The global video analytics market size is projected to reach USD 13,001.7 million by 2027, exhibiting a CAGR of 21.3% during the forecast period. Development and introduction of video analytics to support the fight against the COVID-19 pandemic is emerging as a major game-changer for this market, observes Fortune Business Insights™ in its report, titled “Video Analytics Market Size, Share & COVID-19 Impact Analysis, By Component (Solutions, Services), By Application (Crowd Management, Facial Recognition, Intrusion Detection, License Plate Recognition, Motion Detection, and Others), By End-user (BFSI, City Surveillance, Critical Infrastructure, Education, Government, Retail, Transportation, and Others), and Regional Forecast, 2020-2027”. With coronavirus cases refusing to abate, several tech companies are seizing this opportunity to create and launch smart analytics solutions to augment governments’ capacities to battle the pandemic. For example, in August 2020, AllGoVision Technologies launched AllSafe, a video analytics suite developed by the company to enhance safety and security of people in offices and public areas, having features such as No-Mask Detection and Contact Tracing. Facial recognition specialists such as Herta are releasing advanced video analytics, especially for airlines, to identify people even when they are wearing masks. In December 2020, Johnson Controls and Microsoft announced the integration of the OpenBlue Digital Twin and the Azure Digital Twin platforms that will leverage video analytic technologies to enable companies to efficiently implement COVID safety measures and maximize digital space. These are a few examples of market players utilizing the innovation opportunities thrown up by the COVID-19 pandemic, which are benefiting this market.
As per the report, the global market value in 2019 stood at USD 2,896.0 million in 2019. The salient features of the report include:
- Microscopic assessment of the trends, drivers, and restraints influencing market growth;
- Comprehensive analysis of the regional developments impacting the market;
- Actionable research into the key players’ profiles and their strategies; and
- Holistic study of all market segments.
- Driving Factor
Expanding Utilization of AI-based Video Analytics by Governments to Feed Market Growth
The proliferation of artificial intelligence (AI) and related technologies in administrative, public safety, and law enforcement domains is emerging as a major driving force for the video analytics market growth. Governments in several countries are actively deploying AI-powered video analytics and facial recognition solutions to conduct efficient surveillance of citizens, public infrastructures and spaces, and improve the quality of governance. According to the Carnegie Endowment for International Peace’s AI Global Surveillance (AIGS) Index, 75 out of 176 countries worldwide are actively using AI for surveillance activities, including smart policing, facial recognition, and smart city development. The AIGS further reveals that 51% of the liberal advanced democracies and a large chunk of full democracies extensively utilize a wide range of surveillance technologies. Adoption of AI-based video analytics technologies by government agencies will prove highly beneficial for this market in the near future.
