South Korea 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
South Korea AI CCTV Market size was valued at USD 771.7 million in 2023 and is predicted to reach USD 3067.3 million by 2030, with a CAGR of 19.9% 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.
Governmental Initiatives Driving Technological Advancements Drives the Market
The surge in governmental initiatives aimed at technological advancements, encompassing artificial intelligence, machine learning, and blockchain, serves as a primary driver for the AI CCTV market.
These initiatives are specifically tailored to augment the efficacy of surveillance systems while incorporating state-of-the-art technologies to tackle emerging security concerns.
For instance, the Seoul Metropolitan Government's announcement in January 2022 to allocate USD 287 million towards numerous projects underscores a commitment to spearheading digital transformation post-COVID-19.
Notably, these projects prioritize the utilization of AI-powered CCTV systems and the development of blockchain-based services, reflecting a strategic investment in leveraging advanced technologies to reinforce security measures and bolster urban infrastructure. Thus, the integration of AI, ML, and blockchain into CCTV systems signifies a significant stride towards fortifying security measures and ushering in a new era of smart and secure cities.
Adoption of AI-based Surveillance for Enhanced Public Safety Propels the Growth of the Market
The unveiling of plans by the Seoul Metropolitan Government in December 2023 to deploy AI-based surveillance cameras emerges as another pivotal driver for the AI CCTV market. This initiative is part of a concerted effort to combat random attacks and criminal activities within the capital city.
As per the city administration's directive, all CCTV units situated across Seoul, including those in parks and hiking trails, will be equipped with AI technology to autonomously identify potential suspects and instances of assault.
Such integration empowers the surveillance infrastructure to autonomously detect and respond to potential suspects and incidents of assault, thereby significantly enhancing public safety and security across various urban landscapes.
This proactive approach underscores the transformative potential of AI-based surveillance in mitigating security threats and safeguarding citizens, driving the demand for advanced AI-driven CCTV solutions in urban environments worldwide.
Growing Cybersecurity Challenges Hinders the Growth of the AI CCTV Market
The integration of AI in CCTV systems introduces a pressing concern—cybersecurity vulnerabilities. These systems, while enhancing surveillance capabilities, face the imminent threat of hacking and unauthorized access. The susceptibility to cyber-attacks poses a significant restraint, jeopardizing the confidentiality and integrity of sensitive information captured by these systems.
A breach in security not only compromises data but also undermines the reliability of surveillance, potentially enabling malicious actors to manipulate or disable critical components. As the dependency on AI-driven CCTV systems grows, safeguarding against cyber threats becomes paramount to ensure the continued trustworthiness of these technologies in preserving public and private security.
Incorporation 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
South Korea 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.
South Korea 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 771.7 Million |
|
Revenue Forecast in 2030 |
USD 3067.3 Million |
|
Growth Rate |
CAGR of 19.9% 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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