The rising demand for real-time event detection, increasing deployment of AI-enabled video analytics solutions, increased investments, and focus of governing institutions on public safety are some of the factors boosting the Video Analytics Market growth.
JERSEY CITY, N.J., June 27, 2022 /PRNewswire/ -- Verified Market Research recently published a report, 'Video Analytics Market' By Type (Software, Services), By Application (Traffic Monitoring, Incident Detection, Facial Recognition), By Vertical (City Surveillance, Border Security, Education), and By Geography. According to Verified Market Research, the Video Analytics Market size was valued at USD 5.65 Billion in 2021 and is projected to reach USD 35.88 Billion by 2030, growing at a CAGR of 21.5% from 2022 to 2030.
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Browse in-depth TOC on 'Video Analytics Market'
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Global Video Analytics Market Overview
The rising demand for real-time event detection to fuel the market. Video analytics software helps in providing instantaneous alerts that occur in a good range of business sectors to reinforce situational awareness. The creation of real-time data through videos needs professional handling. Video analysis software can help in analyzing recorded video streams to classify, and track behavior patterns and predefined objects, thus becoming a key market driving factor. Moreover, increasing deployment of AI-enabled video analytics solutions aids market growth. The deployment of AI-enabled video content analysis solutions is increasing rapidly globally.
Government bodies are actively opting for AI-based video systems to monitor track congestion and oversee smart energy metering using the AI Global Surveillance (AIGS) Index for greater clarity of videos. AI and deep learning are the key technologies for video content analysis and for transforming live or recorded videos into structured metadata that our quantifiable insights. Furthermore, increased investments and focus of governing institutions on public safety got to utilize and examine unstructured video surveillance data in real-time, a big drop in crime rate due to surveillance cameras has positively anticipated in propelling the growth of the global video analytics market.
- On March 2019, Axis Communications announced a joint integration between Genetec security center SynergisTM. This integration addresses the needs of medium and large organizations with multiple sites.
- On March 2021, Honeywell signed an agreement to acquire a majority stake in Fiplex Communications to expand the in-building connectivity and communications solutions. Fiplex's solutions will become a platform for Honeywell's wireless technology.
- On March 2020, Gorilla Technology launched the next-generation advanced Secure Edge AI solution in partnership with the developer of intelligent edge appliances, Lanner Electronics. The partnering companies are offering edge-ensured cybersecurity and data protection for AI-powered video intelligence. This collaboration provides secure video analytics solutions to customers and users.
The major players in the market are IBM Corporation, Intellivision Technologies Private Ltd., Honeywell International Incorporation, Agent Video Intelligence Ltd., Cisco Systems, Inc., Puretech Systems Inc., Axis Communications, I2V Systems Private Ltd., Qognify, Intuvision, Inc., Genetec Inc., Aventura Technologies Inc., Allgovision Technologies Pvt. Ltd. and Avigilon Corporation.
Verified Market Research has segmented the Global Video Analytics Market On the basis of Type, Application, Vertical, and Geography.
- Video Analytics Market, By Type
- Video Analytics Market, By Application
- Traffic Monitoring
- Incident Detection
- Facial Recognition
- People/Crowd Counting
- Intrusion Management
- Automatic Number Plate Recognition
- Video Analytics Market, By Vertical
- City Surveillance
- Border Security
- Financial Services, and Insurance (BFSI)
- Traffic Management
- Critical Infrastructure Protection
- Video Analytics Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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