Video Analytics Market Size

Video Analytics Market Analysis

The Video Analytics Market size is estimated at USD 2.96 billion in 2024, and is expected to reach USD 6.01 billion by 2029, growing at a CAGR of 15.20% during the forecast period (2024-2029).

Analytics has enabled various end-users to turn specific data insights into actionable intelligence for numerous functions. They monitor the queues in retail outlets and hospitals, generate heat maps, etc. The surveillance and retail industries are expected to drive the market positively during the forecast period.

• Video analytics are being deployed in city, retail, vehicle, and worksite settings to acquire insights for decision-making. The video surveillance sector uses it for analyzing threats, recognizing them, mitigating them, and monitoring their effects. China is investing heavily in the capabilities of facial recognition. According to NetEase, China's market size is expected to reach CNY 40 billion (USD 5.73 billion) in biometric recognition technologies.
• Moreover, the video analytics market is witnessing an increasing demand for non-security reasons as well as for crowd management applications. End users could measure the flow of people at specific exit and entry points within a building. Industries like retail and entertainment are using video analytics for these applications. This technology helps monitor the dwell time in retail stores, count the people at concerts, and more.
• Also, the development of smart cities is one of the significant factors driving the market. Due to the growth of smart cities, the demand for video surveillance and connected devices across city buildings is expected to increase drastically. According to the Consumer Technology Association, consumer spending on traditional and emerging technologies is forecast to amount to USD 505 billion by the end of the current year.
• However, the surge in the overall cost, operational issues, and privacy issues related to video analytics and surveillance might be a factor that restrains the market's growth throughout the forecast period.
• The COVID-19 pandemic has had a mixed impact on the video analytics industry. The impact has been adverse on end users, such as retail, logistics, hospitality, and transportation, as the worldwide lockdowns created a slump in footfall. Thus, the demand for video analytics was also affected. Moreover, owing to the COVID-19 outbreak, government surveillance is rising globally. From Israel to South Korea to China, governments worldwide are using technology to track the COVID-19 outbreak as they race to stem its spread. They use location data, video camera footage, and credit card information to track COVID-19 in their countries.