Developing ML and AI Technologies Boosts Video Analytics Market
- Isabella Turner
- Apr 16, 2024
- 2 min read
The video analytics market was valued at USD 10,074.3 million in 2023, and it will increase to USD 42,747.3 million, advancing at a 23.2% compound annual growth rate, by 2030.
The growth of the industry can be mainly because of the increasing security concerns, coupled with the constantly developing machine learning and artificial intelligence technologies.
Moreover, the industry is also driven by the increasing need for incorporation with IoT & cloud computing, business intelligence, efficiency, and cost reduction. The acceptance of video analytics is also rising to track real-time activities as well as behavior, which assists consumers with alerts and insights.
There is an increasing need for video surveillance systems as they monitor and protect different settings, including public spaces, residential & commercial areas, and transportation hubs. These systems provide many functionalities, including high-definition cameras, wide-angle lenses, remote monitoring, and night vision abilities.
The facial recognition category, on the basis of application, is likely to advance at a 25% compound annual growth rate in the years to come. Facial recognition is extensively employed for detecting users by matching live images with those gathered in the database.
In addition, by employing this application, loyal customers are detected and offered special priority in their next visits, which leads to greater satisfaction for consumers. Moreover, the people/crowd management category accounted for the largest video analytics market share in 2023, of 40%. This can be because examining videos can offer an understanding of various sectors, including retail, transportation, healthcare, and events, on the number of individuals in a particular area.
The transportation and logistics category, based on vertical, will advance at a 23% CAGR in the years to come. This industry employs video analytics in airports, ships, bus stops & bus terminals, warehouses, and trains and train stations.
North America was the largest contributor to the industry in 2023, with a 45% share. This can be because of high funding in ICT & camera technologies as well as a greater emphasis on IT security. Various organizations utilize video analytics to enhance decision-making processes, operational efficiency, and safety.
APAC will advance at the fastest rate, of 28%, in the years to come. This can be because of the smart city projects supported by governments and the introduction of innovative surveillance projects for national security.
Additionally, various nations in APAC are undergoing robust economic development, including Japan, India, South Korea, and China. Thus, the region provides positive opportunities as well as attracts high investments.
With the continuous development of machine learning as well as artificial intelligence technology, the video analytics industry will continue to advance significantly in the years to come.
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