Video as a Sensor Market Expected to Reach $101.89 billion by 2029 at a CAGR of 7.9%

(I-SoftwareNews.Com, November 19, 2024 ) According to MarketsandMarkets, the video as a sensor market is estimated to be USD 69.52 billion in 2024 and projected to reach USD 101.89 billion by 2029 at a CAGR of 7.9% during the forecast period.

Video as a sensor is a technology that integrates video surveillance systems with smart analytics capabilities used for converting visual data into actionable insight. A video as a sensor system consists of installing cameras and associated technologies that capture videos that are analyzed in real-time to detect events, track behaviors, and enhance situational awareness in retail, healthcare, transportation, and public safety. Video as a sensor market contains products such as hyperspectral imaging, video surveillance, and machine vision and monitoring. Solutions included in the market include video as a sensor for retail analytics, health care, manufacturing, mapping, security and surveillance, and traffic management.

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Several key factors driving the growth of the video as a sensor market are rapid technological developments in key technologies such as ML, edge computing, and camera technology, favorable government initiatives and funding, and increasing demand for surveillance and security. Also, rapid advancement in AI and the proliferation of Smart City initiatives to create opportunities for the growth of the market.

Based on Product Type, the video as a sensor market is segmented into video surveillance, thermal imaging, hyperspectral imaging, and machine vision and monitoring. Throughout the forecast period, the video surveillance segment as a sensor market is anticipated to hold a prominent market share. Video surveillance systems include cameras to monitor the behavior and activities of individuals and to influence, manage, and direct them. These systems are deployed for remote monitoring of facilities. Companies such as Hangzhou Hikvision Digital Technology Co., Ltd. (China), Axis Communications AB (Sweden), and Bosch Security Systems, LLC (Germany) offer advanced video surveillance systems.

Based on Offering, the video as a sensor market has been segmented into hardware, software, and services. The hardware segment of the video as a sensor market is projected to hold a prominent share by 2029. The video as a sensor market by hardware is segmented into cameras, monitors, storage devices, and accessories. These solutions are used for security, monitoring, and analysis. Cameras serve as the primary data capture devices, available in various types such as IP, machine vision, hyperspectral, and thermal cameras, each catering to specific surveillance needs. Monitors are essential in giving real-time views and analysis; however, storage devices permit appropriate and scalable data retention and include DVR and NVR. Accessories include mounts, cables, and power supplies that enhance functionality and make for more system reliability. This makes hardware one of the key components of video as a sensor infrastructure.

Based on End-user, the video as a sensor market is segmented into government, commercial, industrial, and residential. The commercial segment of the video as a sensor market is expected to hold a significant share by 2029. Among commercial users, retail stores, banks, corporate offices, and hospitality venues are some of the leading end-users utilizing video as sensor technologies to combat risks and enhance their framework operational efficiency. Axis Communications AB (Sweden) offers integrated solutions that allow monitoring areas of transactions in real-time, enabling the reduction of frauds. This system can be used to produce crucial evidence during an investigation; thus, it is an integral piece for maintaining security. Also, Pelco, a subsidiary of Motorola Solutions, Inc. (US) provides Pelco security cameras such as Sarix Modular, Sarix Multi Enhanced, and Sarix Professional 4 Series for banks.

Based on Application, the video as a sensor market has been segmented into security and surveillance, traffic management, retail analytics, healthcare, manufacturing, and mapping. Retail analytics application is expected to hold a prominent market share by 2029. Based on Application, the video as a sensor market has been segmented into security and surveillance, traffic management, retail analytics, healthcare, manufacturing, and mapping. The retail analytics application segment will hold a prominent market share by 2029. By using video surveillance and analytics, retailers can get insightful inputs into the behavior of customers and can improve the management of inventory in stores and optimize layouts of such stores, which would ultimately lead to increased sales and profitability. Retail analytics systems track customer movements and interactions within a store through video data. This information helps retailers understand shopping patterns and levels of engagement. Video analytics creates heat maps that visually display the flow of customers across the store. Companies such as Johnson Controls Inc. (US), and VCA Technology Ltd. (UK) offer video as a sensor solution for retail analytics applications. For instance, cloud cameras by Johnson Controls Inc. are equipped with the annual or monthly service plan, which includes intelligence, such as people & vehicle detection, and unlimited cloud storage of bookmarked video, which is ideal for retail stores.

Based on the Region, the video as a sensor market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). By 2029, the North American region is estimated to hold a prominent share of the video as a sensor market. The rapid growth of North American video as a sensor market is due to factors such as increasing demand for real-time analytics and enhanced security measures in healthcare, retail, and government sectors. Integrating advanced technologies such as Al, ML, and IoT enables sophisticated video analytics solutions that enhance operational efficiency and decision-making processes. Also, the strong presence of video as sensor systems developers and providers such as Motorola Solutions, Inc. (US), Honeywell International Inc. (US), Cisco Systems, Inc. (US), IBM Corporation (US), and AT&T (US) in the region makes the region an attractive hub for video as a sensor systems provider the region.

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Video as a Sensor Market Expected to Reach $101.89 billion by 2029 at a CAGR of 7.9%