09 Jul Covid 19 Growth and Change
New York, July 09, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Surveillance Technology Global Market Report 2020-30: Covid 19 Growth and Change” – https://www.reportlinker.com/p05930664/?utm_source=GNW
8 billion in 2019 to $83.08 billion in 2020 at a compound annual growth rate (CAGR) of -5.38%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing and remote working, and the closure of industries and other commercial activities. The entire supply chain from production to international trade has been impacted. The market is then expected to recover and reach $123.08 billion in 2023 at a CAGR of 14.0%.
The surveillance technology market consists of sales of surveillance software development and related services. Surveillance technology refers to the development of software used in monitoring the behavior, activities, or information for managing, influencing, or directing.
North America was the largest region in the autonomous ships market in 2019. Asia Pacific is expected to be the fastest-growing region in the forecast period.
In December 2018, Qognify, the US-based trusted advisor and technology solution provider acquired the IP video management software (VMS) company On-net Surveillance Systems (OnSSI Group) including the pioneer of IP video technology, SeeTec GmbH. The acquisition made Qognify as one of the largest VMS, Video Analytics, PSIM and Critical Incident Management companies in the world. Through the combined portfolio of technologies, infrastructure and expertise, the company expanded its global presence, creating an entity capable of meeting the exact requirements of mid-market and enterprise organizations anywhere in the world.
The surveillance technology market covered in this report is segmented by technology into video surveillance; big data; police body cameras; biometrics; domestic drones; face recognition technology; RFID chips; stingray tracking devices. It is also segmented by storage into on-premise; cloud, and by end-user into BFSI; government; healthcare; manufacturing; retail; IT & telecommunication; media and entertainment; education.
Growing concern regarding privacy may limit the growth of the surveillance technology market. Surveillance means to monitor people in various possible ways. An organization monitoring customer sometimes leads to the loss of privacy data or any other important confidential data. Surveillance technology can provide opportunities for criminal, personal, and institutional abuse. Surveillance systems are being used by the camera operators to spy people, and eventually, blackmail using the videos from the surveillance system databases. In a few instances, these tools were used to stalk women, threaten motorists after traffic altercations, discriminatory targeting, and track estranged spouses. Therefore, growing concerns regarding the privacy hamper the growth of the surveillance technology market
Artificial Intelligence (AI) is increasingly being implemented in the surveillance technology market. Artificial intelligence in surveillance technology is to analyze what is happening in the video. For instance, an application and web platform named Ella developed by IC Realtime uses the most advanced algorithms to analyze the most important events in the video from CCTV footage or video feeds. In most of the video monitoring systems, we cannot search for a particular event. Ella has a smart search option to search for important events in the videos recorded. It can recognize hundreds of natural language queries. Therefore, the use of artificial intelligence, which is a new trend in the surveillance technology market, is likely to provide growth opportunities to this market.
The rise in need for safety in high-risk areas contributed to the growth of the surveillance technology market. The crime rate is increasing globally, and the rate of increase is varying across different countries. The surveillance technology is used to monitor the behavior, activities or information to reduce the risk of crime. For instance, China uses 200 million cameras for public safety. According to the World Population Review, the crime index is 37 for 1.4 billion population in China. A review conducted by Cornell University, sponsored by Campbell Collaboration, the use of surveillance cameras resulted in a 51% decrease in crimes committed in parking lots and a 23% decrease in crime on public transportation in New York. The rise in need for safety in high-risk areas drove the surveillance technology market.
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