The global video analytics market is at crossroads of boisterous growth and maturity. Technologies based on artificial intelligence, cloud, and IoT have become an integral part of the digital ecosystem. There is growing relevance of video analytics in important sectors such as crime investigation, resource allocation and management, and manufacturing. The use of AI algorithms used to analyse, decode, and investigate events recorded in a video clip have become an important application for investigation authorities. Besides, the unprecedented rate of installation for surveillance cameras or CCTVs has also created a plethora of opportunities for growth within the global video analytics market.
- The domain of physical security has attracted the attention of multinational companies, residential centers, and commercial houses. Installation of CCTVs and video analytic tools comes under the ambit of physical security procedures. Therefore, the need to industrial, commercial, and residential premises from unauthorised entry and exit has given an impetus to the growth of the global video analytics market.
- Availability of high-end technologies for studying and analysing video snippets has also played to the advantage of the market stakeholders. The integral focus laid on creating a net of security around restricted premises, especially in the industrial sector, has aided market growth.
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- Data centers have emerged as notable consumers in the global video analytics market. These data centers have dedicated spaces for storing high-end physical equipment. The need to prevent unauthorised access to these control rooms has driven demand for video analytics across data centers.
- In addition to this, the industrial sector has shown immense dexterity in adopting new technologies and systems. The importance of analysing video footages in crime bureaus has also emerged as an important dynamic of market growth. The total volume of revenues within the global video analytics market is set to multiply in the times to follow.
Global Video Analytics Market: Snapshot
Video analytics solutions and equipment provides real-time and post-event results through data analysis. The use of these solutions helps in increasing the security and efficiency of businesses and reduces workforce costs. Video analytics is widely deployed in urban security and public safety, transportation and logistics, retail, healthcare, defense and border security, commercial, residential, and industrial, and other settings. Moreover, increasing security concerns in commercial premises and retail outlets have grown the demand for video analytics that will help in monitoring and understanding the environment around the premises.
Manufacturers providing video analytics solutions and equipment are focusing on providing technologically advanced products to its customers with greater reliability, better work, and increased precision. Therefore, the aforementioned factors have grown the demand for video analytics in various end-use industries. In addition to that, the retail industry is making constant efforts to minimize crime and decrease losses by developing a safer environment for its customers and staff.
The global video analytics market is expected to rise at 20.6% of CAGR during the forecast period between 2015 and 2023. The market is projected to reach a valuation of US$9.15 bn by 2023 progressing from US$1.7 bn in 2014.