According to a new report, published by KBV research, The Global Video Analytics in Banking Market size is expected to reach $7.5 billion by 2030, rising at a market growth of 24.9% CAGR during the forecast period.
The Services segment is showcasing a CAGR of 26.8% during (2023 - 2030). Real-time insights into many elements of bank operations are provided by video analytics services, allowing for speedy decision-making and reaction to unforeseen circumstances. Video analytics data can be a vital source of information for investigations and legal cases in the event of an occurrence. Video analytics services can be customized to meet each bank's unique requirements and objectives, enabling a specialized strategy for security and operational optimization.
Security & Fraud Detection segment is leading the Global Video Analytics in Banking Market by Application in 2022 thereby, achieving a market value of $2.2 billion by 2030. Banking organizations can watch regions of high interest and provide an alert when physical activity occurs using video analytics. Events include opening a safe, a cash exchange or transfer, opening a night deposit box, or when someone enters a vulnerable location. The majority of check fraud happens on new bank accounts. Therefore, banks may identify fraud faster by using sophisticated video systems to identify checks with low numbers and associated surveillance footage to identify the offender if someone's account has been compromised.
The Cloud segment has shown the high growth rate of 26.8% during (2023 - 2030). Because little to no equipment or software is needed, cloud-based video intelligence solutions enable deployment in a few days. Due to the subscription-based nature of these solutions, user onboarding and service termination are simplified. Once a user has subscribed, they must log in to start using the service and working with others. A cloud solution can be the best option for businesses that need to quickly start using their video data.
The North America region dominated the Global Video Analytics in Banking Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2.5 billion by 2030. The Europe market is anticipated to grow at a CAGR of 24.6% during (2023 - 2030). Additionally, The Asia Pacific market would witness a CAGR of 25.9% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/video-analytics-in-banking-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Senstar Technologies Ltd., Zhejiang Dahua Technology Co., Ltd, Axis Communications AB (Canon, Inc.), AllGoVision Technologies Pvt. Ltd, IBM Corporation, Wipro Limited, Bosch Security Systems GmbH (Robert Bosch GmbH), Grekkom Technologies, Avigilon Corporation (Motorola Solutions), and Eagle Eye Networks, Inc.
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