Video Analytics Market is set to Garner Staggering Revenues by 2031, TMR Study

Video analytics is a software application that provides automatic description of what is happening in the video (known as metadata). It can be used to list objects detected in live or recorded video, as well as their appearance and motion. This data can be used to make decisions such as whether security personnel should be contacted or whether a recording should be started. Video analytics systems detect object attributes, movement patterns, and behavior related to the monitored environment in real-time. These systems can monitor recorded videos to analyze historical data for mining insights.

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Effectiveness and accuracy are the key advantages of deployment of video analytics. Video analytics helps reduce the time required to monitor the footage in order to detect incidences. This intelligent technology enables the operator to take necessary action at the appropriate time, thus leading to fast and informed decisions.

AI (artificial intelligence) incorporated in video software is used to assist analysis of live or recorded video streams to track, detect, and classify the behavior pattern and pre-defined objects. Real-time event detection helps mitigate the risk associated with crimes, theft, and other criminal activities. Furthermore, detection of abnormal activities on CCTV videos and data analytics makes the surveillance process more effective by enabling real-time intervention and prevention.

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The urban environment is rapidly getting denser. According to the United Nations' Department of Economics and Social Affairs, 68% of the global population is expected to reside in urban cities by 2025. Introduction of advanced technological solutions to secure urban spaces and smart cities is helping city officials monitor public places and study the data. These solutions enhance the safety situation in cities and help overcome challenges, from citizen security and management of the transportation system to improvisation in emergency response.

According to the Vestain Company, a commercial real-estate firm, 88 smart cities are expected to be in existence by 2025. Of these, 25 cities are likely to be across the Americas, 31 cities in Europe, and 32 cities in Asia Pacific. Construction of smart cities by governments of countries in Europe indicates their focus on safety, security, and sustainability measures. According to Otonomo, a platform powering the mobility economy, New York City has been installing cameras and sensors at 10,000 city intersections with the aim of investing in adaptive signals and connected infrastructure. Such trends are triggering the demand for robust traffic management systems.

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Smart city initiatives are ensuring safety and security of citizens. Advanced video surveillance solutions are being introduced in smart cities. This is leading to an increase in deployment of video surveillance and video analytics solutions. Rise in investment in smart city projects is a key factor that offers significant opportunities for the market. In December 2021, Dassault Systèmes and NTT Communications entered into an alliance to offer a scalable smart city platform. The platform would be used to address the urban challenges in Japan associated with sustainability and resilience in various domains.

Advancement in the video analytics platform is projected to create lucrative opportunities for the global market. Technology evolution, including AI and IoT, besides improvement in operational performance, has spurred the adoption of video analytics among end-use industries. The Gorilla Technology Group is offering the intelligent video analytics (IVA) recorder IVAR (Intelligent Video Analytics Recorder) Edge AI that comprises all-in-one VMS (Video Management System) and IVA solutions. IVAR real-time analytics technology provides insights with event-based solutions such as effective tracking of the vehicle, people, and objects. Real-time detection helps track suspicious events.

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Integration of IVAR in retail and hospitality enables to schedule camera & analytics recording time to instantly detect and alert staff about restricted area intrusion, black-listed people, and suspicious loiters. Furthermore, the IVAR offers premium services such as assisted shopping and loyalty rewards by face recognition to detect and recognize loyal customers and VIPs. This is encouraging companies to innovate in facial recognition solutions.

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