AI Video Analytics Market Size

AI Video Analytics Market Analysis

The AI Video Analytics Market size is estimated at USD 24.09 billion in 2024, and is expected to reach USD 100.22 billion by 2029, growing at a CAGR of 33% during the forecast period (2024-2029).

The governments of numerous countries are rapidly using AI-based video analytic systems for traffic monitoring and in public infrastructures to improve residents' security and safety. The growing use of video surveillance in commercial buildings such as malls, airports, railway stations, ports, and so on, as well as residential structures, has boosted the demand for visual analytics.

• The advancements in intelligent software have outpaced traditional monitoring techniques. The sophisticated surveillance systems can be used in the provided area and have widespread self-learning capabilities. Al can watch the security cameras round-the-clock. Additionally, it can offer in-the-moment analysis, map, track, control shady movement, and save lives. To give the general public a safe environment, the governments of numerous nations are putting surveillance infrastructure in place. Al's potential for usage in healthcare software and smart homes could also spur market growth for video analytics. These factors could all have an impact on Al's growth in the market for video analytics.
• AI video analytics is becoming an increasingly important tool for the defense industry, with many companies and government agencies exploring its potential to enhance security and protect against threats. There are numerous use cases for AI video analytics in defense, ranging from facial recognition for threat detection to object recognition for identifying potential targets. Some leading innovators in AI video analytics for defense include IronYun, Avigilon, and IntelliVision. The United States Department of Defense CTTSO awarded IronYun a contract for its highly accurate, AI-enabled video analytics.
• Artificial Intelligence (AI) video analytics is transforming the transportation industry by providing insights into traffic patterns and identifying potential safety hazards. Video analytics can be used for various applications, including traffic flow optimization, monitoring vehicle emissions, and detecting parking violations. One of the most promising applications for AI video analytics in transportation is monitoring public transportation systems to improve safety and security. Transport for New South Wales has partnered with AI companies to build a public safety system using video analytics to monitor and analyze data to identify potential safety issues and respond more quickly to incidents.
• Conversely, managing and storing the data can be challenging, with increasing amounts of data collected from video analysis tools and cameras. This requires great storage space and strategies that allow for easy and efficient data retrieval from large databases. Video analytics tools are complex and require skilled personnel to operate and maintain. This can challenge businesses without the resources to attract and retain highly skilled workers.
• The COVID-19 pandemic significantly impacted the world, including the field of video analytics. Here are some ways that AI-powered video analytics were affected by COVID-19; increased demand for AI-powered video analytics: As companies and governments look for ways to maintain public health and safety in the face of COVID-19, there was an increased demand for video analytics solutions that helped enforce social distancing, monitor mask compliance, and perform other tasks related to COVID-19 prevention.