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City Surveillance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

·7-min read
ReportLinker
ReportLinker

The City Surveillance Market was valued at USD 10,232. 9 million in 2021 and is expected to register a CAGR of 8. 5% over the forecast period (2022-2027). With rapid cloud computing and video surveillance software developments, the city surveillance market has transformed compared to the previous decade.

New York, Sept. 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "City Surveillance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06020228/?utm_source=GNW
Also, growing concerns regarding public safety and security fuel the adoption of IP cameras and video management systems worldwide. Increased investment in smart city projects and reduced IP camera prices, coupled with technological advancements in analytics and software, are increasing the demand for wireless and spy cameras to keep citizens safe. They are the main factors driving the growth of the city surveillance industry.

Key Highlights
The growth of the city surveillance market is expected to be fueled by the introduction of new IP-based digital technologies to detect and prevent undesirable behaviors, such as shoplifting, thefts, vandalism, and terror attacks.
The deployment of video analytics and video surveillance cameras to identify potential felons is expected to reduce the crime rate in various countries. Furthermore, this is expected to increase the demand for an integrated surveillance system.
With the growing inclination toward advanced technologies, such as 5G, and the increasing need for tech-driven surveillance systems, leading IT service firm Atos entered the video analytics market by acquiring Ipsotek in April 2021. Ipsotek’s VISuite provides multi-camera tracking capabilities and can be used across various use cases, including crowd management, smoke detection, intrusion detection, perimeter protection, number plate recognition, and traffic management.
Various vendors in the market are increasingly focusing on accuracy. In case of failure, numerous vendors in the market have faced a backlash from consumers and government bodies due to technologies lagging in recognizing faces in certain scenarios. For instance, Amazon’s facial recognition software ’Rekognition’ has been accused of falsely identifying 28 members of the US Congress as people arrested for various crimes. These issues are expected to be a major restraint in adopting surveillance systems.
The COVID-19 pandemic is moderately driving the electronic security innovation for city infrastructure while at the same time highlighting pieces of technology that will be vital to maintaining broader business momentum in the immediate future. With the rise in the digitation of overall commercial operations globally due to the pandemic, the demand for electronic security systems in smart city surveillance is showing significant growth worldwide.

Key Market Trends

Camera Segment to Hold Largest Market Share

The segment comprises IP camera systems, network or PoE cameras, and hybrid cameras. An IP camera is a camera that is networked over a fast ethernet connection. The IP camera sends signals to the main server or computer screen via an Internet or network link. It is mostly used in IP surveillance, closed-circuit television (CCTV), and digital videography.
The development in the options of interfaces available for the IP cameras is also driving its applications across industrial sectors globally. Companies now offer PoE (Power over Ethernet) security and surveillance cameras, which allow network cables to carry electrical power.
Over the last few years, the adoption of IP cameras has increased, owing to the growing demand for crisp image resolution and perimeter surveillance. The critical technologies adopted by cities in the region include CCTVs, command and control, private LTE communications, data storage, ANPR (automatic number plate recognition), video analytics, and supporting ICT equipment. These technologies have promoted the adoption of IP-based cameras.
The Asia Pacific region is witnessing a robust increase in the adoption of surveillance cameras due to several smart city initiatives, increased crime rates, and the advent of AI/ML. Additionally, the expansions in transportation infrastructures are among the major driving forces for the adoption of hybrid video surveillance camera systems. For instance, the South Korean national and local governments have been installing tens of thousands of closed-circuit television (CCTV) cameras every year in public places. As of 2021, there were almost 1.46 million cameras in operation, according to the Personal Information Protection Commission. This is an increase of around 200 % compared to five years ago.
Overall, the global increase in crime rates also contributes to the studied market’s growth. In March 2022, Montreal police announced a plan to install nine more security cameras across the city in response to a rise in violent crime. With the addition of the nine cameras, costing up to USD 11,000 each, the police say they plan to operate a surveillance network of 42 cameras in the city by the end of the year. Also, In April 2022, the Vancouver city council announced that they are set to consider using closed circuit television, or CCTV, to deter violent crime in the city. According to the Vancouver Police Department’s latest GeoDash crime statistics, crime in general in 2022 is up 13% compared to 2021. Mischief and theft appear to bring the overall average up.

Asia Pacific is Expected to Register the Fastest Growth During the Forecast Period

With the rapid growth in the smart city infrastructure across the region, the adoption of smart security technologies is gaining importance, which aids in mitigating crime rates. Furthermore, enhanced technological innovations enable cloud data storage and real-time analytics.?
Smart city technologies provide analytics, real-time monitoring, and decision-making solutions. Security solutions can predict potential crime scenes by analyzing data from sensors and CCTV cameras deployed throughout the city with the data from social media feeds. This would allow the police to stop potential perpetrators or successfully track them.?
Surveillance and analytics systems pose severe challenges to enterprises, as they face operational issues, and accuracy is amongst the major concerns hindering adoption rates.?Various vendors in the market are increasingly focusing on accuracy. In case of failure, numerous vendors in the market have faced a backlash from consumers and government bodies due to technologies lagging in recognizing faces in certain scenarios.
According to Asian Development Bank, about half of the population in the countries making up the Association of Southeast Asian Nations (ASEAN) live in urban areas, and 70 million more people are expected to become urban dwellers by 2025. Hence, the ASEAN Sustainable Urbanization Strategy recognizes technological advancements such as smart city projects and smart buildings as a solution to tackle these urbanization challenges. Such a rise in smart city projects will drive the city surveillance market; moreover, the Chinese government frequently promotes smart city cooperation under its Digital Silk Road Initiative, a significant component of the Belt and Road Initiative (BRI). In ASEAN, cooperation is enhanced through the ASEAN-China Strategic Partnership Vision 2030. China has pledged to support ASEAN’s technology transformation initiatives, including the ASEAN ICT Master Plan 2020 and the ASEAN Smart City Network. Such smart city visions will drive the studied market.
In February 2021, The challenging environments quickly and affordably. All-Rounder ITS camera, a new traffic product from Hikvision, an IoT solution provider with video as its core competency, is intended to increase traffic safety and flow more efficiently. As its name suggests, the camera combines various capabilities into a single housing, including automated plate recognition, speed detection, traffic violation detection, and vehicle attribute analysis. This multi-dimensional idea has been kept in mind throughout the design and development of the new ITS camera. It is the first camera made by Hikvision to combine three previously independent modules into a single unit without sacrificing performance, making the camera compact and adaptable to be installed in

Competitive Landscape

The City Surveillance Market is highly fragmented due to many key players constantly upgrading themselves to gain a competitive advantage over other players. The City Surveillance Market is currently dominated by major players like Dahua Technology Co. Ltd, Bosch Security and Safety System? (The Bosch Group), Hangzhou Hikvision Digital Technology Co. Ltd, Hanwha Techwin (Hanwha Group), and Honeywell Security Group (Honeywell International Inc.)

June 2022 - Dahua Technology Co. Ltd. has announced a new Night Color2.0 Fusion Camera with dual-lens technology, providing full-color images in poorly lit scenes. Night ColorFusion technology is ideal for low-light applications where covert security and full-color images are needed.
May 2022 - Bosch has added two fixed cameras to the Inteoxopen camera portfolio: the Flexidomeand Dinion inteox7100i IR cameras. AI-powered cameras bring efficiency to be various indoor and outdoor applications, including city surveillance, airports, government, and traffic.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06020228/?utm_source=GNW

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