DELRAY BEACH, Fla., Nov. 11, 2024 /PRNewswire/ -- The global video as a sensor market is projected to reach USD 101.89 billion by 2029 from USD 69.52 billion in 2024; it is expected to grow at a CAGR of 7.9% according to a new report by MarketsandMarkets. Major drivers for growth in the market are rapid advancement in technologies such as ML, edge computing, and camera technologies, positive government initiatives and funding for video surveillance, and rising demand for surveillance and security. Rapid progress in Al and the growth of Smart City initiatives are expected to provide a strong opportunity for video as a sensor. Also, privacy and security concerns and complexities in the integration of video as sensor solutions are expected to be some of the restraining factors for the market of video as a sensor. Challenges in data management & storage and vendor lock-in & interoperability issues are expected to create challenges for the market of video as a sensor.
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Video as a Sensor Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 69.52 billion |
Estimated Value by 2029 | $ 101.89 billion |
Growth Rate | Poised to grow at a CAGR of 7.9% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Offering, Product Type, Application, End-user, and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Complexities associated with data management and storage |
Key Market Opportunities | Proliferation of smart city initiatives |
Key Market Drivers | Rising investment in video surveillance and security infrastructure |
The Software segment to grow at a significant CAGR during the forecast period.
Software video as sensor solutions is likely to grow at a high CAGR in the forecast period because they play an important role in improving video surveillance and machine vision system functionality and effectiveness. It includes video as a sensor software application such as Video Management Software (VMS), Intelligent Video Analytics Software, Al and Machine Learning Algorithms, and Integration Software. Need for management, monitoring, and analytics of video surveillance to drive VMS growth, while adoption for the detection of real-time threats through Al and computer vision will propel the development of intelligent video analytics software and adoption for object detection & recognition and predictive analytics are expected to propel the growth of Al and ML algorithms. Integration software primarily uses interactivity among different hardware components, such as cameras, sensors, and other software systems.
Hyperspectral Imaging segment to grow at a significant CAGR between 2024 and 2029.
Hyperspectral imaging is an imaging technology that captures and processes images at hundreds of different wavelength intervals within the electromagnetic spectrum. Most cameras capture images in only three spectral bands: red, green, and blue. Hyperspectral imaging systems acquire images over hundreds, or sometimes thousands, of contiguous spectral bands that provide detailed spectral information for every pixel in the image. Its applications include environmental monitoring, agriculture, mineralogy, remote sensing, medical imaging, and material inspection. They provide spectra of the details imaged and help carry out high-level analysis and material characterization for valuable information and scientific discoveries in industry and research. Companies providing hyperspectral imaging solutions include Specim and Spectral Imaging Ltd. (Finland) and Corning Incorporated (US).
The government segment to grow at a significant CAGR during the forecast period.
The video-as-a-sensor government end-user market plays a key role in improving public safety, offering operational efficiency, and supporting various administrative functions. Governments utilize video as sensor technologies across many applications, such as public surveillance, traffic management, and emergency response. Such systems offer the advantages of real-time monitoring and data gathering. Also, this information can be utilized for decision-making and policy formulation. Some of the government's primary applications of video as a sensor technology include public safety. Government agencies install video sensor solutions in cities and urban parks and critical infrastructural areas to monitor crime and enhance security. For example, towns like London have installed several networked CCTV facilities that are not only helpful in preventing a crime but also aid police investigating officers in conducting successful investigations through forensic evidence.
Traffic Management application segment to grow at a significant CAGR during the forecast period.
The major application of video as sensor technology is in the traffic management field, which focuses on optimizing transportation systems and affording safe road transportation systems. Advanced video surveillance and analytics solutions are important to integrate into more efficient practices for traffic monitoring, control, and management in urban environments with increasing populations and significant issues regarding traffic congestion. Modern traffic management systems are equipped with web interfaces or mobile applications to access video feeds and analytics from a distance so that operators can handle traffic conditions from anywhere. Companies have come up with video as a sensor system for traffic management. For example, Teledyne Technologies Incorporated provides advanced software solutions, and among these is the offering of very advanced traffic software for effective and efficient traffic management and control. Command-and-control software is fully equipped with comprehensive tools to monitor and administer multiple systems and operations.
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European region to offer significant growth opportunities in the global video as a sensor market during the forecast period.
Video as a sensor industry in Europe is growing rapidly owing to factors such as transformation in the region's security sector and technological advancements. The rising crime rate and terrorism have driven government and private organizations to invest in the enhanced video surveillance system. These systems deter criminal acts, support public safety, and enable law enforcement efforts. Protection of privacy in Germany in improving security drives the market; British government initiatives and private partnerships support the market's growth; need to ensure public safety in France to spur the adoption of video as a sensor solution.
Key players in video as a sensor companies such as Honeywell International Inc. (US), Motorola Solutions, Inc. (US), Dahua Technology Co., Ltd (China), Bosch Security Systems GmbH (Germany),Hangzhou Hikvision Digital, Technology Co., Ltd. (China), AT&T (US), IBM Corporation (US), Cisco Systems, Inc. (US), Axis Communications AB (Sweden), Johnson Controls Inc. (Ireland), Sony Group Corporation (Japan), Sharp Corporation (Japan),Teledyne Technologies Incorporated (US),Corning Incorporated (US),Pixart Imaging Inc. (Taiwan).
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