Video analytics is projected to grow from $US4 billion to $US21 billion at a rate of just under 23 per cent over the next 7 years, according to a Valuates report.
The report focuses on growth, limitations, and trends in the video analytics market finds that video surveillance needs are increasing, and the demand for video analytics is growing in many industries, including government, public, BFSI, retail, airports, and manufacturing. This increasing need is facilitating the market growth.
Growing concerns about the protection and safety of the public further fuels the growth of the video analytics market size. Facial recognition and automatic number plate recognition are application-specific uses of video surveillance in which video analytics technology is used to analyze persons and vehicles, respectively. In addition, intelligent video analytics are proven to reduce crime rates through timely warnings on suspicious or unusual activities, and this factor is expected to fuel the growth of the video analytics market size.
An increase in demand for IP-based security cameras is predicted to increase the video analytics market size during the forecast period. The growth of IP-based security is driven by an increase in IP infrastructure, increased telephone density, and demand for remote access. The rise in the construction of smart cities is also expected to increase the demand for video surveillance and connected devices.
North America remains the largest provider of video analysis software in the world. The United States and Canada are the major contributors to this region. The USA is a dominant market, and companies in the country invest a substantial proportion of its annual revenues in the use of city-wide surveillance cameras.
The Asia Pacific became the second-largest market, and this can be attributed to countries like India, China, and Indonesia’s fast economic growth. To guarantee citizens’ safety, these economies invested in intelligent security surveillance systems. The growing implementation of industrial solutions is expected to drive the market, especially in China, Japan, and India, combined with the rising use of cloud-based technologies. You can find out more here.
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