According to a new report from Tractica, worldwide revenue from video analytics hardware, software, and services will grow from $858 million in 2015 to nearly $3.0 billion by 2022, representing a compound annual growth rate (CAGR) of 19.6%.
“While many of the early use cases for video analytics relate to security and surveillance, the applications for the technology are rapidly diversifying to include a broader range of business intelligence and situational awareness use cases,” says principal analyst Anand Joshi. “The retail and transportation sectors will continue to be the largest markets for video analytics over the next several years, but other markets such as consumer, city, critical infrastructure, and enterprise will also demonstrate strong growth.”
Joshi adds that key drivers for market growth include rapidly declining prices for smart cameras, the development of more sophisticated computer vision and deep learning algorithms, and the emergence of new use cases for video analytics to optimize marketing and resources.
Tractica’s report, “Video Analytics”, examines the market trends and technology issues surrounding video analytics technologies and presents forecasts for hardware, software, and services during the period from 2015 through 2022. The report presents in-depth analysis of market drivers, market barriers, application markets, and technology issues, in addition to detailed profiles of 20 key industry players. Key application markets covered include retail, transportation, consumer, city, critical infrastructure, and enterprise. Market forecasts, segmented by world region, include hardware unit shipments as well as hardware, software, and services revenue.