“Other important factors include the growing prominence of IP camera systems, increasing interest in smart city technologies, and growing VSaaS demand.”
Advancements in facial recognition technology are a key factor driving the broader video surveillance market, according to a new analysis from Valuates Reports.
The firm estimates that the global video surveillance market was valued at about $42.94 billion last year, and that it will reach a value of $144.85 billion by 2027, reflecting a CAGR of 14.6 percent for the 2020-2027 forecast period.
The automation enabled by facial recognition is helping to fuel the popularity of this technology, as are technological advances in this biometric field. Such advances include improvements allowing facial recognition systems to identify individuals from non-frontal angles, and through lower resolution surveillance video.
“This growing implementation of facial recognition technology is expected to increase the market for video surveillance market size,” Valuates Reports said in a report summary.
Other important factors include the growing prominence of IP camera systems, increasing interest in smart city technologies, and growing VSaaS demand.
Facial recognition technology is also an important component of the growing surveillance market, which Valutes Reports has also assessed in a separate report. The firm estimated that the surveillance market was valued at about $28 billion in 2018, and predicted that it would reach $69.4 billion by 2025, reflecting a CAGR of 12 percent over that forecast period.
May 11, 2020 – by Alex Perala