South Korea AI CCTV Market is expected to reach USD 3067.3 million by 2030

The rising government initiatives is driving the growth of the South Korea AI CCTV market.

The South Korea AI CCTV Market is valued at USD 771.7 million in 2023, and is expected to reach USD 3067.3 million by 2030, with a CAGR 19.9% of from 2024 to 2030, according to new research report by Next Move Strategy Consulting.

The growth of the AI CCTV market is attributed to the upsurge in governmental initiatives focused on technological advancements, including artificial intelligence, machine learning, and blockchain.

These initiatives aim to bolster the effectiveness of surveillance systems by incorporating cutting-edge technologies to address emerging security challenges.

For instance, the Seoul Metropolitan Government's announcement in January 2022 to allocate USD 287 million towards various projects underscores a commitment to spearheading digital transformation post-COVID-19.

Crucially, these projects prioritize the utilization of AI-powered CCTV systems and the development of blockchain-based services, signaling a strategic investment in harnessing advanced technologies to fortify security measures and enhance urban infrastructure.

Therefore, the integration of AI, ML, and blockchain into CCTV systems represents a significant stride towards bolstering security measures and ushering in a new era of smart and secure cities.

Additionally, the AI CCTV market is propelled by the announcement made by the Seoul Metropolitan Government in December 2023 regarding plans to deploy AI-based surveillance cameras, representing another significant catalyst.

This initiative is part of a concerted effort to address random attacks and criminal activities within the capital city. As per the city administration's directive, all CCTV units situated across Seoul, including those in parks and hiking trails, will be outfitted with AI technology to autonomously identify potential suspects and instances of assault.

This integration empowers the surveillance infrastructure to autonomously detect and respond to potential suspects and incidents of assault, significantly enhancing public safety and security across various urban landscapes.

This proactive approach underscores the transformative potential of AI-based surveillance in mitigating security threats and safeguarding citizens, thereby driving the demand for advanced AI-driven CCTV solutions in urban environments worldwide.

However, the significant costs associated with deploying AI-powered CCTV systems present a notable obstacle to market expansion. The integration of advanced surveillance technology demands substantial upfront investments, including the incorporation of complex AI algorithms, high-resolution cameras, and essential hardware infrastructure.

This financial barrier poses a challenge, particularly for small and medium-sized enterprises (SMEs), which may find it economically burdensome to invest in cutting-edge solutions. The cost factor limits the widespread adoption of AI CCTV systems, thereby hindering their accessibility to a broader market segment.

On the other hand, the forthcoming trajectory of AI in the CCTV sector is focused on predictive maintenance and performance enhancement.

By utilizing AI algorithms, surveillance cameras, storage systems, and network infrastructure can undergo ongoing real-time monitoring to assess their operational status.

Through the proactive detection of potential issues, organizations can enact preemptive measures to address maintenance requirements, consequently minimizing downtime and establishing a more dependable and efficient surveillance network.

This proactive maintenance approach not only leads to cost reductions but also augments the overall performance and lifespan of the CCTV infrastructure, providing a compelling avenue for industry progress.

Request for a sample here: https://www.nextmsc.com/south-korea-ai-cctv-market/request-sample

According to the report, the leading players operating in the market are Hangzhou Hikvision Digital Technology Co., Ltd., Zhejiang Dahua Technology Co., Ltd., Axis Communications AB, Motorola Solutions, Inc., Hanwha Vision Co., Ltd., Tiandy Technologies, Zhejiang Uniview Technologies Co., Ltd., IDIS Ltd., Arlo Technologies, Inc., Vivotek Inc. and others.

Key Insights from the South Korea AI CCTV Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the South Korea AI CCTV market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The market share of key players in the South Korea AI CCTV market along with their competitive analysis are provided in the report.

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