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According to the latest report by IMARC Group, titled "Video Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global video analytics market reached a value of US$ 5.2 Billion in 2021. Video analytics refers to a computerized solution that is generally used by multiple businesses for obtaining quantifiable data from recorded or live video content. It utilizes an algorithm to perform a security-related function via a digital video signal, detects and extracts objects in video and classifies each object to enable intelligent video analysis. It provides enhanced security function to critical infrastructures while automating access control, minimizing staffing requirements and collecting data on customer behavior. There has been a considerable rise in the deployment of video analytics solutions for effectively managing the flow of traffic and detecting fraudulent activities.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Video Analytics Market Trends:
The global market is primarily driven by the increasing need for an improved security and surveillance system across multiple sectors due to the rising occurrences of cyber-attacks and security breaches. Besides this, growing investments in the deployment of advanced video analytics systems for analyzing the visual data and detecting post- and real-time events are providing a boost to the market. Along with this, continual technological advancements and the integration of artificial intelligence with video analytics solutions to aid in increasing the accuracy results of the analysis are favorably impacting the market. Moreover, the rising adoption of video surveillance systems and connected devices on account of the development of smart cities is expected to further drive the market. Other factors, including rapid urbanization, continuous improvements in the information technology (IT) infrastructure, and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 15.1 Billion by 2027, exhibiting a CAGR of 20.3% during 2022-2027.
Market Summary:
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