Video Analytics Market size was valued at around USD 7.9 billion in 2022 and is projected to grow from USD 8.9 billion in 2023 to USD 44.7 billion by 2031 at a CAGR of 22.3 % over the forecast period (2024–2031).
In video analytics, an algorithm is utilized to evaluate video signals for security-related activities. It provides users with exclusive warnings and insights and can recognize habits and actions in real-time. Furthermore, rise in concerns about safety and security is expected to drive market growth. These solutions are expected to become more and more important as investments in the deployment of analytics-based video surveillance systems rise and as smart city projects proliferate throughout major nations. These technologies can be widely utilized by the government, banking, finance, law enforcement, and transportation sectors. Furthermore, it is anticipated that throughout the projection period, market expansion will be fueled by rise in the usage of analytics systems to lower crime rates by rapidly notifying users of suspicious or unusual conduct.
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Leveraging 4K and 8K Technology for Enhanced Film Analysis
Organizations may now obtain in-depth evaluations of films due to rise in the availability of high-resolution cameras, such as 4K or 8K. Films with high resolution make it easier to search and filter footage, identify and analyze objects and people in crowds, set off alarms when specific criteria are fulfilled, and more precisely extract metadata from films. The market is expected to grow in the next years due to the industry participants introducing high-definition cameras with improved capabilities.
Role of Strategic Collaborations in Tackling Market Fragmentation in Video Analytics
The global video analytics market is fragmented and characterized by intense competition. Companies are concentrating on launching new products and other initiatives to provide their customers with better equipment and expand globally. These industry leaders are broadening their clientele in a variety of ways to increase market share and profitability, and many firms are deliberately and creatively partnering with other start-up businesses.
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Strategies by Key Players and Their Impact on the Video Analytics Market Landscape
- June 2024, Comcast Smart Solutions collaborated with Eagle Eye Networks and C2RO. This collaboration is done to improve its artificial intelligence video analytics capabilities. Due to this strategic move, customers can opt from a variety of choices to meet their needs. Businesses can gain valuable insights from their video data to improve operations and decision-making. This would be possible by combining the capabilities of Eagle Eye Networks’ cloud-based video surveillance, Comcast’s advanced AI video analysis, and C2RO’s video analysis.
- June 2024, Interface Systems and Wobot will jointly introduce a brand-new AI-driven video analytics platform. By leveraging the existing security camera infrastructure, this advanced system provides real-time information to businesses in the retail and rapid-service restaurant sectors. The technology strengthens security procedures, enhances customer satisfaction, and expedites workflows by adopting AI.
- March 2024, Iveda, a leading supplier of cloud-based AI solutions, introduced its new IvedaAI Cloud Subscription service. This innovative approach opens cutting-edge AI video services to a larger range of consumers, including people and businesses. By converting IP cameras into intelligent devices with Iveda, users can enhance security, streamline workflows, and retrieve crucial data from their video recordings.
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Future Directions for Video Analytics
The global video analytics market is anticipated to be greatly impacted by the emergence of ML, computer vision, AI and cloud-enabled solutions, BI and analytics, and computer vision. One of the key factors driving the market is the expansion of smart cities. The rise of smart cities is expected to increase the demand for video surveillance and connected devices in government buildings.
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