Video Analytics Market Size Worth USD 35.6 Billion; 23% CAGR, Exclusive Report by Strategic Market Research

BROADWAY SUITE, NEW YORK, UNITED STATES, January 12, 2023, According to Strategic Market Research, the Global Video Analytics Market Size is anticipated to reach USD 35.6 Billion by 2030, growing at a CAGR of 23% during the forecast period of 2022-2030. Rising Trends of Smart Cities, Application in Critical Infrastructure and Video Surveillance to drive the industry growth.

The Global Video Analytics Market in 2020 was USD 4.5 billion and will reach USD 35.6 billion by 2030, growing at a 23% CAGR. The increasing use of video analytics in monitoring across a variety of end-use industries, including banking, financial services, and insurance, healthcare, education, retail, transportation, and manufacturing, is one of the main drivers of the video analytics market. The accuracy and effectiveness of video analytics have also improved as a result of technological advancements in deep learning, artificial intelligence, and edge computing, which have increased demand for this industry.

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The Video Analytics Market Insights:
• By component, software segment will contribute for the highest market share in 2022.
• On the basis of application, people/crowd counting segment will hold the largest market share in 2022.
• In terms of verticals, the BFSI segment will hold the largest market share in 2022.
• North America led the regional market with the highest market share.

Factors influencing the Video Analytics Market growth:
Factors like growing safety and security concerns and rising use in service sectors are fostering market expansion.

• CCTV software and cutting-edge AI algorithms combined with the enormous processing capacity of modern systems have made video analytics possible, which allows for real-time event detection, post event analysis, and the breakdown of the visual data stream from network cameras. The use of such technology has made it possible to respond more quickly to urgent situations and crimes without relying on ongoing human supervision. It has increased the need for video analytics, machine learning, and AI. This is eventually boosting the market growth of video analytics.

• Retail, finance, healthcare, and other service industries benefit from video analytics to increase productivity. Retailers track consumer experience, visit duration, and shoplifting, among other things. Healthcare providers use video analytics to ensure the safety of personnel, patients, doctors, and visitors. Similarly, the banking sector uses video analytics for safety and quick fraud detection. Global demand for video analytics has increased as a result of the extensive use of digital technology.

Segmentation Analysis of Video Analytics Market

The market segmentation of video analytics is done on the basis of component, application, vertical, and region.

By Component
• Service
• Software

By Vertical/Industry
• BFSI
• City Surveillance
• Hospitality and Entertainment
• Education
• Manufacturing
• Retail
• Critical Infrastructure
• Défense and Border Security
• Traffic Management
• Transportation and Logistics
• Others

By Application
• Facial Recognition
• Traffic Monitoring
• Incident Detection
• Intrusion Management
• People/Crowd Counting
• Automatic Number Plate Recognition
• Others

By Region
North America
• The U.S.A.
• Canada
• Rest of North America

Europe
• Germany
• Spain
• United Kingdom
• France
• Italy
• Rest of Europe

Asia-Pacific
• India
• Australia and New Zealand
• China
• South Korea
• Japan
• Rest of Asia-Pacific

MEA
• Qatar
• Saudi Arabia
• South Africa
• UAE
• Rest of MEA

Latin America
• Mexico
• Brazil
• Rest of Latin America

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By component, software segment will contribute for the highest market share in 2022. Organizations can use video analytics software to collect, process, and use insightfully studied information to make business choices. It has also reduced the requirement for manual interference and ongoing human monitoring. Real-time notifications for emergencies are also provided by video analytics software.

On the basis of application, people/crowd counting segment will hold the largest market share in 2022. End-use industries like healthcare, education, BFSI, retail, and governments have broadly accepted video analytics for population counts during the COVID-19 epidemic. It aids these industries in preserving social distance, protecting property, and keeping an eye on crowd volume at their locations.

In terms of verticals, the BFSI segment will hold the largest market share in 2022. For surveillance and security of banks, surveillance of locations, face and mask identification, and observation of customer behaviour inside banks, the BFSI sector has utilized video analytics.

North America led the regional market with the highest market share. The need for video surveillance is rapidly increasing as a result of its use in a wide range of applications, including retail, defence, and the BFSI industry, which is projected to drive market expansion. Additionally, technological advancements in the area are accelerating the market expansion for video analytics. Major companies in North America are concentrating on new technical advancements to support the expansion of the video analytics market in the area.

Video Analytics Market key players :
• Allgovision Technologies PVT. L.T.D.
• Aventura Technologies, I.N.C.
• Axis Communications AB
• Puretech Systems INC.
• Qognify
• Verint Systems INC.
• Cisco Systems, I.N.C.
• Honeywell International INC.
• Intellivision Technologies CORP.
• International Business Machines Corporation

To read the summary of the report, visit the website at
https://www.strategicmarketresearch.com/market-report/video-analytics-market

Recent Developments
• On January 2023, Pixellot, an AI-powered sports production firm, collaborated with Playermaker, a sports technology startup, to develop a video platform that enables teams and coaches to analyze every element of their players' activities.

• On December 2022, Staqu, India's top AI implementation enabler, implemented JARVIS Video Analytics at WeWork India, broadening the possibilities for integrating smart, advanced, and revolutionary technologies. This latest step will assist WeWork India in identifying precise heat maps in all shared sections of their facility, resulting in higher use.

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This release was published on openPR.