The surveillance technology monitors behaviour, activities, or information to reduce the risk of crime.
The global surveillance technology market is expected grow from $US114.10 billion in 2021 to $US130.08 billion in 2022 at a compound annual growth rate (CAGR) of 14 per cent. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $US214.88 billion in 2026 at a CAGR of 13.4 per cent.
The surveillance technology market consists of sales of surveillance software development and related services. Surveillance technology refers to the development of software used in monitoring the behaviour, activities, or information for managing, influencing, or directing.
The main types of surveillance technology market are video surveillance, big data, police body cameras, biometrics, domestic drones, face recognition technology, RFID chips and stingray tracking devices. Biometrics are behavioural and physical human characteristics that can be used to digitally identify an individual in order to grant access to systems, devices, or data.
The technology is stored in on-premise and cloud that are used by BFSI, government, healthcare, manufacturing, retail, IT and telecommunication, media and entertainment and education industries.
Asia Pacifica was the largest region in the surveillance technology market in 2021. North America was the second largest region in the surveillance technology market. The regions covered in the surveillance technology market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rise in need for safety in high-risk areas contributed to the growth of the surveillance technology market. The crime rate is increasing globally, and the rate of increase is varying across different countries. The surveillance technology is used to monitor the behaviour, activities, or information to reduce the risk of crime. For instance, China uses 200 million cameras for public safety.
According to the World Population Review, the crime index is 37 for 1.4 billion population in China. A review conducted by Cornell University, sponsored by Campbell Collaboration, the use of surveillance cameras resulted in a 51 per cent decrease in crimes committed in parking lots and a 23 per cent decrease in crime on public transportation in New York. The rise in need for safety in high-risk areas drove the surveillance technology market
Growing concern regarding privacy may limit the growth of the surveillance technology market. Surveillance means to monitor people in various possible ways.
An organization monitoring customer sometimes leads to the loss of privacy data or any other important confidential data. Surveillance technology can provide opportunities for criminal, personal, and institutional abuse.
Surveillance systems are being used by the camera operators to spy people, and eventually, blackmail using the videos from the surveillance system databases. In a few instances, these tools were used to stalk women, threaten motorists after traffic altercations, discriminatory targeting, and track estranged spouses. Therefore, growing concerns regarding the privacy hamper the growth of the surveillance technology market.
Artificial Intelligence (AI) is increasingly being implemented in the surveillance technology market. Artificial intelligence in surveillance technology is to analyse what is happening in the video. For instance, an application and web platform named Ella developed by IC Realtime uses the most advanced algorithms to analyse the most important events in the video from CCTV footage or video feeds. In most of the video monitoring systems, we cannot search for a particular event.
Ella has a smart search option to search for important events in the videos recorded. It can recognize hundreds of natural language queries.
Therefore, the use of artificial intelligence, which is a new trend in the surveillance technology market, is likely to provide growth opportunities to this market.
In December 2020, the ACRE, an electronic security systems and components manufacturer acquires Razberi Technologies, a Texas-based provider of video surveillance solutions, for an undisclosed amount. The acquisition was aimed towards strengthening the video and communications business along with the video surveillance product portfolio of ACRE.
Tags: Technology
