Video Analytics Market

Report Scope & Overview:

The Video Analytics Market size was valued at USD 7.63 Bn in 2022 and is expected to reach USD 32.45 Bn by 2030, and grow at a CAGR of 19.83% over the forecast period 2023-2030.

In computers, video analytics technology software is used to investigate video footage from cameras, notably security cameras. Video surveillance analytics are often straightforward to establish and enable real-time monitoring of activity. The use of video analytics helps to make surveillance systems more efficient by reducing the amount of labor needed of safety personnel. Video analytics software, in particular, enables services that employees cannot perform as efficiently, such as odd visual perception with high accuracy, automobile location identification, and auto-tracking.

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In order to complete safety-related procedures, video monitoring is essential. By detecting license plates and determining faces, public and personal video surveillance systems help to reduce crime rates and protect private and public spaces. Furthermore, because it is frequently utilized for evidence collecting, video has become an essential instrument in legal proceedings. Most companies are also using video analytics to re-design their strategies based on derived insights and to update their product offers based on induced customer behavior patterns.

MARKET DYNAMICS:

KEY DRIVERS:

• Increasing government spending in and attention on public safety

• Real-time use and examination of unstructured video surveillance data

• Enterprises are increasingly relying on BI and actionable data to support advanced operations.

• Adoption of new technologies by the government to improve public safety infrastructure

RESTRAINTS:

• an increase in cyberattacks and data theft.

• Government legislation governing CCTV surveillance.

• Investing in outdated monitoring technologies to avoid the implementation of new sophisticated solutions.

• Citizens are concerned about their privacy.

OPPORTUNITY:

• The introduction of cutting-edge technology and gadgets to expand the use of video analytics

• AI and cloud technology integration with video analytics

• In the non-government sector, there is a surge in demand for video analytics solutions.

• The usage of face recognition in many applications is increasing.

CHALLENGES:

• High initial investment, installation, and maintenance expenses.

• Complicated interoperability issues and support for outdated surveillance system equipment.

• Problems in distant and isolated areas.

• False alarms and unreliability.

IMPACT OF COVID-19:

With the rise of the global health crisis, numerous business systems have faced unprecedented obstacles ranging from product creation to sales and services, resulting in the closure of businesses. However, video content analysis and surveillance technology have grown by a factor of two to enable government lockdowns and social distancing measures, which are critical in managing the epidemic. Furthermore, the COVID-19 epidemic is expected to provide attractive prospects for major companies in the global video analytics market. Despite the fact that the market is expanding significantly as a result of the COVID scenario, industry participants are focused on enhancing overall service quality in terms of higher throughput, less latency, and effective identification technology. As a result, corporations are merging 5G and AI technology to do this, acquiring a feasible answer for concerns such as latency and bandwidth. 

MARKET ESTIMATION:

Market software and services provide a variety of capabilities and are completely customizable based on the client's needs. Video analytics allows for the identification of minute details even in low-light situations and allows for the central control of analytics in installations that are available regardless of location or time. Access can be allowed via a conventional web browser, with real-time scene analysis and alarms depending on user-defined rules that are adjustable. Companies that provide this software typically include supplemental services alongside their goods. They offer a comprehensive package and focus on meeting client requests by providing security applications such as access control, video surveillance, motion detection, intrusion detection, and other communications.

The video analytics market has been segmented into on-premise and cloud deployments. The cloud section includes Software as a Service (SaaS), which allows for unified process management, and an on-demand subscription model, which charges clients depending on the number of subscriptions. On-premise business activities take place on the user company's premises, with a dedicated server that is not linked to an outside server. In such circumstances, the firm entirely owns the program. Several firms have been observed migrating from traditional on-premise installs to cloud deployments in recent years. Cloud-based systems are highly scalable and can accommodate an infinite number of cameras while offering real-time incident analysis. Over the projected period, the cloud-based category is predicted to develop the quickest.

At big events and festivals, crowd control and surveillance are time-consuming jobs for governments and police departments. In such circumstances, integrating smart surveillance systems with video analytics provides real-time vital situational warnings. Video analytics has several applications in crowd control, including crowd size estimate, identifying prevailing crowd patterns and statistics, and detecting suspicious actions. As a result, the crowd management category dominated in 2022. Meanwhile, the face recognition category is predicted to be the fastest-growing, with a growth rate of during the projection year. Applications such as passport and visa fraud detection, criminal identification, and attendance tracking and management are projected to fuel this market.

Customers' evolving needs have caused a paradigm change in worldwide demand for video analytics. In 2022, the retail end-use category dominated the market. The segment is expected to maintain its dominance during the projection period due to the rising application breadth of video analytics in the retail sector. BFSI, government, education, transportation, city, and vital infrastructure are some of the other end-use categories. The focus of end-users has evolved from basic security surveillance and monitoring to analyzing crowd dynamics in a specific location and decoding individual behavior. This, in turn, has fueled the use of video analytics in a variety of applications, including retail, city, and government. The growth of technology in the BFSI and e-learning industries has prompted the introduction of video analytics systems. The transportation industry is also seeing an increase in deployments of technologies such as license plate recognition, vehicle counting, speed monitoring, and traffic congestion detection, among others.

KEY MARKET SEGMENTS:

On The Basis of Type

• Software

• Services

On The Basis of Deployment

• Cloud

• On-premise

On The Basis of Application

• Crowd Management

• Facial Recognition

• Intrusion Detection

• License Plate Recognition

• Motion Detection

• Others

On The Basis of End-use

• BFSI

• City

• Critical Infrastructure

• Education

• Government

• Retail

• Transportation

• Others

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REGIONAL ANALYSIS:

Geographically, North America is expected to have the highest share of the video analytics market in 2021. This segment's rapid market expansion can be ascribed to growing acceptance from regional end-use industries. Healthcare, BFSI, manufacturing, and education have all used video analytics to successfully monitor their personnel throughout the epidemic. During the projection period, however, the Asia-Pacific region is expected to have the fastest-growing CAGR.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

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

Honeywell International Inc - Company R&D Analysis