A new report predicts that the mobile video surveillance market will grow from $2.4 billion in 2022 to $3.6 billion by 2027, at a compound annual growth rate (CAGR) of 8.7% during the forecast period.
The report, produced by ResearchAndMarkets, explains that mobile security cameras help to ensure security on buses and railways. improving customer experience for visitors and passengers.
Equipped with visual management solutions (VMS), mobile cameras integrated with artificial intelligence (AI)-based software can help to better plan and manage captured video data in real-time. Mobile cameras with video analytics can also interpret data from videos without human supervision.
The US plays a vital role in the growth of the mobile video surveillance market as it is the most advanced in the technological market, according to the report. Currently, internet protocol (IP) surveillance systems are leading the market in the US due to the increasing criminal activities and border trespassing, which, in turn, has resulted in the high adoption of intelligent systems.
The mobile video surveillance market in the US is also expected to grow consistently. Smart transportation deployments in the country, such as automated speed camera enforcement and automatic toll collection systems, will increase the demand for mobile video surveillance solutions and services, such as license plate recognition and vehicle speed detection cameras, fueling the market size and growth.
The report says that drivers of the market include an increase in hardware capabilities of mobile video cameras, a rise in use of software analytics and AI and the low cost of investment with VSaaS in mobile video surveillance.
However, challenges listed by the report for this market are the requirement for high-capacity storage systems and high bandwidth for mobile video surveillance as well as different interoperability standards between mobile cameras from different manufacturers.