The Video Analytics Market size was valued at USD 9.14 billion in 2023 and is expected to grow to USD 38.89 billion by 2031 and grow at a CAGR of 19.84% over the forecast period of 2024-2031.
The ability to identify specific real time actions or behavior, and to provide users with alerts and insight, the adoption of video analytics is growing rapidly. In particular, the increase in public safety and security concerns can be attributed to this development. Furthermore, the main factor driving this market is an increased use of video analysis for crime reduction by providing timely alerts on suspected or unusual activity.
The global market for video analysis is generating lucrative growth opportunities due to increasing awareness of the benefits of video analysis compared with manual visual analysis. The value of the global video analytics market is expected to grow further due to increasing demand from small and medium sized enterprises for IP based security systems, coupled with an increase in the volume of unstructured video data.
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Key Drivers:
Burgeoning requirements in the field of transport and logistics
In the logistics and transport sector, video surveillance has become increasingly common. A number of the many advantages of video analysis for transport and logistics include a reduction in crowd control, behaviour analysis, enhanced safety measures, incident recording or blind spots detection. With the use of video analytics, this market for commuters can be enhanced and expanded to increase safety.
Growing use of Drone-Based Video Analytics
Restraints:
Government regulations concerning the surveillance of closed-circuit television
The wide range of possibilities of this technology, businesses, governments and organisations are integrating video analysis into their video surveillance systems. These tools are capable of capturing and analysing video in the field at any time. For a number of different things, such as ANPR, population estimation and facial recognition, it is used. There was a repeated concern about the privacy of residents, notwithstanding its benefits.
High Costs
Opportunities:
Using video analytics for forecasting information
Forecasts for the next events are made by predictive analytics. It is using techniques from data mining, ML, AI, statistics and modelling. The video system is capturing important and useful signals, e.g. streams of data from the internet which are unstructured, videos or audios that contain key client behavioural characteristics. It is possible to collect atmospheric data by placing security cameras in public places.
Investments and Technological Innovations
Challenges:
High initial investment, installation, and maintenance expenses.
Complicated interoperability issues and support for outdated surveillance system equipment.
Impact of Economic Slowdown:
Despite the potential economic slowdown, the market for video analysis is experiencing strong growth and is expected to continue to grow significantly in the coming years. The market size is projected to reach $38.89 billion by 2031, with a notable Compound Annual Growth Rate (CAGR). Various factors are driving this growth, such as increasing adoption of video analytics in a variety of sectors, rising concerns about security and safety due to the strong demand for Wi-Fi enabled wireless services.
In view of the introduction of new technology and presence of major companies in the region, North America is expected to retain its leading market share over the forecast period. The retail industry, in particular, is anticipated to exhibit the highest CAGR due to businesses leveraging video analytics to enhance customer experience, improve operational efficiency, and make data-driven decisions.
The Russia-Ukraine crisis has had a profound impact on various sectors globally, including potential repercussions for the video analytics market. While it is not easy to obtain specific information on the video analytics market, we can infer potential impacts by examining broader market trends and disruptions. First, the crisis has caused significant disruptions in world supply chains that have affected sectors dependent upon technology and digital infrastructure. This disruption could have a negative impact on the video analytics market, which would affect availability of necessary components and higher operating costs. Secondly, the conflict has resulted in corporate actors reevaluating their presence in Russia, with many Western companies pulling back. In the affected regions, this shift could have an impact on market dynamics and availability of services related to video analysis. In particular, it is a vital tool for data analysis that enables operators and warfighters to understand the increasing volume and scope of information generated by many different systems, weapons and soldiers on the ground.
By Type:
Server-based
Edge-based
By Offering:
Software
Services
By Deployment Model:
Cloud
On-premises
By Vertical:
Banking, financial services, and insurance (BFSI)
Critical Infrastructure
Education
Hospitality & Entertainment
Manufacturing
Government & Defense
Retail
Transportation & Logistics
Other Verticals
By Application:
Incident Detection
Intrusion Management
People/Crowd Counting
Traffic Monitoring
Automatic Number Plate Recognition
Facial Recognition
Other Applications
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In view of the increase in demand for technological enhanced public safety infrastructure over the forecast period 2024 to 2031, North America is dominating the worldwide market for video analytic systems. In addition, it is estimated that growth will be accelerated by the adoption of video analytics in combination with more sophisticated technologies. In view of the growing trend to adopt video analytics in different regions.
Asia Pacific is anticipated to be a major market for Video Analytics Systems worldwide during the forecast period 2024 to 2031. In addition, the expansion of regional markets is strongly supported by smart cityies initiatives.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The major key players are Allgovision Technologies Pvt. Ltd., Aventura technologies, inc., Axis communications ab, Cisco Systems, inc., Honeywell international inc., Intellivision technologies corp., international business machines corporation, Puretech systems inc., Qognify, Verint systems inc. and Other Players
In March 2022, Cisco Meraki introduced an expanded range of Internet of Things and local area networking solutions that incorporate innovation technologies to enhance the needs of today's heterogeneous workforce, providing more intelligent and secured workplaces. Ensuring exceptional user, employee and customer experiences continues to be a key priority for today's fast changing business environment that is characterized by the shift from traditional methods of operation towards digitised operations. Cisco Meraki's expansion of its technology portfolio makes it easy for it to provide.
March 2023: Irisity AB, a provider of advanced video analysis technology, and Axis Communications have joined forces to develop an advanced surveillance camera equipped with artificial intelligence capabilities. This partnership brings together the expertise of Irisity in the field of AI powered video analysis with Axis Communications surveillance camera technology, providing enhanced security and intelligence capabilities.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 9.14 Billion |
| Market Size by 2031 | US$ 38.89 Billion |
| CAGR | CAGR 19.84% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Server-based, Edge-based) • By Offering (Software, Services) • By Deployment Model (Cloud, On-premises) • By Vertical (Banking, financial services, and insurance (BFSI), Critical Infrastructure, Education, Hospitality & Entertainment, Manufacturing, Government & Defense, Retail, Transportation & Logistics, Other Verticals) • By Application (Incident Detection, Intrusion Management, People/Crowd Counting, Traffic Monitoring, Automatic Number Plate Recognition, Facial Recognition, Other Applications) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Allgovision Technologies Pvt. Ltd., Aventura technologies, inc., Axis communications ab, Cisco Systems, inc., Honeywell international inc., Intellivision technologies corp., international business machines corporation, Puretech systems inc., Qognify, Verint systems inc. |
| Key Drivers |
• Burgeoning requirements in the field of transport and logistics |
| Market Restraints |
• Government regulations concerning the surveillance of closed-circuit television |
Ans: - The Video Analytics market size is estimated to reach USD 38.89 Bn by 2030.
Ans: - an increase in cyberattacks and data theft and government legislation governing CCTV surveillance.
Ans: - North America is expected to have the highest share of the video analytics market in 2023.
Ans: - The major key players are Allgovision Technologies Pvt. Ltd., Aventura technologies, inc., Axis communications ab, Cisco Systems, inc., Honeywell international inc., Intellivision technologies corp., international business machines corporation, Puretech systems inc., Qognify, Verint systems inc.
Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Video Analytics Market Segmentation, By Type
9.1 Introduction
9.2 Trend Analysis
9.3 Server-based
9.4 Edge-based
10. Video Analytics Market Segmentation, By Offering
10.1 Introduction
10.2 Trend Analysis
10.3 Software
10.4 Services
11. Video Analytics Market Segmentation, By Deployment Model
11.1 Introduction
11.2 Trend Analysis
11.3 Cloud
11.4 On-premises
12. Video Analytics Market Segmentation, By Vertical
12.1 Introduction
12.2 Trend Analysis
12.3 Banking, financial services, and insurance (BFSI)
12.4 Critical Infrastructure
12.5 Education
12.6 Hospitality & Entertainment
12.7 Manufacturing
12.8 Government & Defense
12.9 Retail
12.10 Transportation & Logistics
12.11 Other Verticals
13. Video Analytics Market Segmentation, By Application
13.1 Introduction
13.2 Trend Analysis
13.3 Incident Detection
13.4 Intrusion Management
13.5 People/Crowd Counting
13.6 Traffic Monitoring
13.7 Automatic Number Plate Recognition
13.8 Facial Recognition
13.9 Other Applications
14. Regional Analysis
14.1 Introduction
14.2 North America
14.2.1 USA
14.2.2 Canada
14.2.3 Mexico
14.3 Europe
14.3.1 Eastern Europe
14.3.1.1 Poland
14.3.1.2 Romania
14.3.1.3 Hungary
14.3.1.4 Turkey
14.3.1.5 Rest of Eastern Europe
14.3.2 Western Europe
14.3.2.1 Germany
14.3.2.2 France
14.3.2.3 UK
14.3.2.4 Italy
14.3.2.5 Spain
14.3.2.6 Netherlands
14.3.2.7 Switzerland
14.3.2.8 Austria
14.3.2.9 Rest of Western Europe
14.4 Asia-Pacific
14.4.1 China
14.4.2 India
14.4.3 Japan
14.4.4 South Korea
14.4.5 Vietnam
14.4.6 Singapore
14.4.7 Australia
14.4.8 Rest of Asia Pacific
14.5 The Middle East & Africa
14.5.1 Middle East
14.5.1.1 UAE
14.5.1.2 Egypt
14.5.1.3 Saudi Arabia
14.5.1.4 Qatar
14.5.1.5 Rest of the Middle East
14.5.2 Africa
14.5.2.1 Nigeria
14.5.2.2 South Africa
14.5.2.3 Rest of Africa
14.6 Latin America
14.6.1 Brazil
14.6.2 Argentina
14.6.3 Colombia
14.6.4 Rest of Latin America
15. Company Profiles
15.1 Allgovision Technologies Pvt. Ltd.
15.1.1 Company Overview
15.1.2 Financial
15.1.3 Products/ Services Offered
15.1.4 SWOT Analysis
15.1.5 The SNS View
15.2 Aventura technologies, inc.
15.2.1 Company Overview
15.2.2 Financial
15.2.3 Products/ Services Offered
15.2.4 SWOT Analysis
15.2.5 The SNS View
15.3 Axis communications ab
15.3.1 Company Overview
15.3.2 Financial
15.3.3 Products/ Services Offered
15.3.4 SWOT Analysis
15.3.5 The SNS View
15.4 Cisco Systems, inc.
15.4.1 Company Overview
15.4.2 Financial
15.4.3 Products/ Services Offered
15.4.4 SWOT Analysis
15.4.5 The SNS View
15.5 Honeywell international inc.
15.5.1 Company Overview
15.5.2 Financial
15.5.3 Products/ Services Offered
15.5.4 SWOT Analysis
15.5.5 The SNS View
15.6 Intellivision technologies corp.
15.6.1 Company Overview
15.6.2 Financial
15.6.3 Products/ Services Offered
15.6.4 SWOT Analysis
15.6.5 The SNS View
15.7 International business machines corporation
15.7.1 Company Overview
15.7.2 Financial
15.7.3 Products/ Services Offered
15.7.4 SWOT Analysis
15.7.5 The SNS View
15.8 Puretech systems inc.
15.8.1 Company Overview
15.8.2 Financial
15.8.3 Products/ Services Offered
15.8.4 SWOT Analysis
15.8.5 The SNS View
15.9 Qognify
15.9.1 Company Overview
15.9.2 Financial
15.9.3 Products/ Services Offered
15.9.4 SWOT Analysis
15.9.5 The SNS View
15.10 Verint systems inc.
15.10.1 Company Overview
15.10.2 Financial
15.10.3 Products/ Services Offered
15.10.4 SWOT Analysis
15.10.5 The SNS View
16. Competitive Landscape
16.1 Competitive Benchmarking
16.2 Market Share Analysis
16.3 Recent Developments
16.3.1 Industry News
16.3.2 Company News
16.3.3 Mergers & Acquisitions
17. Use Case and Best Practices
18. Conclusion
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