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The global video analytics market size is projected to reach USD 13,001.7 million by 2027 owing to the rising deployment of crowd management video analytics by law enforcement agencies, finds 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”. According to the report, the value of the market stood at USD 2,896.0 million in 2019 and the market is expected to display a staggering CAGR of 21.3% from 2020 to 2027.
The COVID-19 pandemic has had a positive impact on the video analytics market growth as governments worldwide are actively utilizing video intelligence to screen and identify people as well as detect elevated temperatures in crowds. This has provided an impetus for companies to develop innovative solutions to aid the fight against the virus as well as facilitate the smooth reopening of organizations in the post-lockdown period.
BriefCam Leverages Edge Analytics with the AXIS Deep Learning Camera
A top player in the video analytics domain, US-based BriefCam announced in July 2020 that its flagship Video Content Analytics will soon be available on the deep learning-enabled cameras of Axis Communications. Aligned with its product range of on-premise and cloud solutions, BriefCam’s edge analytics is geared towards allowing a wider freedom of choice and flexible deployment architectures via edge computing systems. With this integration, BriefCam has emerged as the one of the first companies to harness the Axis Camera Application Platform under the Axis Application Development Partner Program.
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Wide Applicability of Video Analytics in the Banking Industry to Brighten Market Horizons
Banks are under constant threat of being subjected to various kinds of attacks, both virtual and physical. Video analytics technologies can play a critical role in reducing the risk of such attacks by providing a wide range of security options for banks. For example, banks can deploy AI-powered video surveillance systems across individual branches, ATM terminals, and critical infrastructures to quickly identify humans and objects, classify them, and detect any suspicious activity through automated solutions. Bank management can then collect a host of data from different branches and sources to decipher behavioral patterns of customers and deliver better outcomes, optimize security protocols, and ensure safety of employees. Video intelligence can prove to be particularly beneficial in detecting fraudulent activities even among bank employees. Thus, video content analytics can help banks save large sums of money by not just detecting frauds but also by enhancing efficiency and productivity of employees.
Increasing Investments by Key Players in Developing Advanced Solutions to Animate Competition
The competitive landscape of this market is getting energized by the increasing intensity of focus by key players towards developing and launching advanced video intelligence solutions for diverse end-users. Key players are supporting this strategy by making calculated investments in research along with engaging in partnerships with companies specializing in niche technologies. The current coronavirus pandemic has further stoked the innovation capacities of market participants, which is enabling them to strengthen their market position and expand their business prospects.
List of Key Players Covered in the Video Analytics Market Report:
Further Report Findings:
Table of Segmentation
Value (USD million)
Component; Application; End-user; and Geography