Singapore AI CCTV Market by Component (Hardware and Software), by Camera Type (Dome Cameras, Bullet Cameras, and Box Cameras), by Deployment (Cloud-Based and On-Premise), and End User (Commercial, Residential, and Industrial)–Opportunity Analysis and Industry Forecast, 2024–2030
Industry: ICT & Media | Publish Date: 22-Apr-2024 | No of Pages: 111 | No. of Tables: 79 | No. of Figures: 44 | Format: PDF | Report Code : N/A
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Market Overview
Singapore AI CCTV Market size was valued at USD 421.7 million in 2023 and is predicted to reach USD 2133.0 million by 2030, with a CAGR of 24.1% from 2024 to 2030.
The AI CCTV market constitutes a segment within the global security and surveillance industry, concentrating on incorporating artificial intelligence (AI) technologies into Closed-Circuit Television (CCTV) systems. These AI-driven CCTV systems utilize sophisticated algorithms and computer vision to augment video analysis capabilities, facilitating real-time detection, identification, and response to diverse events and anomalies.
Beyond conventional surveillance, these systems introduce intelligent features such as facial recognition, object tracking, and behavior analysis. The growth of the AI CCTV market is substantial, fueled by heightened demand for advanced security solutions in commercial, industrial, and public settings. The market encompasses a variety of products and services, including AI-powered cameras, video analytics software, and integrated security systems.
Technological Advancements Driving AI CCTV Market Growth
The rapid progress in artificial intelligence and deep learning has catalyzed a transformation in CCTV systems, particularly evident in Singapore's dynamic market. These advancements have ushered in a new era of highly sophisticated AI-driven CCTV solutions capable of analyzing live video feeds with unparalleled precision and speed.
Through the utilization of potent AI algorithms, these systems can discern intricate patterns and anomalies, enabling real-time detection and identification of potential security threats. This evolution signifies a significant driver for the AI CCTV market, as the demand for advanced surveillance technologies continues to surge globally.
Surging Government Investment Propelling the AI CCTV Market
The escalating investment in AI-driven CCTV technologies within Singapore underscores the nation's unwavering dedication to technological advancement. With substantial funding earmarked for enhancing AI capabilities, Singapore is poised to leverage cutting-edge technologies to fortify its surveillance infrastructure, bolster public safety, and safeguard critical assets and infrastructure.
Notably, the recent injection of over 1 billion Singapore dollars into advancing AI capabilities over the next five years exemplifies a profound commitment to technological innovation. This significant investment underscores the growing recognition of the pivotal role played by AI-driven CCTV solutions in upholding public safety, protecting critical infrastructure, and fortifying national security.
Moreover, the rising adoption of AI-enhanced CCTV systems in construction sites overseen by the Singapore Ministry of Manpower (MOM) contributes significantly to market expansion. These advanced surveillance systems are instrumental in ensuring adherence to stringent safety standards and regulations within the construction sector, reflecting Singapore's proactive approach towards workplace safety.
As Singapore continues to prioritize technological innovation and workplace safety, the adoption of AI-powered CCTV solutions is poised for continued growth, offering unprecedented opportunities for market expansion and advancement.
Rising Cybersecurity Challenges Hampers the Growth of the AI CCTV Market
The incorporation of AI into CCTV systems presents a critical issue: cybersecurity vulnerabilities. Despite their improved surveillance capabilities, these systems are vulnerable to hacking and unauthorized access. The risk of cyber-attacks poses a substantial obstacle, threatening the confidentiality and integrity of the sensitive information captured by these systems.
A breach in security not only exposes data but also undermines the trustworthiness of surveillance, potentially allowing malicious actors to manipulate or disable crucial components. With increasing reliance on AI-driven CCTV systems, prioritizing protection against cyber threats becomes essential to maintain the credibility of these technologies in safeguarding both public and private security.
Combination of Behavior Analytics Within AI CCTV Systems Creates Future Opportunities for the Market
As AI progresses, the fusion of behavior analytics with CCTV systems is poised to emerge as a formidable asset in security and surveillance. AI algorithms have the capability to undergo training to scrutinize human behavior patterns and swiftly detect anomalous activities as they occur.
Such capabilities encompass identifying suspicious movements, instances of loitering, or deviations in crowd behavior. Through the utilization of AI for behavior analytics, both businesses and governments can elevate their security protocols, positioning the CCTV industry as a crucial contributor in the realm of sophisticated threat detection and prevention.
Competitive Landscape
Singapore AI CCTV market comprises various market players, such as Hangzhou Hikvision Digital Technology Co., Ltd., Zhejiang Dahua Technology Co., Ltd., Axis Communications AB, Motorola Solutions, Inc., Hanwha Vision Co., Ltd., Tiandy Technologies, Zhejiang Uniview Technologies Co., Ltd., IDIS Ltd., Arlo Technologies, Inc., Vivotek Inc. and others. These market players are adopting various strategies such as collaboration and product launches across various regions to maintain their dominance in the AI CCTV market.
Singapore AI CCTV Market Key Market Segments
By Component
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Hardware
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Cameras
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Storage Devices
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Others
-
-
Software
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Video Analytics Software
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Video Management Software
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By Camera Type
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Dome Cameras
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Bullet Cameras
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Box Cameras
By Deployment
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Cloud-Based
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On-Premise
By End User
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Commercial
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Residential
-
Industrial
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 421.7 Million |
|
Revenue Forecast in 2030 |
USD 2133.0 Million |
|
Growth Rate |
CAGR of 24.1% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Million (USD) |
|
Growth Factors |
|
|
Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
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Hangzhou Hikvision Digital Technology Co., Ltd.
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Zhejiang Dahua Technology Co., Ltd.
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Axis Communications AB
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Motorola Solutions, Inc.
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Hanwha Vision Co., Ltd.
-
Tiandy Technologies
-
Zhejiang Uniview Technologies Co., Ltd.
-
IDIS Ltd.
-
Arlo Technologies, Inc.
-
Vivotek Inc.
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