City Surveillance Market Size

City Surveillance Market Analysis

The City Surveillance Market size is estimated at USD 13.27 billion in 2024, and is expected to reach USD 19.95 billion by 2029, growing at a CAGR of 8.5% during the forecast period (2024-2029).

With rapid cloud computing and video surveillance software developments, the city surveillance market has transformed compared to the previous decade. Also, growing concerns regarding public safety and security fuel the adoption of IP cameras and video management systems worldwide. Increased investment in smart city projects and reduced IP camera prices, coupled with technological advancements 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 surveillance industry.

• The growth of the city surveillance market is expected to be fueled by the introduction of new IP-based digital technologies to detect and prevent undesirable behaviors, such as shoplifting, thefts, vandalism, and terror attacks.
• The deployment of video analytics and video surveillance cameras to identify potential felons is expected to reduce the crime rate in various countries. Furthermore, this is expected to increase the demand for an integrated surveillance system.
• With the growing inclination toward advanced technologies, such as 5G, and the increasing need for tech-driven surveillance systems, leading IT service firm Atos entered the video analytics market by acquiring Ipsotek in April 2021. Ipsotek's VISuite provides multi-camera tracking capabilities and can be used across various use cases, including crowd management, smoke detection, intrusion detection, perimeter protection, number plate recognition, and traffic management.
• Various vendors in the market are increasingly focusing on accuracy. In case of failure, numerous vendors in the market have faced a backlash from consumers and government bodies due to technologies lagging in recognizing faces in certain scenarios. For instance, Amazon's facial recognition software 'Rekognition' has been accused of falsely identifying 28 members of the US Congress as people arrested for various crimes. These issues are expected to be a major restraint in adopting surveillance systems.
• The COVID-19 pandemic is moderately driving electronic security innovation for city infrastructure while at the same time highlighting pieces of technology that will be vital to maintaining broader business momentum in the immediate future. With the rise in the digitation of overall commercial operations globally due to the pandemic, the demand for electronic security systems in smart city surveillance is showing significant growth worldwide.