Rapid advances in technologies such as machine learning, edge computing and camera technologies, positive government initiatives and the financing of video surveillance, as well as the increasing demand for surveillance and security, are some of the main drivers for the video as a sensor market, according to a new research report. The report predicts that this sector will reach a volume of around $101.89 billion by 2029, up from $69.52 billion in 2024, at a compound annual growth rate of 7.9%.
The Marketsandmarkets report also indicates that rapid advances in AI and the growth of smart city initiatives are expected to provide a strong opportunity for video as a sensor. In addition, privacy and security concerns, as well as the complexity of integrating video as a sensor solution, are expected to be among the factors inhibiting market growth. Challenges in the area of data management and storage, as well as some issues related to vendor lock-in and interoperability, are expected to challenge the video as a sensor market.
Management and integration software
Software solutions for video-as-a-sensor are expected to grow at a high CAGR during the forecast period, as they play an important role in improving the functionality and effectiveness of video surveillance and machine vision systems. These include video-as-a-sensor software applications such as video management software (VMS), intelligent video analytics software, machine learning algorithms and machine learning techniques, and integration software.
There is a need for video surveillance management, monitoring and analytics to drive the growth of VMS, while the adoption of real-time threat detection through artificial intelligence and machine vision is expected to drive the development of intelligent video analytics software, and the adoption of object recognition and predictive analytics technologies is expected to drive the growth of AI and ML algorithms. Integration software primarily uses the interactivity between different hardware components such as cameras, sensors and other software systems.
Hyperspectral imaging for detailed analysis
Hyperspectral imaging is an imaging technology that captures and processes images in hundreds of different wavelength bands of the electromagnetic spectrum. Most cameras capture images in only three spectral bands: red, green and blue. Hyperspectral imaging systems capture images across hundreds or sometimes thousands of contiguous spectral bands, providing detailed spectral information for each pixel in the image. Applications include environmental monitoring, agriculture, mineralogy, remote sensing, medical imaging and materials testing. They provide spectra of the imaged details and help to perform advanced analysis and material characterisation to extract valuable information and scientific discovery in industry and research. Companies providing hyperspectral imaging solutions include Specim and Spectral Imaging Ltd (Finland) and Corning Incorporated (US).
Government initiatives play a key role
The end-user market for video as a sensor plays a key role in improving public safety, increasing operational efficiency and supporting various administrative functions. Governments are deploying video as a sensor technology in many areas, such as public monitoring, traffic management and emergency response. Such systems offer the advantages of real-time monitoring and data collection. Furthermore, this information can be used for decision-making and policy formulation. One of the most important applications of video as a sensing technology for government authorities is public safety. Government agencies are installing video sensing solutions in cities, urban parks and critical infrastructure areas to monitor crime and increase security. Cities such as London, for example, have installed several networked video surveillance systems that not only help prevent crime but also support the police in their investigations by providing forensic evidence.
In-demand technology for traffic management
The most important application of video as a sensing technology is in the area of traffic management, where the aim is to optimise traffic systems and ensure safe road traffic systems. Modern video surveillance and analytics solutions are important for integration into more efficient traffic monitoring, control and management processes in urban environments with growing populations and significant congestion problems.
Modern traffic management systems are equipped with web interfaces or mobile applications for remote access to video streams and analytics, enabling operators to control the traffic situation from anywhere. Companies have developed video systems as sensors for traffic management. Teledyne Technologies Incorporated, for example, offers advanced software solutions, including sophisticated traffic software for effective and efficient traffic management and efficient traffic control. Its control centre software is equipped with comprehensive tools for monitoring and managing multiple systems and processes.
Europe offers great growth opportunities
The video surveillance market in Europe is growing rapidly due to factors such as changes in the region’s security sector and technological advances. Rising crime rates and terrorism have prompted governments and private organisations to invest in improved video surveillance systems. These systems deter criminal activity, support public safety, and enable law enforcement. In Germany, the market is driven by the need to protect privacy while improving security; initiatives by the UK government and private partnerships are supporting market growth; and the need to ensure public safety in France is driving the adoption of video as a sensing solution.
Key players
Honeywell, Motorola, Dahua, Bosch, Hikvision, AT&T, IBM, Cisco, Axis Communications, Johnson Controls, Sony, Sharp, Teledyne, Corning, and Pixart Imaging are some of the major players in this market, which are highlighted in the study.
