Video Analytics Market to Reach USD 52.67 Billion by 2032; Growing Usage of High-Resolution Cameras to Augment Market Growth

The global video analytics market size touched USD 8.37 billion in 2023 and is predicted to reach USD 10.25 billion by 2024. The market is anticipated to touch USD 52.67 billion by 2032, recording a CAGR of 22.7% over 2024-2032. 

Fortune Business Insights™ presents this information in its latest report titled “Video Analytics Market Size, Share & COVID-19 Impact Analysis, By Application (Crowd Management, Facial Recognition, License Plate Recognition, Motion Detection, Intrusion Detection, and Others), By Deployment (On-premise, Cloud), By Enterprise Type (Large Enterprises, and Small and Medium Enterprises (SMEs)), By Industry (BFSI, Government, Critical Infrastructure, Education, Retail, Travel and Transportation, Healthcare, and Others), and Regional Forecast, 2024-2032”.

Video analytics solutions use an algorithm to analyze video signals for a wide range of security-related tasks. The demand for this software is gaining notable traction across the world as governments are aggressively promoting the construction of smart cities. They are also increasing their investments in advanced video surveillance systems to improve the security of these cities. Moreover, concerns regarding the rising crime rate are expected to bolster the video analytics market growth during the forecast period.

COVID-19 Boosted Demand for Face Mask Detection and Crowd Monitoring Technologies

The COVID-19 pandemic decreased the revenue margins of many industries due to supply chain disruptions, social distancing norms, and limited movement of goods and services. However, the outbreak was instrumental in boosting the adoption of video analytics software and services as the sales of CCTV cameras, video streaming services, and intelligent surveillance systems grew. These systems were widely used to monitor crowded spaces to track the infection rate. Moreover, the usage of smart technologies, such as AI and deep learning greatly improved the installation of analytics-based surveillance systems, further boosting the market growth.

Irisity & Axis Communication Partnered to Launch AI Surveillance Cameras

In March 2023, Irisity AB, an advanced video analytics provider, partnered with Axis Communications to launch an advanced surveillance camera equipped with artificial intelligence (AI) capabilities. This partnership combines Irisity’s expertise in AI-powered video analytics with Axis Communications’ surveillance camera technology, providing enhanced security and intelligence capabilities.

Growing Usage of High-Resolution Cameras to Augment Market Growth

High-resolution cameras, such as 4K and 8K are witnessing robust adoption as they can help companies get more sophisticated and accurate video analysis. Videos taken in high resolution can help users detect and analyze objects or people in crowded areas, draw more accurate insights from video metadata, filter & search videos, and trigger alarms when certain conditions are fulfilled. These cameras also have superior digital zoom features that can help users take videos from longer distances. This feature will also allow individuals to closely analyze the behavioral patterns of people, vehicles, and crowds, which can boost market development.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/video-analytics-market-101114

Key Companies to Make Innovative Analytics Services to Boost Their Market Presence

Some of the top organizations working in this market include Robert Bosch GmbH, IBM Corporation, Honeywell International Inc., and Axis Communication AB. These companies are focusing on developing smart video content analytics solutions with the help of Artificial Intelligence (AI), Machine Learning (ML), and cloud technologies.

Notable Industry Development:

• April 2023: Megh Computing and Shabodi collaborated to introduce a Video Analytics Solutions (VAS) suite precisely designed for private Advanced Networks such as 5G, Wi-Fi 6, LTE, and 6G. These VAS leverage the capabilities of Shabodi’s Application Enablement Platform and Megh’s Open Analytics Platform.

List of the Companies Profiled in the Report:

• Cisco Systems, Inc. (U.S.)


• Avigilon Corporation (Motorola Solutions, Inc.) (U.S.)


• Honeywell International Inc. (U.S.)


• Huawei Technologies Co Ltd. (China)


• Qualcomm Technologies, Inc. (U.S.)


• Claro Enterprise Solutions (U.S.)


• IBM Corporation (U.S.)


• Canon Inc. (Japan)


• Robert Bosch GmbH (Germany)


• Irisity AB (Sweden)


• Genetec Inc. (Canada)


• AllGoVision Technologies Pvt Ltd. (India)


• IntuVision Inc. (U.S.)

Further Report Findings

• North America is predicted to capture the largest market share during the forecast period. Companies across the region are launching a wide range of innovative technologies to build advanced video analytics solutions. The region also has a vast presence of reputed companies, such as IBM Corporation, Cisco Systems, and Honeywell International.


• Asia Pacific is expected to record a notable growth rate during the forecast timeframe as the regional governments are focusing on developing smart cities, which will boost product adoption. Many public and private organizations are collaborating with each other to develop innovative surveillance projects to boost the region’s national security capabilities.

Table of Segmentation