The size of the global AI CCTV market was worth USD 22.50 billion in 2023. The global market is anticipated to grow at a CAGR of 14.9% from 2024 to 2029 and be worth USD 51.77 billion by 2029 from USD 25.85 billion in 2024.
The device that is integrated a layer of artificial intelligence with the camera is an AI CCTV. The AI layer can be added at different stages of the technology stack, such as network video recorder, camera level, or cloud level. The user can get high-quality imaginary through this device. Artificial intelligence is everywhere in day-to-day life. The integration of AI with the camera brought many changes in clearly recognizing humans, vehicles, and objects. The program runs with machine vision. Users can wish for the rules where the AI CCTV will give an alert for such rules. CCTV has been revolving around AI techniques for better output for the past few years. AI technology made CCTV smarter. AI CCTV offers new functionalities and can be customized according to the rules. These devices are creating new opportunities in detecting threats. Security professionals are highly creating the demand for AI CCTV.
There is an increasing demand for technically advanced surveillance systems, which is a major driving factor for the AI CCTV market. Growing security concerns is also likely to propel the demand of the market. The adoption of the latest technologies to improve the quality of images and video is leveling up the market's growth rate. The rise in support from the government agencies is likely to surge the AI CCTV market growth rate. AI helps in processing every frame where it monitors millions of cameras 24/7. This helps to save millions of lives without the requirement of a person to handle. These benefits from the artificial intelligence technology are promoting the demand of the market to the extent. Also, increasing investments in the development of infrastructure is greatly influencing the growth rate of the market. In many countries, there is an ongoing demand for the adoption of artificial intelligence to map, track, and control the operations, impelling this market's demand. Currently, AI has a prominent role in customizing video monitoring services where it is accelerating the market demand.
However, the high initial cost is likely to restraint the demand of the market. Growing prices of raw materials are also hindering the AI CCTV market demand. In some countries, people are unaware of the advanced technologies available in the market that are restricting the demand of the market. Installation and maintenance of the AI CCTV is a high cost that is limiting the demand of the market.
The increasing cost of the cameras with the increasing price of the raw materials is a major challenging factor for the market players.
The hardware segment is leading with the highest shares of the market. The growing trend towards the adoption of artificial intelligence is escalating the demand of the hardware segment. The software segment is next to the hardware segment in accounting for the growth rate. The services segment is likely to hit the highest shares of the market in the coming years.
PTZ camera segment is ruling with the dominant shares of the market with the rising demand for AI in traffic signals. The increasing prevalence of CCTV across the city is fueling the market's growth rate. Dome camera and bullet camera segments are deemed to have the highest CAGR in the foreseen years. The box camera segment is expected to lead with the dominant shares of the market in the next coming years.
The cloud-based segment is trending with the dominant shares of the market. Quick adoption of cloud-based technologies in every platform is anticipated to surge the demand of the market. The on-premise segment witnessed the highest growth rate in 2020.
The residential segment is gaining traction over the shares of the market.
North America AI CCTV market is ruling with the highest shares of the market. The rising number of companies and growing prominence for the adoption of CCTV near traffic signals are surging the demand of the market in North America. Law enforcement agencies are also owing to the deployment of new technologies that are bolstering the demand of this market in North America.
Asia Pacific AI CCTV market is leading in the second position in terms of revenue rate. The growing population and increasing prominence to adopt AI CCTV at traffic signals for security concerns are highly elevating the demand of the market. Alongside, growing income in developing countries like India and China is expanding the growth rate of the AI CCTV market. India and China are two major countries contributing the highest shares for the market growth. Japan's AI CCTV market is also trending as they are highly deploying artificial intelligence surveillance.
Following the Asia Pacific, Europe AI CCTV market has the dominant role in ruling the shares of the market. Government strategies to reduce manpower are also a factor that is showing a positive effect on the market's growth rate. Constantly growing per capita income and rising demand to adopt cloud computing technologies are promoting the demand of the AI CCTV market.
Latin America AI CCTV market is anticipated to have significant growth opportunities in the forecast period. The Middle East and Africa AI CCTV market is likely to hit the prominent growth rate in the next coming years.
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