Market Overview
The video analytics market generated revenue of USD 10,074.3 million in 2023, which is expected to witness a CAGR of 23.2% during 2024–2030, reaching USD 42,747.3 million by 2030. This is attributed to growing security problems, increasingly sophisticated AI and Machine learning technologies, intelligence business, integration, Internet of things, and cloud computing, cost reduction, and effectiveness. In addition to the increasing video analysis technology is now a popular approach to detecting real-time activities and behavior of customers. Thus, the customer is provided with insights and alerts.
Video surveillance systems are known to be in demand as they not only protect but also monitor different facilities such as transportation points, public spaces, and commercial and residential areas. Such systems provide various functionalities like broad lenses, high-definition cameras, night imaging capabilities, and remote monitoring.
The number plates of vehicles or faces of criminals can be detected by this technology which is important in various processes such as preventing crimes, identifying the criminals, and providing awareness of the situation and general security. Currently, organizations are in search of add-on features to handle security issues adequately which may include people tracking, face recognition, and even investigation. High-level video surveillance architecture supplies the remote due of cameras for the client from any place for observation.
Key Insights
- The facial recognition category, is projected to grow at a CAGR of 25%, over the projection period.
- This growth can be credited to the fact that Facial recognition is extensively used for recognizing users by comparing live images with those stored in the database.
- To the customers, facial recognition is one of the features used to identify loyal consumers who are then given special treatment on subsequent visits through a higher level of customer satisfaction.
- On the other hand, surveillance in retail can identify any unethical activities within stores which eventually leads to improved productivity and performance monitoring without the need of employing more personnel.
- Many sectors such as healthcare, banking, finance, and government municipalities have adopted facial recognition technology for secure access and authentication procedures. It also ensures the safe and appropriate use of the stolen personnel ID cards.
- In 2023, the people and crowd management category led the industry, with a share of 40%.
- This is because analyzing videos can offer insights for several sectors, like retail, transportation, and healthcare, on the number of people in a specific area.
- During the projection period, the transportation and logistics market is projected to witness a CAGR of 23%.
- Video analytics is extensively utilized in transport, such as ships, airports, trains, bus terminals, and warehouses.
- It mechanizes goods loading/unloading, advancing productivity and lower costs.
- In transportation, it aids in traffic management, road safety, traffic planning, and identifying bottlenecks.
- It plays a crucial role in predictive maintenance by analyzing data from transportation assets to predict equipment failures and maintenance needs.
- North America dominates the market (45% share in 2023) due to investments in ICT, camera technologies, IT security, and the adoption of AI and machine learning.
- APAC will have the biggest growth of 28% from 2024 to 2030 due to the increasingly smart cities, advanced surveillance for national security, and strong GDP growth in these economies of India, Japan, China, and South Korea.
- The United States' approach is open to security camera systems that match regulatory standards, which leads to the widespread use of video analytics.
SOURCE: P&S Intelligence
Comments