Video Analytics Market predicted to reach USD 37.72 billion by 2030 with a CAGR of 21.2%

The Video Analytics Market size was valued at USD 4.55 billion in 2019, and is projected to reach USD 37.72 billion by 2030, growing at a CAGR of 21.2% from 2020 to 2030.

Video analytics is used to process large amount of digital video signals with special algorithm to perform various security-related functions. It is widely used across airports, manufacturing plants, government & public sector institutions and others for processing large amount of data generated through video surveillance. Video analytics is crucial for analyzing threats by recognizing, mitigating, and monitoring intruders.

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Top Companies: AllGoVision Technologies Pvt. Ltd, Aventura Technologies, Inc., Axis Communications AB, Cisco Systems, Inc., Honeywell International, Inc., IBM Corporation, Intellivision, PureTech Systems, Inc., Verint Systems, Inc., and Quognify.

Market Dynamics and Trends:

There are various incidences that can be easily identified though video analytics, for example, if someone is loitering in a specified zone, recognize an abandoned briefcase or duffel bag, among others. Also, through motion detection and facial recognition, video analytics solutions can capture and identify various types of content including identification and counting of vehicle, crowd, traffic, queue, and dwell time in shopping aisles, among others. These advantages significantly help reduce the crime rates by providing timely alerts about suspicious or unusual activities, which has led to a rapid growth in the video analytics market globally. Moreover, growing concerns over safety & security, and need to obtain actionable insights from vast amount of video data generated from several video sources are the factors that boost the video analytics market growth during the forecast period.

However, lack of necessary database infrastructure and latent security threats impedes the global video analytics market growth to some extent. On the contrary, expansion of IT based industries and adoption of innovative technologies along with various strategies adopted by market players will create ample opportunities for the market to flourish in the coming years.
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Market Segmentations and Scope of the Study:

The global video analytics market is segmented based on component, deployment, organization size, application, and region. By component, the market is classified into software and services. By deployment, the market is categorized into on-premise and cloud. By organization size, the market is bifurcated into large enterprises and small & medium enterprises. By application, the market is divided into retail, healthcare, BFSI, transportation & logistics, government, manufacturing, mining, and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis:

North America holds the lion share in the global video analytics market. This is due to the presence of key players and the strategies adopted by them in order to uplift their businesses. Also, significant investment by the major players as well as by the governments for advancement of smart technologies is contributing to the market growth in this region.

On the other hand, Asia Pacific is anticipated to witness steady growth in the video analytics market due to the presence of emerging economies and expanding population. Video analytics plays a crucial role in ensuring the safety and security of this growing population and provides better crowd management in public gatherings.

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