Surveillance includes the monitoring of an individual, the location, or object to get specific information and to modify or manipulate the behavior of the subject matter. Surveillance can be hidden or open, and it can be carried out by various individuals, agencies, or groups for various purposes. Generally, surveillance is carried out by law enforcement authorities to avoid or examine crime. The media organizations make use of the system to acquire valuable information. Individuals use the system to monitor the actions of family members. The practice of surveillance is contrary to privacy because the purpose of surveillance is to penetrate confidentiality protection. CCTV surveillance systems could be used in conjunction with character recognition technologies to facilitate automatic license plate recognition. Automated license plate recognition systems obtain the text of registration plates from a visual image of cars for a variety of purposes like to compare them to the records of stolen or unregistered vehicles. Smart software can decrease the need for monitoring surveillance systems and decrease the expenses associated with recording unrelated activities taking place.
COVID-19 Scenario Analysis:
- The COVID-19 has brought up the opportunities to adopt the latest technologies to ease out business processes and provide security in workplaces and public places. The imposed lockdown by the government has affected the growth of the global economies and industries. Although the increase in the need to safeguard hospitals and laboratories during the pandemic has fueled the growth of the market.
- The adoption of the latest technologies such as artificial intelligence and machine learning is being implemented with surveillance systems. It is being implemented in various industries such as education, where the software helps to proctor the examination and identifies if anyone is caught cheating during the examination.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The increase in the need to limit illegal activities and terrorist attacks, the development of smart cities, and increased acceptance of the technology by various industries to stop unethical activities are the factors driving the growth of the surveillance technology market. In addition, increased government expenditure on the implementation of CCTV cameras in public places to minimalize illegal activities propels the growth of the surveillance technology market. However, the lack of large bandwidth as well as storage network connection, the threat to data credibility, and the burden of data storage for security agencies are the factors hampering the market growth.
Furthermore, the integration of advanced technologies such as artificial intelligence and machine learning to identify malicious activities is expected to provide lucrative opportunities for the growth of the surveillance technology market during the forecasted period.
The Market Trends for Surveillance Technology Market:
Integration of Advanced Technologies with Surveillance Technology System:
Integration of the internet of things in surveillance for safety and monitoring provides better visibility over resource monitoring to reduce serious loss through real-time surveillance. This functionality ensures a protected surveillance facility from any place with WI-FI access, security warnings, and real-time data recording. The rise in demand for integrated security and monitoring in the traffic control system and the network is encouraging the government agencies of several countries to implement smart surveillance systems driving the market growth.
Asia-Pacific to Become a Potential Market:
Asia-Pacific region to become the potential market for the growth of video surveillance technology market. The reason for this is a rise in the population as well as the implementation of advanced technologies in the security system in developing countries such as India, China, and Indonesia. The introduction of various products equipped with security features and advancements in technologies in the surveillance security market is predicted to drive market growth in the Asia-Pacific region. Additionally, an increase in demand for video monitoring and security systems from industry verticals such as industrial facilities and city monitoring throughout the region will boost market expansion.
Key Benefits of the Report:
- This study presents an analytical depiction of the surveillance technology market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the surveillance technology market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the surveillance technology market.
- The report provides a detailed market analysis based on the present and future competitive intensity of the market.
Questions Answered in the Surveillance Technology Market Research Report:
- Who are the leading market players active in the surveillance technology market?
- What would be the detailed impact of COVID-19 on the surveillance technology market?
- What current trends would influence the market in the next few years??
- What are the driving factors, restraints, and opportunities in the surveillance technology market?
- What are the projections for the future that would help in taking further strategic steps?
Surveillance Technology Market Report Highlights
By Enterprise Size
By End User
Key Market Players
Quantexa Limited, Behavox Ltd., Gilead Sciences Inc., International Business Machines Corporation, Anduril Industries Inc., Evolv Technologies Inc., Palantir Technologies Inc., Elliptic Enterprises Limited, ComplyAdvantage, Neurala Inc.,