With the emergence and long-term Impact of COVID-19, Global Video analytics Market to reach USD 38.18 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Video analytics Market is poised to raise up to USD 38.18 Billion by 2030. Video Analytics is the study of analyzing video graphics data through various software and other technologies to draft useful insights, information by analyzing patterns, understanding trends over time from the video content. This includes examining data collected from surveillance footage, consumer-generated content to recognize the object, people, and events for tracking their movement. It includes various industries such as security, retail, transport & logistics, healthcare, and so on. Video analytics help these industries to process large data in real-time with the help of specialized software and technologies. The significance of video analytics is gaining traction among both medium and large-scale organizations operating on the global scenario. Video analytics is precisely a computerized processing & automatic analysis of the video graphic content generated and monitored during video surveillance. In the present scenario, a high amount of data is generated on a routine basis through video surveillance in residential spaces, commercial industries and city surveillance which calls for the demand and utility of video analytics. Video analytics are primarily being deployed as it benefits in reducing crime rates & safeguarding public & private areas along with it also acts as an evidence. The Global Video Analytics Market is expanding owing to growing factors such as government spending on public safety, consumer’s demand for their security.
Geographically, the Global Video analytics market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific is projected to dominate the market with the highest CAGR in the video analytics market owing to the factors such as the rising population of India and China, the development of smart cities project, and so on. North American region is expected to be fastest growing region owing to the factors like continuous infrastructural development and government spending on public security also in terms of fast adaptation of advanced technology. The North American region is expected to grow aiming at the factors such as technological advancement, social security, and so on, which will lead to the expansion of the global video analytics market.
The Global Video analytics market is highly competitive owing to the presence of several key manufacturers such as Avigilon Corporation (Subsidiary of Motorola Solutions Company), Axis Communications Video Surveillance Company, Cisco Systems Inc., Honeywell International Inc., International Business Machine Corporation (IBM), AllGoVision Technologies Pvt. Ltd., Genetec Inc., IntelliVision Corp., Gorilla Technology group, Intu Vision Inc., and others.
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Global Video Analytics Market Size study & Forecast, by Component (Software, Services) by Application (Incident Detection, intrusion Management, People/Crowd Counting, Traffic Monitoring, Automatic Number plate Recognition, Facial Recognition, Other Applications), by Deployment Model (Cloud, On-Premises), by Vertical (Banking, Financial Services and Insurance (BFSI), Critical Infrastructure, Education, Hospitality & Entertainment, Manufacturing, Government & Defense, Retail, Transportation and logistics, Other Verticals), by Type (Service Based, Edge Based) and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Video analytics Market is anticipated to grow with a healthy growth rate of more than 23.4% over the forecast period 2023-2030.
- In the Component segment, Software emerged as the leading market segment in 2022.
- In the Application segment, Facial Recognition emerged as the leading market segment in 2022.
- In the Deployment Model segment, Cloud has emerged as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth Owing to rising continuous innovation in Video analytics products, rising population of India and China, the development of smart cities project, and so on.
- North America is expected to grow at higher rate followed by Asia Pacific during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
- Incident Detection
- Intrusion Management
- People/Crowd Counting
- Traffic Monitoring
- Automatic Number Plate Recognition
- Facial Recognition
- Other Application
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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