Video Analytics Market Will Advance at a 23.2% CAGR

NEW YORK - June 18, 2024 - PRLog -- 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.

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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.

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.