AI in Video Analytics Market Soars with a 19.8% CAGR, Projected to Reach $12.5 Billion by 2030
According to a new report published by MarkWide Research, titled, “AI in Video Analytics Market,” the global market for AI in video analytics is soaring with remarkable growth projected over the forecast period. With an impressive compound annual growth rate (CAGR) of 19.8%, the market is anticipated to reach $12.5 billion by 2030.
The AI in video analytics market’s growth can be attributed to several key factors:
1. Surveillance and Security: The demand for advanced video analytics in surveillance and security applications, such as facial recognition and object detection, is on the rise.
2. Retail and Customer Insights: Retailers use AI video analytics for foot traffic analysis, customer behavior monitoring, and inventory management.
3. Smart Cities: Urban development projects employ video analytics for traffic management, public safety, and infrastructure monitoring.
4. Healthcare and Telemedicine: The healthcare sector utilizes video analytics for patient monitoring and diagnosis, enhancing telemedicine services.
5. Industrial Automation: Manufacturing and industrial sectors benefit from AI video analytics for quality control and predictive maintenance.
6. Emerging Technologies: Advancements in AI and computer vision technologies drive innovation in video analytics applications.
MarkWide Research’s report provides comprehensive insights into the global AI in video analytics market, including market size, segmentation by application (e.g., security and surveillance, retail, healthcare), and regional analysis. The report also profiles key players in the industry and highlights their strategies for market expansion.
In conclusion, the global AI in video analytics market is soaring, driven by its diverse applications in surveillance, retail, smart cities, healthcare, industrial automation, and emerging technologies. As industries continue to leverage the power of AI and video analytics for data-driven insights and decision-making, the market is expected to experience remarkable growth.