Video Analytics Market to Reach USD 38 Billion by 2030, Growing at a 21% CAGR
The global Video Analytics Market, is projected to reach USD 38 billion growing at a compound annual growth rate CAGR of 21% by 2030, according to a new research report by Next Move Strategy Consulting.
See What You’re Missing – Download a FREE Sample Now!
Video analytics technology involves the processing of large volumes of digital video signals using specialized algorithms, enabling the automation of security-related functions. The technology has proven essential for detecting various events, such as traffic and queue monitoring, vehicle and crowd counting, and analyzing dwell time in shopping aisles. Features like motion detection, facial recognition, and heatmaps contribute to the growing adoption of video analytics solutions in several sectors.
The increasing demand for video surveillance in airports, manufacturing facilities, government and public sector institutions, and other industries is driving the growth of the video analytics market. These sectors require video analytics to process the large amounts of data generated by surveillance systems. However, challenges like the lack of necessary database infrastructure and latent security risks have impeded the global market to some extent.
Market Segmentation and Trends:
The video analytics market is segmented based on components (software and services), deployment (on-premise and cloud), organization size (large enterprises and small & medium enterprises), and application (retail, healthcare, BFSI, transportation & logistics, government, manufacturing, mining, and others).
Geographical Analysis:
Geographically, North America dominates the global video analytics market, with key players and innovative strategies driving the region’s growth. However, the Asia Pacific region is also expected to see steady growth due to emerging economies, expanding populations, and increased demand for public safety and crowd management. Video analytics plays a vital role in ensuring the security of rapidly growing populations, especially in public gatherings and crowded places.
Conclusion:
The global video analytics market is set to experience remarkable growth, driven by the increasing adoption of video surveillance technology across industries and sectors. With advancements in motion detection, facial recognition, and heatmap technologies, video analytics will continue to revolutionize how organizations manage and process security data. The expected market growth from USD 4.55 billion in 2019 to USD 37.72 billion by 2030 highlights the immense potential of this technology. While challenges such as infrastructure limitations and security concerns exist, the growing need for enhanced security solutions in both developed and emerging markets presents significant opportunities for further market expansion.