Memoori: Video Surveillance Sales Growing at Highest Rate Ever
The latest forecast by Memoori Research finds the video surveillance industry growing at a torrid pace, with video analytics driving newfound opportunities.
Memoori Research estimates the rise in video analytics applications will account for roughly $3.5 billion to 2024, as part of overall video surveillance equipment sales.
STOCKHOLM — Global sales of video surveillance products reached $19.15 billion in 2019 and are estimated to reach $35.8 billion by 2024, according to Memoori Research.
The growth is the highest that Memoori — led by James McHale who is managing director, owner and founder of the firm — has ever forecast. In an announcement, he writes the market is driven by a number of factors, particularly the sales of AI video analytics software now entering the commercial market.
Video surveillance as a service (VSaaS) is currently growing approximately 15% annually and the impact of the Internet of Things (IoT) has yet to be fully realized. IP video cameras could become one of the most used sensors in commercial and industrial buildings.
Memoori estimates the rise in video analytics applications will account for roughly $3.5 billion to 2024, as part of overall video surveillance equipment sales.
“It will be the main game changer over the next 10 years. We expect that China will take more than 50% of the world market for AI video analytics software by 2024, but privacy issues in Western markets could hold back the rate of growth. The traditional video surveillance companies naturally see AI video analytics as a feature to run off their existing products offering a way to differentiate themselves,” McHale writes in the announcement.
McHale explains, security cameras with embedded video analytics, such as motion, face recognition and object detection, analyze image data at the point of capture and can effectively eliminate the need to transmit video and data to a central server. This enables very efficient use of both transmission and recording bandwidth.
Increasing adoption of the Building Internet of Things (BIoT) in the next few years is also viewed as a market driver. Here, IP cameras will be directly connected with these systems and that will present a myriad of opportunities for them to contribute to solving other problems not necessarily associated with security.
With physical security systems integration and IT convergence commonplace in the enterprise market, the BIoT will connect services in the building, minimizing duplication, reducing hardware and software costs, with IP cameras deployed as essential sensors in buildings. This will change the routes to market and introduce new players into the business, according to Memoori.
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