The Global Video Analytics Market was worth USD 4.5 billion in 2020 and is expected to be worth USD
The Global Video Analytics Market was worth USD 4.5 billion in 2020 and is expected to be worth USD 35.6 billion by 2030, increasing at a 23% according to Video analytics solutions Logistics of world. One of the primary drivers of the video analytics market is the rising usage of video analytics in monitoring across a wide range of end-use sectors, including banking, financial services, and insurance, healthcare, education, retail, transportation, and manufacturing. Video analytics solution for hospitals provides accuracy and efficacy. Not only this, Video analytics for Banks have also improved as a consequence of technology advances in deep learning, artificial intelligence, and edge computing, which have raised demand for this business.
CCTV software and cutting-edge AI algorithms, along with contemporary systems’ massive processing power, have enabled video analytics, allowing for real-time event detection, post-event analysis, and the breakdown of the visual data stream from network cameras. The adoption of such technology has allowed for faster responses to critical situations and crimes without the need for continuing human monitoring. It has boosted the demand for video analytics, machine learning, and artificial intelligence (AI). This will eventually fuel the expansion of the video analytics industry.
Video analytics solutions Logistics helps boost efficiency in retail, banking, healthcare, and other service industries. Retailers monitor customer satisfaction, visit duration, and shoplifting, among other things. Video analytics are used by healthcare facilities to protect the safety of workers, patients, physicians, and visitors. Similarly, the banking industry use video analytics for security and rapid fraud detection. The widespread usage of digital technologies has raised global demand for video analytics.
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