The rising government initiatives toward the expansion of smart cities are driving the growth of the AI CCTV market.

The AI CCTV market is valued at USD 14.79 billion in 2023, and is expected to reach USD 63.68 billion by 2030, with a CAGR of 21.3% from 2024 to 2030, according to new research by Next Move Strategy Consulting. The growing emphasis of governments on advancing smart city development underscores the importance of incorporating cutting-edge surveillance and security technologies. These technologies enhance urban living and boost public safety.

AI CCTV, a key component in this effort, provides real-time monitoring, data analysis, and automation to address the unique challenges urbanization poses. The integration of AI CCTV within the smart cities sector highlights the significant synergy between technological innovation and urban progress, ultimately leading to the creation of safer and more efficient urban environments than before.

For instance, the Indian government initiated the Smart Cities Mission, a program to address the challenges posed by India's rapid population growth and extensive urbanization in the upcoming years. Under this initiative, 100 smart cities have been identified for development by 2024, with the government of India and various states collaborating to enhance urban living and infrastructure. As governments and cities embrace technological innovation to enhance urban living, the integration of AI CCTV not only improves security but also paves the way for a more connected, sustainable, and prosperous future.

Furthermore, the increasing uptake of AI CCTV in residential settings, driven by concerns over property theft, vandalism, and personal safety, is driving market expansion. The incorporation of AI capabilities such as object recognition and facial detection further strengthens threat assessment and incident prevention within residential environments. These factors coupled with the demand for enhanced security and the convenience of remote monitoring are fuelling the growth of the AI CCTV market in residential areas. AI CCTV has become a fundamental element of contemporary home security systems.

However, the high cost of AI CCTV cameras is restraining the growth of the market. On the contrary, the integration of AI CCTV with the Internet of Things (IoT) enhances the capabilities of AI-powered surveillance by fostering connectivity, data fusion, and real-time alerts. This factor creates ample growth opportunities for the coming years.

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According to the report, the leading market players in the AI CCTV market include AXIS Communications, Robert Bosch GmbH, D-Link Corporation, Eagle Eye Networks, Inc., Hangzhou Hikvision Digital Technology Co., Ltd., Hanwha Techwin Co., Ltd., Panasonic Holdings Corporation, Swann Communications, FLIR Systems, Inc., Vivotek, Inc., and others.

For instance, in September 2023, Eagle Eye Networks introduced V3 of its Eagle Eye Video API Platform, a system widely utilized by developers, resellers, and technology partners across the globe. This latest API version is all-encompassing, and designed to expedite the development of video applications. It extends the groundwork laid by V1 and V2 of the API.

In March 2023, FLIR Systems, Inc. unveiled the FLIR FC-Series AI, the most recent addition to its renowned fixed camera (FC) lineup. The FC-Series AI is a thermal security camera integrated with onboard AI analytics capable of precisely classifying humans and vehicles. This advanced feature is an early intrusion detection system, ideal for perimeter protection and remote site monitoring. This empowers users to enhance situational awareness, make well-informed decisions, and, in turn, bolster safety, coordination, and operational efficiency.

For instance, in June 2023, Hangzhou Hikvision Digital Technology Co., Ltd. released TNM-C4940TD, TNM-C4950TD, and TNM-C4960TD cameras. Each camera is equipped with dual lenses to produce both a VGA thermal image and a 4K visual image. These AI cameras incorporate precise object detection and classification based on deep learning, effectively mitigating false alarms. These functionalities offer operators a dependable event source, thereby enhancing operational efficiency.

Key Insights from the AI CCTV Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the AI CCTV market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The market share of key players in the global AI CCTV market along with their competitive analysis are provided in the report.