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According to the latest market research study published by P&S Intelligence, the global video analytics market is poised for significant growth, with an estimated revenue of USD 10,074.3 million in 2023, projected to reach USD 42,747.3 million by 2030, reflecting a robust CAGR of 23.2%. This growth is driven by increasing security concerns and advancements in technologies such as artificial intelligence (AI), machine learning (ML), and the integration of Internet of Things (IoT) and cloud computing solutions. The rising demand for real-time activity monitoring, incident detection, and enhanced security solutions are pivotal drivers of this market expansion.

Governments worldwide are emphasizing robust surveillance mechanisms, contributing to the market's surge. Additionally, industries are seeking more intelligent video surveillance systems to improve efficiency, reduce costs, and enhance security. These systems offer advanced features such as object tracking, facial recognition, and incident detection, thus boosting adoption across various sectors, including transportation, healthcare, and retail.

Key Insights

• The market is primarily segmented by offering (software, services), application (incident detection, facial recognition, crowd management), deployment (cloud, on-premises), and verticals (BFSI, manufacturing, transportation, healthcare, retail).
• Facial recognition technology is one of the fastest-growing applications, projected to grow at a CAGR of 25% from 2024 to 2030, driven by its adoption across diverse sectors such as healthcare, retail, and government.
• People and crowd management is a dominant application, comprising 40% of the market share in 2023, widely used in retail, transportation, and public events to manage crowds and enhance safety.
• The transportation and logistics sector is experiencing rapid growth, with a CAGR of 23%, owing to the increasing application of video analytics in monitoring traffic, enhancing road safety, and automating goods handling processes.
• The integration of video analytics with IoT is revolutionizing traffic management and operational efficiency, especially in smart cities and urban infrastructure.
• North America leads the video analytics market with a 45% share, driven by heavy investments in camera technologies, AI, and ML solutions.
• Key players in the market are leveraging AI and ML for real-time insights, predictive analytics, and efficient decision-making processes, enhancing video surveillance systems' effectiveness.
• The adoption of video analytics for predictive maintenance in transportation and logistics is helping improve inventory management, reduce downtime, and ensure efficient supply chain operations.
• Regulatory requirements in industries such as BFSI and healthcare are also driving the demand for advanced surveillance solutions to comply with security standards.
• The increasing use of cloud-based video analytics solutions is expected to fuel market growth, as organizations seek more scalable and cost-effective surveillance options.
• Growing concerns about public safety and crime prevention are further boosting the demand for video surveillance systems equipped with advanced analytics capabilities.

This comprehensive market analysis highlights the vast opportunities in the video analytics industry, emphasizing its transformative role in security, efficiency, and real-time decision-making across various sectors.