a value of around $115 billion by 2030, according to P&S Intelligence

NEW YORK, July 22, 2022 /PRNewswire/ — According to the latest market research report published by P&S Intelligence, in 2021, the revenue of the video surveillance market was around $42 billionand it will almost reach $115 billion by 2030, at a growth rate of around 12%. The People’s Republic has captured around 43% of the APAC market in 2021, as its demand for such solutions has grown rapidly over the past few years.

The importance of intelligent CCTV systems to maintain safety and security, while examining patterns and trends, increases as they are enhanced by AI. They support the scrutiny of audiovisual recordings, to identify people, objects, cars and various events.

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Additionally, AI-based video analytics enables real-time tracking, people counting and computerized identification of license plates and offers administrative authorities data related to non-security related aspects.

The North American CCTV market has witnessed a tremendous growth rate in recent times owing to robust infra developments, growing cases of road rage and increasing concerns for public safety.

Cameras generated the highest hardware revenues in the video surveillance market, approximately $17 billion, in 2021, which will increase at a rate of about 12% in the near future. This is due to the growing need for security cameras that offer a combination of video analytics and deep learning technologies for a wide variety of purposes.

Video management software will experience faster growth in purchases in the coming years. There is a greater reliance on technical developments for surveillance and security purposes. Moreover, with the increasing number of cameras in private and public premises, the amount of video data generated increases, thus driving the demand for efficient management and storage.

CCTVs and surveillance cameras are available in a wide range of configurations, including those with IP connectivity and color or black and white night vision. This reinforces the need for VMS and helps the CCTV market grow.

The need for improved processing capabilities and compression procedures is driving the use of IP-based systems for video surveillance. Additionally, emerging techniques, such as computer vision, pattern recognition, and AI, are being integrated into surveillance systems to uncover abnormal patterns and behaviors in recordings. Additionally, traditional CCTV systems are lagging behind in popularity as advanced and more reliable IP variants are entering the market.

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Additionally, IP-based CCTV systems will become increasingly popular due to substantial advancements in network services and security and, most importantly, falling prices for specialized processes. In addition, the evolution of the design helps to reduce the expenses related to the installation of monitoring systems.

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