Software-Defined Camera market is expected to grow at a CAGR of around 14% during the forecast period 2021-2031. A software-defined camera works on the continuous development and evolution of artificial intelligence (AI) algorithms.
In addition, manufacturers of software-defined cameras are trying to create a wide variety of security scenarios such as face checkpoint, situation awareness, vehicle checkpoints, and intelligent transportation surveillance (ITS).
Software-defined cameras with open-ended platforms provide integration capabilities to deploy AI in different security scenarios. Moreover, these cameras consists of various features such as wired and wireless network transmission, HD video capture, intelligent Big Data analytics, and intelligent cloud storage.
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What is Driving Demand for Software-Defined Cameras?
With increasing competition and advancement in technologies in the market, vendors are trying new product enhancements to gain competitive advantage. Increasing strictness in traffic rules, rise in the incidences of criminal activities, and rapid growth in population are also estimated to boost the demand for software-defined cameras during the forecast period.
Furthermore, cloud-based technologies and big data offer an open video surveillance platform. Advancements in technologies, such as Internet of Things (IoT), machine learning, and artificial intelligence, are estimated to create lucrative growth opportunities for software-defined camera over the coming years.
Also, theft issues and increasing concerns about security are some of the major factors driving the sales of software-defined cameras on a global level.
AI Video Analytics Leveraging Deep Learning to Business Intelligence
Artificial intelligence, with its two popular components, deep learning and machine learning, is already driving innovation by offering improved data and business intelligence. When used in video surveillance, deep learning could speed up investigations by allowing rule-based alerts based on behavior or particular objects, and search and filter based on specific criteria.
Significant achievements have been seen in improving accuracy, increasing the granularity, and diversifying metadata, that would enable surveillance systems to ensure better security. It is believed among top market players that the Covid-19 pandemic has accelerated a trend that was already happening, and more and more security related video analytics applications are being developed.
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India Software-Defined Camera Sales Forecast
Owing to rising communal violence, crime rate, and terrorism related activities, the software-defined camera sales in India has observed a remarkable growth. In addition to the increasing demand in government projects and industrial development, software-defined cameras are also being heavily installed in residences, transportation sector, and commercial establishments.
Also, ongoing government projects such as educational reforms, smart cities, and citywide surveillance have further fueled the demand for highly impactful software-defined cameras.
Further, several state governments across the country have ordered the installation of surveillance solutions at quarantine centers and public places to help keep the track of COVID-19 guidelines being followed. This has majorly impacted the demand for software-defined camera within the country in a positive way.
North America Demand Outlook for Software-Defined Camera
The software-defined camera market in North America is projected to offer the most lucrative opportunity for revenue generation over the forecast period, owing to the increasing investments for the security & surveillance, and growing demand for IP/network based CCTV systems.
Organizations in this region are experiencing increase in security information monitoring (SIM) and security event monitoring (SEM) to improve alerting mechanisms or to manually identify security incidents.
Additionally, shift towards software-defined cameras from traditional standard cameras and rising demand for installment projects in North America is expected to augment the software-defined camera demand outlook in the region during the period under review.
Furthermore, increasing need for asset management and growing adoption of automated technologies are anticipated to drive the demand for software-defined cameras in the near future.
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Who are the Key Software-Defined Camera Manufacturers?
Some of the leading manufacturers of software-defined cameras include
The above-mentioned players rely on various expansion strategies to make its presence across lucrative markets. These strategies include collaborations with key players, product launches, acquisitions, partnerships and enhancement of distribution networks at regional and global levels.
For instance, in October 2019, Bosch and Convergint collaborated with an aim to introduce cities and municipalities with advanced video analytics technology, in order to integrate intelligence with their infrastructure. The technology exists in Bosch’s IP cameras to enable intelligent devices for smart parking solutions and smooth traffic flows.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
