Adroit Market Research has released a new report that predicts that the market for video analytics technology will exceed $11 billion in the next five years. That figure represents a CAGR of 18 percent for the forecast window between 2020 and 2025.
The firm attributes much of that growth to the rising demand for real-time video surveillance, and the need to turn surveillance footage into actionable data. Organizations can deploy video analytics software alongside other technologies – including face and object recognition – to gain more insight about crowd and customer behavior.
Crowd monitoring is expected to be particularly important in that regard, accounting for around $4 billion of the anticipated $11 billion market. Retailers and other organizations can use it to map the flow of traffic, and to figure out what draws people’s attention as they navigate a public space. Video analytics supports pattern recognition and motion detection applications.
North America will stand as the largest segment of the global video analytics market throughout the forecast period. Adroit listed Aventura, IBM, Honeywell, and IntelliVision as some of the key players in the sector.
Adroit previously predicted that the facial recognition market would reach $12 billion by 2025. MarketsandMarkets, meanwhile, argues that video surveillance technology is becoming increasingly widespread, and will constitute a major portion of a massive $397 billion security solutions market.
March 5, 2020 – by Eric Weiss