The Latest Video Analytics Industry Statistics Explained
The global video analytics market size was valued at USD 3.56 billion in 2019.
The statistic indicates that the total market size of video analytics technology worldwide was estimated to be USD 3.56 billion in 2019. Video analytics involves the use of algorithms and artificial intelligence to analyze and extract meaningful insights from video footage. This market size value provides a snapshot of the overall economic impact and growth opportunities within the video analytics industry. It suggests a significant demand for video analytics software and services across various sectors such as security, retail, healthcare, and transportation, driven by the need for enhanced surveillance, operational efficiency, and business intelligence through the utilization of advanced video processing technologies.
It is forecasted to grow at a compound annual growth rate (CAGR) of 19.5% from 2020 to 2027.
The statistic indicates that the particular metric under consideration is expected to increase steadily at a compounded annual growth rate (CAGR) of 19.5% from the year 2020 to 2027. This growth rate highlights the projected average annual growth over this period, taking into account the compounding effect where the growth is applied to the increasing base value each year. The forecasted CAGR provides a useful measure for assessing the potential future performance and trajectory of the metric, indicating a strong positive trend over the specified time frame.
The demand within the global video analytics market is set to rise, mainly due to increasing incidents of security breaches and cyber-attacks.
The statistic suggests that the global video analytics market is expected to experience growth in demand primarily driven by the rising frequency of security breaches and cyber-attacks globally. As organizations and individuals increasingly become targets of malicious activities, there is a growing need for advanced video analytics technology to enhance security measures and prevent potential threats. This trend reflects a heightened awareness of the importance of leveraging cutting-edge analytics tools to better protect against security risks, highlighting the significance of investing in video analytics solutions to safeguard assets, data, and infrastructure.
North America leads the global video analytics market due to the growing adoption of Internet of Things (IoT) and increasing instances of security breaches.
The statistic stating that North America leads the global video analytics market can be attributed to the region’s robust adoption of Internet of Things (IoT) technology and the rising number of security breaches. Video analytics, which is the process of analyzing and interpreting video content using algorithms and AI, plays a crucial role in enhancing security measures by providing real-time monitoring and threat detection capabilities. The increasing integration of IoT devices and the need for advanced security solutions in various industries have further propelled the demand for video analytics tools in North America. As a result, the region has emerged as a frontrunner in driving innovations and investments in video analytics technologies, positioning itself at the forefront of the global market.
The incident detection segment held a significant market share of approximately 32% in 2019 in the video analytics market.
The statistic suggests that the incident detection segment, within the video analytics market, played a prominent role in 2019 by holding a sizable market share of around 32%. This indicates that a significant portion of the video analytics market in that year was dominated by technologies and solutions related to detecting and analyzing incidents in video footage. The strong market share of the incident detection segment highlights its importance and adoption among customers seeking to enhance security measures, improve efficiency, and optimize operations through the use of video analytics technology.
By 2024, it is expected that 15% of all video analytics solutions will be deployed and managed via the edge, rather than via centralized systems.
The statistic suggests that by 2024, 15% of video analytics solutions are projected to be implemented and operated at the edge rather than through centralized systems. This indicates a growing trend towards decentralized processing and analysis of video data, potentially driven by advancements in edge computing technologies that enable data processing closer to the data source. Deploying video analytics at the edge can offer benefits such as reduced latency, improved data security, and better scalability. As organizations continue to seek more efficient and real-time insights from video data, leveraging edge-based solutions may become increasingly popular in the coming years.
The transportation segment in video analytics held the largest market share of over 25% in 2019.
The statistic indicates that in 2019, the transportation segment within video analytics accounted for the largest portion of market activity, representing over 25% of the total market share. This suggests that within the video analytics industry, the transportation sector was a significant user or consumer of video analytics technology and services compared to other segments such as retail, healthcare, or security. The high market share could be due to the increasing adoption of video analytics in transportation applications such as traffic monitoring, public safety, and logistics management, highlighting the sector’s reliance on advanced video analysis tools for operational efficiency and security purposes.
By 2024, the video surveillance system segment is expected to reach a value of over USD 19.5 billion.
This statistic indicates the projected growth and market value of the video surveillance system segment by the year 2024, with an anticipated value exceeding USD 19.5 billion. This suggests a significant expansion in the global market for video surveillance technologies, driven by factors such as increasing concerns over security and safety, advancements in technology like artificial intelligence and analytics, and growing demand from various industries such as government, retail, banking, and healthcare. The expected growth signifies a continued trend towards the adoption of video surveillance systems for effective monitoring, crime prevention, and overall better management of security challenges, highlighting the importance and relevance of these systems in the evolving technological landscape.
The cloud deployed segment is expected to expand at the highest CAGR of over 20% from 2020 to 2027.
This statistic indicates that the cloud deployed segment is forecasted to experience the highest Compound Annual Growth Rate (CAGR) of over 20% from 2020 to 2027. This suggests a significant growth trend in the adoption and utilization of cloud-based solutions within the specified timeframe. The high CAGR reflects the increasing demand for cloud services and solutions across various industries, driven by factors such as cost-efficiency, scalability, flexibility, and remote accessibility. The projected expansion of the cloud deployed segment highlights the growing significance of cloud computing technologies in meeting the evolving needs and requirements of businesses and consumers, leading to a transformative impact on the market landscape over the forecast period.
Facial recognition and detection accounted for a share of over 23% in 2019 in the video analytics market.
The statistic indicates that facial recognition and detection technologies held a significant portion of the video analytics market in 2019, accounting for over 23% of the market share. This suggests that facial recognition and detection systems were widely adopted and utilized during that time period for various applications such as security, surveillance, access control, and customer analytics. The high market share implies that there was a growing demand for these technologies, showcasing their importance and relevance in the video analytics industry. Additionally, the statistic highlights the increasing integration of facial recognition and detection technologies into various sectors to enhance efficiency, security, and decision-making processes.
The adoption of AI in video analytics is expected to grow at a rate of 41.76% during 2021-2026.
The statistic indicates that the adoption of artificial intelligence (AI) technology in video analytics is projected to increase by 41.76% annually over the period from 2021 to 2026. This growth rate suggests a rapid acceleration in the integration of AI tools and algorithms into video analysis processes, enabling more efficient and advanced video content understanding and decision-making capabilities. The increasing demand for AI-powered video analytics solutions is likely being driven by the benefits they offer, such as improved accuracy, speed, scalability, and automation of tasks traditionally performed by humans. Businesses across various industries are recognizing the value of AI in enhancing video surveillance, security, marketing, and operational efficiency, leading to the anticipated significant growth in adoption in the coming years.
By 2025, video analytics applications will consume 90% of the global internet traffic.
The statistic highlights the significant increase in the usage of video analytics applications globally, projecting that by 2025, these applications will be responsible for consuming a majority share of the global internet traffic, amounting to 90%. This indicates a growing reliance on video analytics tools for various purposes, such as surveillance, marketing, and data analysis. The rise in internet traffic consumed by video analytics applications suggests a shift towards leveraging video data for insights and decision-making, reflecting the increasing importance of visual information in a data-driven world. It also signifies the advancing capabilities and adoption of video analytics technology across industries, emphasizing the transformative impact it is expected to have on internet usage patterns in the near future.
The retail sector is projected to show lucrative growth in the video analytics market with a CAGR of over 22% from 2020 to 2027.
The statistic indicates that the retail sector is expected to experience significant growth in the video analytics market over the period from 2020 to 2027, with a Compound Annual Growth Rate (CAGR) exceeding 22%. This projection suggests that the retail industry is increasingly adopting video analytics technologies to enhance customer experiences, optimize operations, and improve security measures. The high growth rate forecast reflects a growing recognition among retailers of the benefits of video analytics in gaining insights into customer behavior, improving decision-making processes, and driving business growth. As a result, the retail sector is likely to be a key driver of expansion in the video analytics market in the coming years.
The building management segment is projected to register a CAGR of over 19% in the video analytics market from 2020 to 2027.
This statistic indicates that the building management segment within the video analytics market is anticipated to experience a compound annual growth rate (CAGR) of over 19% from 2020 to 2027. This suggests a strong and steady growth trajectory for this specific sector in the video analytics market, highlighting the increasing adoption of video analytics technology in building management applications. Factors such as the growing importance of security and efficiency in building operations, advancements in video analytics technology, and the integration of artificial intelligence are likely driving this projected growth. Organizations operating within the building management segment may benefit from leveraging video analytics solutions to enhance security, optimize operations, and improve overall decision-making processes during the forecast period.
By 2026, the AI in video analytics market is projected to grow at a value of 11.30 billion, up from 2.55 billion in 2018.
The statistic indicates that the AI in video analytics market is anticipated to experience substantial growth by 2026, with a projected value of 11.30 billion, a significant increase from its value of 2.55 billion in 2018. This growth reflects the increasing adoption and integration of artificial intelligence technologies in video analytics systems, driven by the growing demand for advanced video monitoring and analysis capabilities in various industries such as security, surveillance, and marketing. The exponential growth in the market value underscores the potential for AI in video analytics to revolutionize how organizations leverage video data for insights and decision-making, leading to more efficient operations and enhanced security measures in the coming years.
The city surveillance segment of video analytics is expected to rise at a CAGR of over 18% between 2020 and 2027.
The statistic indicates that the city surveillance segment of video analytics is forecasted to experience a Compound Annual Growth Rate (CAGR) of over 18% from 2020 to 2027. This suggests a significant and steady increase in the adoption and implementation of video analytics technology for city surveillance purposes over the specified period. Factors such as advancements in technology, increasing concerns related to security and safety, and the growing demand for sophisticated surveillance systems are likely driving this growth trend. The projected CAGR of over 18% signifies a strong positive momentum in the city surveillance market, indicating a potential lucrative opportunity for businesses operating within this sector.
Conclusion
With the rapid growth of the video analytics industry and the increasing demand for advanced video surveillance solutions, the statistics presented in this post highlight the significant impact and potential of video analytics technology. As organizations continue to prioritize security and operational efficiency, leveraging video analytics tools will become increasingly crucial to staying ahead of the curve. The future looks promising for the video analytics industry, with continued innovation and market expansion on the horizon.
References
0. – https://www.www.grandviewresearch.com
1. – https://www.www.transparencymarketresearch.com
2. – https://www.www.marketsandmarkets.com
3. – https://www.www.idc.com
4. – https://www.www.globenewswire.com
