According to P&S Intelligence, the video analytics market is flourishing, and its value shows a tremendous increase from USD 10,074.3 million in 2023 to an estimated USD 42,747.3 million in 2030.
This significant expansion, at a 23.2% compound annual growth rate, is powered by many factors, which demonstrate the growing role of this technology in the current world.
Forces Driving the Expansion
The exponential growth of the video analytics industry is related to growing security worries and improvements in AI and ML technologies.
In addition, the utilization of the IoT, cloud computing, and the trend towards data analytics, cost reduction, and optimization are also aiding the industry expansion. Real-time video analytics in tracking activities and conducting behavioral assessments gives valuable feedback and alerts to customers.
Video Surveillance
Through video surveillance systems, the safety and security of public places, residential and commercial areas, and transportation venues are ensured. These systems have a wide variety of functions like higher resolution cameras, remote surveillance, night vision abilities, and wide-angle lenses, thus becoming useful and practical.
Facial Recognition
Facial recognition applications will grow at a 25% compound annual growth rate in the coming years. This technology is extensively adopted for user authentication. The working of this authentication is by matching live images with those stored in databases.
Besides security, companies can utilize facial recognition to recognize their customary consumers, offer them various incentives, and ultimately gratify their customers.
People/Crowd Management
Video analytics is largely used for people/crowd management applications, accounting for a share of 40% of the industry.
Analyzing videos assists businesses in understanding crowd dynamics as well as improving operations by providing insights into sectors such as healthcare, retail, events, and transportation.
Transportation & Logistics
The transportation and logistics industry is increasingly adopting video analytics, growing at a 23% compound annual growth rate. The transportation and logistics industry employs this technology in ships, airports, bus stops, train stations, and warehouses.
Video analytics enhance efficiency, security, and overall sight within transportation systems through their ability to capture and analyze data.
Regional Insights
North America is the main user of video analytics. Large investments in camera and ICT technologies along with an emphasis on IT security, boost video analytics acceptance in operational effectiveness, decision-making, and security improvements.
Whereas, the acceptance of video analytics is increasing at a fast rate in APAC. Government projects to develop smart cities and advanced surveillance plans for national security increase the adoption. Moreover, India, Japan, China, and South Korea provide promising opportunities, leading to substantial investments.
Future Prospects
The video analytics industry is poised to experience tremendous growth over the next few years thanks to the constant evolution and improvement of AI and ML technologies. Video analytics, along with the developing technologies, will remain a valuable tool for enhancing efficiency, security, and decision-making in different sectors.
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