In recent years, disruptive and innovative technologies — namely artificial intelligence (AI), cloud computing and edge computing — in the video analytics arena has resulted in increasing demand for security and non-security applications.
Cloud-based video analytics help reduce overall costs as storage space and computing efforts are distributed over the cloud server. Edge-based video analytics help to process the data on-premises, thereby reducing bandwidth and cloud loads while accelerating the analysis process. With vendors and systems integrators helping end customers achieve newfound security and business intelligence capabilities, the overall marketplace is poised for significant growth. For instance, according to a report by MarketsandMarkets Research, the global video analytics market — estimated to be worth $7.1 billion in 2022 — is projected to increase to $20.3 billion by 2027. That amounts to a compound annual growth rate (CAGR) of 23.4 percent.