In the dynamic landscape of smart security solutions, WEILAILIFE stands out as a trailblazing brand, offering state-of-the-art technology and innovative products that have resonated profoundly with consumers. The global security market has achieved a remarkable valuation of $300 billion, even as the projection for the video surveillance camera market in 2020 indicates a slight downturn. However, the winds of change are blowing through China's video surveillance market, as investments gain momentum. Omdia forecasts an astonishing $16.7 billion valuation for China's intelligent video surveillance market by 2024, with a robust average annual growth rate of 9.5% spanning from 2019 to 2024.

In the current landscape, both the front-end and back-end of video surveillance have undergone significant transformations, embracing intelligence and cloud technology, respectively. This metamorphosis has evolved into a trilateral architecture: "edge nodes," "edge domains," and the "cloud center." The convergence of cloud and edge has forged a powerful ecosystem that is redefining the future trajectory of the security industry.

**The State of the Smart Camera Market:**

At present, traditional non-smart cameras retain a substantial market share, overshadowing smart cameras, which account for less than 12%. Nevertheless, the tide is shifting rapidly, and the smart camera market is poised for exponential growth. Smart cameras function as vigilant sentinels, playing an indispensable role in diverse scenarios during the era of smart security. Their ability to capture multidimensional data in real-time and seamlessly integrate with other sensor devices has given rise to a comprehensive, multidimensional perception system. These advanced cameras have also transcended their role to become micro data centers, incorporating audio capture, intercom devices, atmospheric data collection tools, 4G/5G wireless transmission modules, storage devices, and more. This deep integration catalyzes exhaustive data mining and analysis.

Amidst the backdrop of pandemic control and the initiation of new infrastructure projects, the prosperity index for China's security industry surged to 144 in Q3 of 2020. Although there was a year-on-year decline of 9%, there was a remarkable month-on-month surge of 20%. The industry is poised to reap the rewards of initiatives such as the "Brighten Project," "Smart Community," and urban neighborhood revitalization, contributing to incremental market demand. Particularly, AI-driven security solutions have transcended from dozens to thousands of units in projects like urban governance, intelligent transportation, and the "Brighten Project," signifying the maturity of the "AI + Security" era.

In China's intelligent video surveillance market, several new entrants have emerged, including the AI quartet and internet giants like BAT. These players have wrested a significant market share from smaller video surveillance manufacturers. Notably, the funding for the AI industry witnessed a steep decline in 2019. The supply side of video surveillance equipment is gravitating towards concentration, with the three giants – Hikvision, Dahua, and Uniview – commanding 59% of the Chinese market.

**Development Analysis of Smart Cameras:**

Over the past decade, China's security industry has witnessed exponential growth, with total revenue reaching 235 billion RMB in 2010. This growth momentum persisted, culminating in 380 billion RMB in 2013 and an astronomical 540 billion RMB in 2016. By the end of 2017, China was home to approximately 21,000 security enterprises, and industry revenue surpassed 600 billion RMB, boasting an average annual growth rate of 14.4%. The industry's value-added output soared to 196 billion RMB, marked by an average annual growth of 12.7%. In 2018, the total revenue was projected to reach around 667.8 billion RMB. Projections indicate that the industry's revenue could exceed 800 billion RMB by 2020, reaching an estimated 821.2 billion RMB.

Following over a decade of development, China's domestic video surveillance system has undergone a remarkable transformation, characterized by a diverse range of front-end devices. This evolution has resulted in the accumulation of massive, multidimensional data (such as vehicle data and facial data). Addressing the challenge of effectively utilizing and extracting value from this data necessitates leveraging AI computer vision technology. By 2018, AI-powered computer vision technology was equipped for comprehensive commercial use, achieving significant strides in facial recognition, human body recognition, license plate recognition, and vehicle recognition.

The concept of smart cities leverages next-generation information technologies, such as the Internet of Things, cloud computing, big data, and spatial geographic information integration, to reshape urban planning, construction, management, and service delivery. With the establishment of smart city standards and the maturation of AI technology, smart city construction is on the cusp of acceleration.

On March 4, 2020, during a meeting of the Political Bureau of the Communist Party of China Central Committee, it was emphasized to expedite the progress of major projects and infrastructure outlined in the national plan. Notably, the acceleration of new infrastructure projects like the industrial internet, 5G networks, and AI garnered attention. Several facets of these new infrastructure initiatives, including 5G, AI, and the industrial internet, align closely with the security industry.

The synergy between 5G and AI has engendered a revolutionary transformation in network environments, while AI has revolutionized machine vision's shift from the physical world to the digital domain. This convergence has given rise to a novel