Video Analytics Market, Projecting a Whopping $19.3 Billion by 2029 at a CAGR of 21.0%

Redding California, February 13, 2024 - Meticulous Research®, a globally recognized market research company, recently unveiled its groundbreaking research report, 'Video Analytics Market,' shedding light on the unprecedented growth prospects of this dynamic industry. The study anticipates the video analytics market to reach an impressive $19.3 billion by 2029, with an impressive Compound Annual Growth Rate (CAGR) of 21.0% during the forecast period 2022-2029.

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Global Embrace of Video Analytics Amid the Pandemic
The COVID-19 pandemic has propelled the global demand for video analytics as enterprises and government organizations increasingly perceive it as a critical solution for monitoring public spaces. Video analytics software plays a pivotal role in face recognition to enforce mandatory face mask usage, implement social distancing measures, monitor traffic, and identify hotspots for congestion. These capabilities assist authorities in reducing overcrowding and enhancing safe movement in public places.

Key Factors Driving Market Growth
The video analytics market's robust growth is attributed to escalating security and surveillance concerns across diverse industries such as healthcare, manufacturing, education, and retail. Moreover, the global surge in smart city initiatives is expected to further fuel the demand for video analytics in the coming years.

Technological Advancements Propelling Efficiency
The integration of deep learning and artificial intelligence with edge computing cameras, coupled with AI-optimized surveillance, has significantly enhanced video analytics efficiency. This integration reduces data access delays, addresses bandwidth issues, ensures compliance with data regulations, and accelerates response times for analysis.

Top trending Blog: https://meticulousblog.org/top-10-companies-in-video-analytics-market/

Comprehensive Market Segmentation
To facilitate in-depth analysis, Meticulous Research® has meticulously segmented the video analytics market based on component (software and services), deployment mode (cloud and on-premise), application (facial recognition, intrusion & access control, object & pattern detection, people counting, crowding & flow management, automatic number plate recognition (ANPR) system, video telematics, and vehicle counting), end-use industry (BFSI, education, aerospace & defense, healthcare, manufacturing, retail, automotive, transportation & logistics, government, agriculture, and others), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).

Key Market Insights:
• Software segment estimated to dominate the market in 2022, driven by increasing adoption across various industries.

• Cloud-based deployment projected to account for the largest market share in 2022, attributed to the flexibility and scalability offered by cloud systems.

• People counting application segment expected to lead in 2022, particularly due to widespread adoption during the COVID-19 pandemic.

• BFSI anticipated to be the largest end-use industry in 2022, with healthcare expected to witness the fastest growth during the forecast period.

Regional Dominance and Growth Prospects
North America is poised to lead the market in 2022, driven by increased video analytics adoption across various industries. However, the Asia-Pacific region is expected to experience the fastest-growing CAGR during the forecast period, driven by the rapid adoption of emerging technologies in planned smart city projects.

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Key Players Shaping the Market

Major players influencing the global video analytics market include AllGoVision Technologies Pvt. Ltd., Axis Communications AB, Cisco Systems, Inc., Honeywell International, Inc., IBM Corporation, IntelliVision, Verint Systems, Inc., Huawei Technologies Co., Ltd., Gorilla Technology Group, i2v Systems Pvt. Ltd., ADT, Inc., Agent Video Intelligence Ltd., IntuVision, Avigilon Corporation, Stanley Convergent Security Solutions, Eagle Eye Networks, and Milestone Systems A/S, among others.

Mr. Khushal Bombe
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This release was published on openPR.