The size of the global video analytics market was estimated at USD 6.01 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 23.8% to reach approximately USD 50.6 billion by 2032.
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"The Global Video Analytics Market 2022-2032 (USD Billion)")
The rising interest in intelligent security surveillance systems, which can be utilized for assessing key trends and deriving patterns, is the key variable driving the market development during the forecast period.
Covid-19 Impact & Market Status
The spread of Coronavirus exceptionally affected the general well-being and industries, speeding up social reforms in a few regions. However the major difficulties, for example, disrupted supply chains, decentralized labor force, and the provision of safe and healthy employee work areas, were different in past recessions, the market players needed to manage these stupendous difficulties.
On-Premise to Emerge as the Most Lucrative Segment
Based on the deployment, the market is classified into cloud and on-premise. The on premise segment is predicted to have one of the greatest market shares of these throughout the projected period. This strategy is typically used in applications that handle sensitive and confidential data volumes. These information volumes include footage from internal and external surveillance systems as well as video feeds of corporate operations that include sensitive information and crucial insights. Organizations should introduce important hardware components, including the working framework, stockpiling gadgets, servers, cameras, and switches, as well as video analysis programming, for on-premises sending. Because of protection and security worries over private information, a few large enterprises are utilizing on-premises video analysis.
Transportation And Logistics Applications to Remain Atop
Based on the verticals, the market is classified into transportation & logistics, BFSI, retail, manufacturing, government, and others. During the forecast period, the segment related to transportation and logistics held the largest market share. Congestion relief, improved safety measures, event recording, behaviour analysis, and blind-spot detection are just a few of the benefits of video analytics to the transportation and logistics sector. Different capabilities given by video analysis, for example, facial acknowledgment, object tracking, obscure article identification, freight and train car recognition, and intelligent traffic monitoring, can help transportation and operations organizations forestall disasters and distinguish new dangers or vehicle impacts that might cause infrastructure harm, bringing about the death toll.
North America to Render Ample Investment Avenues
Over the forecast period, North America is anticipated to hold one of the largest market shares. Currently, the US dominates the worldwide market, and it is anticipated that it will remain so for the foreseeable future. The country's fast innovative headway is upheld by huge monetary development. Moreover, by embracing analysis, firms have pulled together procedures on security and well-being. Because of changing client needs, there has been a development from conventional on-premise video analysis execution to cloud deployment.
The Asia Pacific arose as the second-biggest market as far as income share, attributable to critical financial development in nations like India, China, and Indonesia. These economies have invested in cutting-edge security surveillance technologies to ensure the protection of their citizens. The market is probably going to be driven by the expanded deployment of industry solutions, especially in China, Japan, and India, as well as the expanded acknowledgment of cloud-based technologies.
Along with surveillance, it is projected that the retail sector will continue to dominate during the forecast period.
Video analysis software gives instant alerts that occur in different business regions to upgrade situational awareness. Making real-time information through video requires proficient handling. Also, the rising deployment of artificial intelligence-empowered video analytics solutions adds to showcase development. Government offices are effectively choosing artificial intelligence-based video systems to screen track blockage and utilizing the artificial intelligence Worldwide Reconnaissance (AIGS) file to screen smart energy metering to further develop video clearness.
artificial intelligence and deep learning are one of the most important innovations for video content analysis and deciphering live or recorded films into organized data that can be utilized to give quantifiable bits of knowledge ensuring an overall growth of USD 22.2 Billion by 2029 with an annualized growth rate of 20% during the forecast span.
Moreover, expanded speculations and focal points of overseeing foundations on open security empowered them to utilize and analyze unstructured video observation information continuously, bringing about a huge drop in rate because of reconnaissance cameras, as most would consider normal to decidedly push the development of the worldwide video analysis market.
Certain obstacles and limitations confronted will hinder the development of the global market. The growth of the market is being constrained by factors like increased cyberattacks and data theft activities. Additionally, within the hypothesised time period, investments will be made in the current legacy monitoring system to stop the implementation of new sophisticated technologies. Furthermore, market growth was hampered by the lack of crucial database infrastructure and associated security risks. Whatever the case, technical developments like artificial intelligence and cloud technology with video analytics, the growing use of facial recognition across apps, and the spike in demand for video analytics from the non-administrative area all provide excellent learning opportunities.
The major players in the global Video Analytics market are AllGoVision Technologies Pvt. Ltd. (India), Axis Communications AB (Sweden), Cisco Systems, Inc. (U.S.), Honeywell International, Inc. (U.S.), IBM Corporation (U.S.), IntelliVision (U.S.), Verint Systems, Inc. (U.S.), Huawei Technologies Co., Ltd. (China), Gorilla Technology Group, Inc. (R.O.C.), i2v Systems Pvt. Ltd. (India), ADT, Inc. (U.S.), Agent Video Intelligence Ltd. (U.S.), Intuvision, Inc. (U.S.), Avigilon Corporation (Canada), Stanley Convergent Security Solutions, Inc. (U.S.), Eagle Eye Networks (U.S.), and Milestone Systems A/S (Denmark), among others.
The Video Analytics market is a progressing sector and is characterized to own industrial frontliners yet aspiring new players going to penetrate the aggressive competitive landscape across world and native markets. in addition, varied new and aspiring players are up their product lines and upgrading technological capabilities to boost revenue streams amidst the Covid-19 impact.
Latest Innovations in the Global Video Analytics Market: A Snapshot
- In June 2021, Cisco stated that it will purchase Kenna Security in order to address concerns with security posture, such as automating cybersecurity threat prediction, remediation, identification, and prioritization.
- Avigilon announced the launch of an artificial intelligence network video recorder in February 2021 to give enterprises a solution to suit their requirements for analysis, storage, and internet security. This device combines the capabilities of the Avigilon AI appliance with the traditional NVR capabilities of the company. The setup is linked to Avigilon's cloud services, making it possible for quick software updates and app downloads.
Video Analytics Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Study Period | 2018-2032 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2032 | USD 50.6 billion |
| Growth Rate | CAGR of 23.8 % during 2022-2032 |
| Segment Covered | By Type, By Application, By Vertical, Region. |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | IBM Corporation, Intellivision Technologies Private Ltd., Honeywell International Incorporation, Agent Video Intelligence Ltd., Cisco Systems, Inc., Puretech Systems Inc., Axis Communications, I2V Systems Private Ltd., Qognify, Intuvision, Inc., Genetec Inc., Aventura Technologies Inc., Allgovision Technologies Pvt. Ltd. and Avigilon Corporation. |
Key Segment Of The Video Analytics Market
By Type (USD Billion)
• Software
• Services
By Application, (USD Billion)
• Traffic Monitoring
• Incident Detection
• Facial Recognition
• People/Crowd Counting
• Intrusion Management
• Automatic Number Plate Recognition
By Vertical,(USD Billion)
• City Surveillance
• Border Security
• Education
• Banking
• Financial Services, and Insurance (BFSI)
• Transportation
• Retail
• Traffic Management
• Critical Infrastructure Protection
Regional Overview, (USD Billion)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The market value of video analytics market in 2032 was USD 50.6 billion
The video analytics market is growing at a CAGR of 23.8% over the forecast period.
The top companies that hold the market share in video analytics market are AllGoVision Technologies Pvt. Ltd. (India), Axis Communications AB (Sweden), Cisco Systems, Inc. (U.S.), Honeywell International, Inc. (U.S.), IBM Corporation (U.S.), IntelliVision (U.S.), Verint Systems, Inc. (U.S.), Huawei Technologies Co., Ltd & among others.