City Monitoring Market – Growth, Trends, Impact of COVID-19 and Forecast (2022

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The City Watch Market was valued at $10,232. 9 million in 2021 and is expected to register a compound annual growth rate of 8.5% during the forecast period (2022-2027). With the developments of cloud computing software and rapid video surveillance, the surveillance market in the city has transformed compared to the previous decade.

NEW YORK, Sep 5, 2022 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of “City Watch Market – Growth, Trends, Impact of COVID-19 and Forecast (2022 – 2027)” – https://www.reportlinker.com/p06020228/?utm_source =GNW
And growing concerns about public safety and security are fueling the adoption of IP cameras and video management systems around the world. Increased investment in smart city projects and lower prices for IP cameras, along with technological advances in analytics and software, are increasing the demand for wireless and spy cameras to keep citizens safe. They are the main factors driving the growth of the city monitoring industry.

the main points
The growth of the city surveillance market is expected to be fueled by the introduction of new digital IP-based technologies to detect and prevent unwanted behaviors, such as shoplifting, thefts, vandalism and terrorist attacks.
The deployment of video analytics and video surveillance cameras to identify potential criminals is expected to reduce the crime rate in various countries. Moreover, this is expected to increase the demand for an integrated monitoring system.
With the increasing trend towards advanced technologies, such as 5G, and the growing need for technology-driven monitoring systems, leading IT services company Atos entered the video analytics market with the acquisition of Ipsotek in April 2021. Ipsotek’s VISuite provides multi-camera tracking capabilities and can be used in Various use cases, including crowd management, smoke detection, intrusion detection, perimeter protection, number plate recognition, and traffic management.
Many vendors in the market are increasingly focusing on accuracy. In the event of failure, many vendors in the market faced a backlash from consumers and government agencies due to lagging technologies in facial recognition in certain scenarios. For example, Amazon’s facial recognition software “Rekognition” has been accused of identifying 28 members of the US Congress as people arrested for various crimes. These issues are expected to be a significant limitation in the adoption of monitoring systems.
The COVID-19 pandemic is moderately driving cybersecurity innovation for the city’s infrastructure while at the same time highlighting parts of the technology that will be vital to sustaining broader business momentum in the near future. With the rising digitization of overall business processes globally due to the pandemic, the demand for electronic security systems in smart city monitoring is showing significant growth worldwide.

Major market trends

The camera segment captures the largest market share

This segment includes IP camera systems, network or PoE cameras, and hybrid cameras. An IP camera is a camera connected to the network via a fast Ethernet connection. The IP camera sends signals to the main server or computer screen over the Internet link or network. It is mostly used in IP surveillance, Closed Circuit Television (CCTV), and digital video imaging.
The evolution in interface options available for IP cameras is driving their applications across industry sectors globally. Companies now offer PoE (Power over Ethernet) surveillance and security cameras, which allow network cables to transmit electrical power.
Over the past few years, the adoption of IP cameras has increased, due to the increasing demand for image resolution and perimeter monitoring. Important technologies adopted by cities in the region include closed circuit television, command and control, private LTE communications, data storage, ANPR (Automatic Number Plate Recognition), video analytics, and supporting ICT equipment. These technologies have boosted the adoption of IP-based cameras.
The Asia Pacific region is seeing a strong increase in CCTV adoption due to several smart city initiatives, increased crime rates, and the emergence of artificial intelligence/machine learning. In addition, expansions in transportation infrastructure are among the main driving forces for the adoption of hybrid video surveillance systems. For example, national and local governments in South Korea install tens of thousands of CCTV cameras each year in public places. As of 2021, there were approximately 1.46 million cameras in operation, according to the Commission on the Protection of Personal Information. This is an increase of about 200% compared to five years ago.
In general, the global increase in crime rates also contributes to the growth of the studied market. In March 2022, the Montreal police announced a plan to install nine more security cameras across the city in response to rising rates of violent crime. With the addition of the nine cameras, which cost up to $11,000 each, police say they plan to operate a 42-camera surveillance network in the city by the end of the year. Also, in April 2022, the Vancouver City Council announced that it would consider using closed circuit television, or CCTV, to deter violent crime in the city. According to the latest GeoDash statistics for the Vancouver Police Department, crime overall in 2022 increased by 13% compared to 2021. It appears that mischief and theft are raising the overall rate.

The Asia Pacific region is expected to register the fastest growth during the forecast period

With the rapid growth of smart city infrastructure across the region, the adoption of smart security technologies is gaining importance, which helps mitigate crime rates. Moreover, improved technological innovations enable cloud data storage and real-time analytics.
Smart city technologies provide analytics, real-time monitoring, and decision-making solutions. Security solutions can predict potential crime scenes by analyzing data from sensors and CCTV cameras spread across the city with data from social media channels. This would allow the police to successfully stop or track potential perpetrators.
Monitoring and analysis systems pose severe challenges to organizations, as they face operational issues, and accuracy is among the major concerns hampering adoption rates. Different vendors in the market are increasingly focusing on accuracy. In the event of failure, many vendors in the market faced a backlash from consumers and government agencies due to lagging technologies in facial recognition in certain scenarios.
According to the Asian Development Bank, about half of the population in the constituent countries of the Association of Southeast Asian Nations (ASEAN) lives in urban areas, and another 70 million people are expected to become urban dwellers by 2025. Hence, sustainable urbanization of ASEAN Asia The strategy recognizes technological advances such as smart city projects and smart buildings as a solution to meet these urbanization challenges. This rise in smart city projects will drive the monitoring market in the city; Moreover, the Chinese government frequently promotes smart city cooperation under the Digital Silk Road Initiative, an important component of the Belt and Road Initiative (BRI). In ASEAN, cooperation is enhanced by the ASEAN-China Strategic Partnership Vision 2030. China has pledged to support ASEAN’s technology transformation initiatives, including the 2020 ASEAN ICT Master Plan and ASEAN Smart Cities Network. Smart city insights will drive this thoughtful market.
In February 2021, challenging environments quickly and affordably. The All-Rounder Intelligent Transportation Systems Camera, a new traffic product from Hikvision, an Internet of Things solution provider with video as a core competency, aims to increase traffic safety and stream more efficiently. As its name suggests, the camera combines various capabilities into one housing, including automatic plate recognition, speed detection, traffic violation detection, and vehicle attribute analysis. This multi-dimensional idea was taken into account during the design and development of the new ITS camera. It is the first camera made by Hikvision to combine three previously independent modules into one without sacrificing performance, making the camera compact and adaptable to be installed in

Competitive scene

The City Watch market is highly fragmented due to many major players constantly upgrading themselves to gain a competitive advantage over other players. The city monitoring market is currently dominated by major players such as Dahua Technology Co. Ltd and the Bosch Security and Safety System? (The Bosch Group) and Hangzhou Hikvision Digital Technology Co. Ltd, Hanwha Techwin (Hanwha Group), Honeywell Security Group (Honeywell International Inc.)

June 2022 – Dahua Technology Co.Ltd announced. About the new Night Color2.0 Fusion camera with dual-lens technology, which delivers full-color images in low-light scenes. Night ColorFusion is ideal for low-light applications where discreet security and full color images are required.
May 2022 – Bosch adds two fixed cameras to its Inteoxopen range of cameras: the Flexidomean and the Dinion inteox7100i IR cameras. AI-powered cameras achieve efficiency in many indoor and outdoor applications, including monitoring cities, airports, government and traffic.

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Market Estimate Sheet (ME) in Excel format
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