Video Analytics Market Size to Surpass USD 37.55 billion by 2030, exhibiting a CAGR of 23.9%
Fortune Business Insights
Updated 4 min read
Fortune Business Insights
As per the report by Fortune Business Insights, the global Video Analytics Market Size is projected to reach USD 37.55 billion by 2030, at a CAGR of 23.9% during the forecast period.
Pune,India, June 20, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Video Analytics Market Size was valued at USD 6.86 billion in 2022 and is projected to grow from USD 8.27 billion in 2023 to USD 37.55 billion by 2030, exhibiting a CAGR of 23.9% during the forecast period.
Video analytics reads video signals with the help of an algorithm to enhance the security of areas that are prone to frequent attacks. This software is witnessing a robust rise in its deployment due to its ability to detect real-time actions and behaviors, offering customers useful insights and alerts. Additionally, rising concerns regarding security will boost the video analytics market growth.
Industry Development-
April 2023: Lumeo launched the Universal AI Bridge, allowing solution providers, integrators, and businesses to integrate diverse cloud-based, AI-powered analytics into their existing IP cameras and NVRS.
Video Analytics Market is expected to flourish & reach USD 37.55 Billion in 2030
Organizations may now access additional high-resolution cameras with accurate and sophisticated video analysis thanks to the rising availability of 4K and 8K cameras.
Smuggling, asset theft, cargo damage, and terrorist acts place shipping ports at risk for damage to their reputation.
Applications for Crowd Management Will Frequently Use Video Analytics to Ensure Security
Video Analytics Market Size in North America was USD 2.54 Billion 2022
Discover the Leading Players Featured in the Report-
“Cisco Systems, Inc. (U.S.), Avigilon Corporation (Motorola Solutions, Inc.) (U.S.), Honeywell International Inc. (U.S.), Huawei Technologies Co Ltd. (China), Qualcomm Technologies, Inc. (U.S.), Claro Enterprise Solutions (U.S.), IBM Corporation (U.S.), Canon Inc. (Japan), Robert Bosch GmbH (Germany), Irisity AB (Sweden), Genetec Inc. (Canada), AllGoVision Technologies Pvt Ltd. (India), IntuVision Inc. (U.S.)”
Rising Demand for Real-Time Detection of Events to Boost Market Forecast
Analytics-based video software can analyze live as well as recorded video footage to identify, classify, and track behavior patterns and predefined objects, which can be a vital driving factor for the market. Many government, public, and private organizations are using real-time video analytics solutions to monitor large-scale events in real time and improve security. This factor will help the market grow.
However, rising cyberattacks and a lack of vital database infrastructure can impede the market’s progress.
Leading Segments Covered in this Report-
By Application
Crowd Management
Facial Recognition
License Plate Recognition
Motion Detection
Intrusion Detection
Others (Traffic monitoring, Item Detection, People Tracking)
By Deployment
On-premise
Cloud
By Enterprise Type
Large Enterprises
Small and Medium Enterprises (SMEs)
By Industry
BFSI
Government (Smart Cities, Law Enforcement)
Critical Infrastructure
Education
Retail
Travel and Transportation
Healthcare
Others (Mining, others)
Regional Insights:
North America to Witness Rise in Product Adoption Due to Presence of Key Market Players
North America is expected to capture the largest market share in the future as the region has a notable presence of top market players. These companies are introducing several innovative technologies to boost the performance of their video analytics solutions.
Asia Pacific is also expected to register a notable growth rate during the forecast period due to the growing construction of smart cities and the development of advanced surveillance projects for national security.
Key Market Players to Create Innovative Analytics Solutions to Fortify Their Market Position
Some of the major companies in this market include Robert Bosch GmbH, IBM Corporation, Honeywell International Inc., and Axis Communication AB. They are trying to create intelligent video content analytics services with the help of Machine Learning (ML), Artificial Intelligence (AI), and cloud technologies.
FAQs
How big is the Video Analytics Market?
Video Analytics Market size was USD 6.86 Billion in 2022. It is expected to reach USD 37.55 Billion by 2030.
How fast is the Video Analytics Market growing?
The Video Analytics Market will exhibit a CAGR of 23.9% during the forecast period, 2023-2030
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