The city watch market was valued at $10,232. 9 million in 2021 and is expected to register a CAGR of 8.5% over the forecast period (2022-2027). With the rapid developments in cloud computing and video surveillance software, the urban surveillance market has transformed from the previous decade.
New York, Sept. 05, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “City Surveillance Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https://www. reportlinker.com/p06020228/?utm_source=GNW
Additionally, growing concerns about public safety and security are fueling the adoption of IP cameras and video management systems worldwide. Rising investment in smart city projects and reduction in IP camera prices, coupled with technological advancements in analytics and software, are increasing the demand for wireless and spy cameras to keep citizens safe . These are the major drivers for the growth of the urban surveillance industry.
The growth of the urban surveillance market is expected to be fueled by the introduction of new IP-based digital technologies to detect and prevent unwanted behaviors, such as shoplifting, thefts, vandalism, and terrorist attacks.
The deployment of video analytics and CCTV cameras to identify potential criminals is expected to reduce the crime rate in various countries. Also, it is expected to increase the demand for an integrated monitoring system.
With the growing inclination towards advanced technologies, such as 5G, and the growing need for technology-driven surveillance systems, leading IT services company Atos entered the video analytics market by acquiring Ipsotek in April. 2021. Ipsotek’s VISuite provides multi-camera tracking capabilities and can be used in a variety of use cases including crowd management, smoke detection, intrusion detection, perimeter protection, reconnaissance license plates and traffic management.
Various vendors in the market are increasingly focusing on precision. When unsuccessful, many vendors in the market have faced a backlash from consumers and government agencies due to technologies lagging behind in recognizing faces in certain scenarios. For example, Amazon’s facial recognition software “Rekognition” has been accused of falsely identifying 28 members of the US Congress as those arrested for various crimes. These issues are expected to be a major barrier to the adoption of surveillance systems.
The COVID-19 pandemic is moderately stimulating innovation in electronic security for urban infrastructure while highlighting technological elements that will be essential to maintain broader business momentum in the immediate future. With the increase in digitalization of global business operations around the world due to the pandemic, the demand for electronic security systems in smart city monitoring is showing significant growth worldwide.
Main market trends
Camera Segment to Hold Largest Market Share
The segment includes IP camera systems, network or PoE cameras and hybrid cameras. An IP camera is a networked camera via a fast Ethernet connection. The IP camera sends signals to the main server or the computer screen via an Internet or network link. It is mainly used in IP surveillance, closed circuit television (CCTV) and digital videography.
The expansion of interface options available for IP cameras is also driving its applications in industrial sectors globally. Companies are now offering PoE (Power over Ethernet) security and surveillance cameras, which allow network cables to carry electrical power.
Over the past few years, the adoption of IP cameras has increased, driven by the growing demand for crisp image resolution and perimeter surveillance. Critical technologies adopted by cities in the region include CCTVs, command and control, private LTE communications, data storage, ANPR (automatic license plate recognition), video analytics and equipment Support ICT. These technologies have driven the adoption of IP cameras.
The Asia-Pacific region is witnessing a surge in the adoption of surveillance cameras due to several smart city initiatives, rising crime rates, and the advent of AI/ML. Additionally, the expansion of transportation infrastructure is one of the main drivers for the adoption of hybrid CCTV camera systems. For example, South Korean national and local governments install tens of thousands of closed-circuit television (CCTV) cameras in public places every year. In 2021, there were nearly 1.46 million cameras in use, according to the Privacy Commission. This is an increase of approximately 200% from five years ago.
Overall, the global increase in crime rates is also contributing to the growth of the market studied. In March 2022, Montreal police announced a plan to install nine more security cameras across the city in response to an increase in violent crime. With the addition of the nine cameras, which cost up to $11,000 each, police say they plan to operate a surveillance network of 42 cameras in the city by the end of the year. Additionally, in April 2022, Vancouver City Council announced that it was considering using closed-circuit television, or CCTV, to deter violent crime in the city. According to the latest GeoDash crime statistics from the Vancouver Police Department, overall crime in 2022 is up 13% from 2021. Mischief and theft seem to drive up the overall average.
Asia-Pacific is expected to register the fastest growth over the forecast period
With the rapid growth of smart city infrastructure in the region, the adoption of smart security technologies is gaining prominence, which helps to mitigate crime rates. Additionally, 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 across the city with data from social media feeds. This would allow the police to successfully arrest potential perpetrators or track them.
Monitoring and analytics systems pose serious challenges to enterprises as they face operational issues, and accuracy is one of the top concerns that hinder adoption rates. Various vendors in the market are increasingly focusing on precision. When unsuccessful, many vendors in the market have faced a backlash from consumers and government agencies due to technologies lagging behind in recognizing faces in certain scenarios.
According to the Asian Development Bank, about half of the population of the Association of Southeast Asian Nations (ASEAN) countries lives in urban areas, and an additional 70 million people are expected to become city dwellers in by 2025. The strategy recognizes technological advances such as smart city projects and smart buildings as a solution to address these urbanization challenges. Such an increase in smart city projects will boost the urban surveillance market; Additionally, the Chinese government frequently promotes smart city cooperation through its Digital Silk Road initiative, an important component of the Belt and Road Initiative (BRI). Within ASEAN, cooperation is enhanced by the ASEAN-China Vision 2030 strategic partnership. China is committed to supporting ASEAN’s technology transformation initiatives, including the ASEAN ICT Master Plan 2020 and the ASEAN Smart Cities Network. Such visions of smart cities will drive the market studied.
In February 2021, harsh environments quickly and affordably. The versatile 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 drive more efficiently. As the name suggests, the camera combines various features in a single package, including automated plate recognition, speed detection, traffic violation detection and vehicle attribute analysis. This multidimensional idea was kept in mind throughout the design and development of the new ITS camera. It is the first camera manufactured 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
The city surveillance market is highly fragmented owing to the fact that many key players are constantly upgrading themselves to gain a competitive advantage over other players. The urban surveillance market is currently dominated by major players such as Dahua Technology Co. Ltd, Bosch Security and Safety System ? (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. announced a new Night Color2.0 Fusion camera with dual-lens technology, delivering color images in poorly lit scenes. Night ColorFusion technology is ideal for low light applications where covert security and full color images are required.
May 2022 – Bosch has added two fixed cameras to the Inteoxopen camera portfolio: the Flexidome and Dinion inteox7100i IR cameras. AI-powered cameras bring efficiency to various indoor and outdoor applications, including city surveillance, airports, government, and traffic.
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