The current capabilities of systems pertaining to video surveillance are inclusive of capabilities that go beyond surveillance and increasing involves gathering and analysis of data, which has profound consequences affecting the efficacy of video surveillance and the way it is being deployed, maintained as well as the kind of technology integration and the pace at which the video surveillance systems undergoing. Further, the scope of cross-functional video applications, enhanced technology, improved cybersecurity, integrations, and video surveillance as a service, among others will in part facilitate the growth of the market.
Further, the drivers for demand are not only restricted to loss prevention measures that are increasingly being sought after by both public and private entities but also has emerged as one of the salient considerations of improving productivity. Additionally, the conceptual framework of the Internet of things (IoT) that seeks to embed intelligence and connectivity with a myriad of devices would necessitate the use of video surveillance data. Further, the proliferation of off-site cloud-based infrastructural facilities for storing video surveillance-related data is, as well as required the integration of video surveillance among others, expected to augment the growth of the market.
Final Consumption Expenditure of Households by Consumption Purpose, Restaurant and Hotels
In Millions of Euro at Current Price (Eu-28 Countries)
Investment in construction is one of the core drivers that is anticipated to propel the growth of the market to stratospheric height, albeit experiencing a hiatus due to lockdown measures necessitated by COVID 19
With respect to the European Union (EU), the tourism sector reportedly contributed approx. 10% to EU GDP concomitantly making EU the world’s leading tourism destination, with 563 million international arrivals and 30% of global receipts in 2018. Furthermore, digital innovation, a strong economy, and rising global consumer purchasing power, and have collectively contributed to record growth in the travel and hospitality industry. Additionally, as an EU export category Tourism is the fourth largest and results in spill-over benefits to the European economy as a whole, where the generation of 1 EUR of value added by tourism results in an additional 56 cent of value-added in indirect effect on other industries. Moreover, 64% of EU residents reportedly made at least one personal tourism trip in 2018. In the same year, it was recorded that EU Residents made 1.1 billion trips with overnight stays, wherein 7 out of 10 trips are being spent in their own country of residence.
Moreover, Europeans stayed on average 1 week when visiting other EU countries in 2018. Despite the industry coming to a halt during the pandemic, certain major hotel chains have reported plans to expand their physical presence in the immediate future. For example, French hospitality group Accor had reportedly announced the opening of 50 hotels under various brands in Romania, with 7 new properties in 2020 itself. Currently, the group operated 6 hotels in Romania under the ibis, Mercure, Novotel, and Pullman brands. It is important to note that activities pertaining to tourism are salient contributors to the social fabric of many nations, along with the economic ones, which makes it the strategic imperative to keep a generous provision in security and loss prevention measures of the various hospitality groups which are operating in this space. Therefore, creating a demand for more video surveillance systems installations that will in turn augment the anticipated growth of the video surveillance market in the coming few years.
Expenditureon Public Order & Safety, P.R.China, Mainland
% of Total Expenditure
Emerging economies like that of Peoples Republic of China are expected to strengthen the video surveillance market growth
Words like deep learning and AI are no longer buzzwords in emerging economies like China. The government's expenditure on public safety saw the most sales of deep learning cameras with the police departments as their customers. With an increasing number of semiconductor players in the market are influencing pricing pressure at chip-level, which themselves major components of the price structure of these kinds of cameras. On the other had a Vietnam based leading technology corporation had launched its new brand called AI View Surveillance Camera that marks the company’s entry into surveillance camera manufacturing. It’s the first company to successfully integrate AI into surveillance cameras. Further, to prevent COVID 19 a world-class AI company with core competencies in deep learning the Beijing based Megvii Technology Limited had reportedly announced that in April 2020, the companies AI-enabled temperature screening solution, which can detect the forehead of incoming customers and check their temperature within a distance of 0.3 meters to one meter within half a second, with an accuracy level of ±0.3?, have been deployed in 191 supermarkets across Beijing, inclusive of Chaoshifa and Wumart.
The current pandemic of COVID 19 is further expected to contribute to the growth of the video surveillance market
The ICT industry and emergencies are complementary to each other which was exemplified by the installation of the first CCTV system by Siemens AG in 1942 in Peenemunde, Germany during the second world war to observe the launch of V2 rockets. From that point on CCTVs have undergone a variety of changes and remains the most trusted means of surveillance even though suffering a brief setback in sectors pertaining to aviation, retail, travel, and tourism due to lockdown measures in the first quarter of 2020. Nevertheless, as the nation across the globe is resuming their economic activities that will lead to a growth in critical infrastructure segments, data centers, healthcare, IT/ITes, and manufacturing, will necessitate the need for on-premise video surveillance systems for the constant monitoring of body temperatures. To this end, there have been quite a few developments that, – a recent one is that of a reported launch in June 2020 of a product called COVIDSHIELD that has been launch by an Indian online video analytics firm called Vidooly Media Tech Pvt. offering five AI-enabled hybrid surveillance solutions enabling organizations to detect and track any Covid-19 violations as a preventive measure. The solution comprises CCTV cameras, Face ID, a movement detector, RFID technology, thermal scanners, among others, whereby, complete contact-free surveillance through actionable information is extended.