Video Analytics Market Growth, Development and Forecast Report, 2030
Date
7/11/2024 8:57:17 AM
(MENAFN- P&S Intelligence) According to the latest market research study published by P&S Intelligence, the video analytics market achieved USD 10,074.3 million in revenue in 2023 and is poised to grow at a CAGR of 23.2% from 2024 to 2030, reaching USD 42,747.3 million by 2030. This growth is driven by rising security concerns, advancements in AI and machine learning technologies, integration of IoT and cloud computing, cost efficiencies, and enhanced operational effectiveness. Video analytics technology has gained popularity for real-time detection of activities and customer behaviors, offering valuable insights and alerts.
Video surveillance systems are in high demand for safeguarding various facilities such as transportation hubs, public spaces, and commercial/residential areas. These systems offer functionalities like wide-angle lenses, HD cameras, night vision capabilities, and remote monitoring. They play a crucial role in detecting vehicle license plates and identifying criminals, contributing significantly to crime prevention, law enforcement, and situational awareness.
Key Insights:
The facial recognition segment is expected to grow at a CAGR of 25%, driven by its widespread adoption in user authentication and customer recognition.
Facial recognition enhances customer satisfaction by identifying loyal consumers and providing personalized services.
Retail surveillance improves productivity by detecting unethical activities without requiring additional manpower.
Industries like healthcare, banking, finance, and government use facial recognition for secure access and to prevent identity theft.
In 2023, people and crowd management dominated with a 40% market share, providing insights for retail, transportation, and healthcare sectors. The transportation and logistics segment is projected to grow at a CAGR of 23%, benefiting operations with automated processes and improved efficiency.
North America held a 45% market share in 2023, driven by investments in ICT, camera technologies, IT security, and AI adoption. APAC is expected to witness significant growth (28% CAGR) from 2024 to 2030, fueled by smart city initiatives, enhanced national security surveillance, and robust economic growth in countries like India, Japan, China, and South Korea.
The US market favors security camera systems compliant with regulatory standards, promoting widespread adoption of video analytics for enhanced security measures.
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