Video Analytics Market

Global Video Analytics Market Size (2024 to 2029)

The video analytics market size is anticipated to reach USD 28.10 billion in 2029 from USD 10.27 billion in 2024, registering a CAGR of 22.3% during the forecast period 2024-2029.

Video analytics have the power to analyze complex traffic levels with ease. With the increasing population, the demand to adopt video analytics is rising so as to curb the issues with traffic jams, especially in urban areas. Penetration of the most advanced technologies can gear up the growth opportunities for the video analytics market to solve these issues in the coming years. Artificial intelligence-based video analytics have already been in use in most emerging countries like the US, India, China, Japan, Canada, and others. In addition, growing investments in the development of transportation infrastructure and the adoption of the latest technologies for safety and security are gearing up the market share. Video analytics has huge dominance not only in the transportation industry but also in many other industries. The manufacturing industry seems to have a wonderful future with video analytics applications. This industry can be reshaped with the effects of artificial intelligence in revolutionizing control over manufacturing units by eliminating waste and enhancing workplace safety. 

Global Video Analytics Market Drivers: 

Deep learning is one of the famous words in recent times that is adding demand to adopt video analytics. Penetration of advanced technologies in recent years is a game changer for the video analytics market share as they are involved in rising applications for monitoring traffic jams and providing alerts in real-time. Facial recognition and smart parking technologies also play an important role in maximizing the application of video analytics in real-time, which is accelerating the growth rate of the market. So far, video analytics can provide means of accurate information to the operator.

According to American data storage company Seagate technology survey report, American organizations use 349 cameras on average, whereas Indian organizations use 249 cameras on average for video surveillance. The demand for video surveillance in emerging countries is growing at a higher rate due to the increasing need for safety and security with increasing security concerns. As per the reports, 85% of 1100 system integrators and IT executors across the world believe that safety and security are major factors that are driving the demand for video surveillance.

To ensure the safety of the patients, healthcare solutions have invested huge amounts in video surveillance. A growing number of thefts, infant abductions, and drug diversion are also one of the major causes for the healthcare sector to adopt video analytics software. Not only surveillance in healthcare but video analytics can do beyond that to achieve goals in exploiting the data collected accurately. For instance, the staff can get notified when a patient has not been checked according to their needs. Also, video analytics will promote shortened patient waiting times at hospitals or clinics and also can increase clear access to the emergency areas.

The adoption of video analytics in government sectors is greatly influencing the growth rate of the market. Rising prominence to minimize the risks associated with criminal activity is accelerating the government's and other organizations' adoption of video analytics. Revision of the traditional video surveillance in government offices with the deployment of the most advanced technologies is leveraging the growth rate of the market. Along with this, growing border conflicts between the countries are raising the demand to adopt innovative surveillance techniques in the military forces. This factor is ascribed to boost the market size.  

Global Video Analytics Market Restraints: 

The set of guidelines released by the government in many countries to protect the privacy of individuals may cost a lot. To meet the regulations, an investor needs a high cost to adopt advanced technology requirements that small-scale industries cannot afford. Failure to follow the respective guidelines may lead to huge penalties and legal actions. Therefore, these factors may hinder the growth rate of the market.

However, difficulty in storing the raw video footage is posing as a major challenging factor for the market key players. In addition, the lack of skilled operators to manage the highly advanced techniques in access control systems and data storage solutions is inhibiting the growth rate of the market. Complexity in providing effective communication signals to the operators is a difficult task and can be managed with the standard protocols, which require well-trained technicians. Therefore, less knowledge in managing these protocols may limit the demand to adopt video analytics in remote areas.

Impact of COVID-19 on the Video Analytics Market: 

COVID-19 emerged as a global health emergency in 2020 that imposed consequences on public health and economics. The government implemented all the restrictions on public gatherings and transportation, as well as the closure of restaurants and other public spaces, which is the only option to curb the spread of COVID-19. Many people lost their lives due to the virus due to a lack of proper awareness in treating the infected persons, as it is a completely new mutant. Video analytics took complete charge during the peak time of the COVID-19 crisis. The introduction of Visit’s artificial intelligence (AI) with behavioral recognition video analytics played a crucial role in identifying the public activity that sends data to the medical centers' monitor and higher authorities. During this trying time in 2020, video analytics helped many people in overcoming the challenges due to lockdown measures by preventing looting, vandalism, and robberies. Therefore, the video analytics market share has a positive turn due to COVID-19.

REPORT COVERAGE:

This research report on the global video analytics market has been segmented and sub-segmented based on offering, application, deployment model, type, vertical, and region.

Global Video Analytics Market - By Offering:

• Software
• Services

The software segment is leading with the prominent share of the market and the growing number of applications involved with respective software designs. The growing demand to install video surveillance in every organization for safety is majorly escalating the demand for the software segment. The services segment growth rate varies slightly during the forecast period.

Global Video Analytics Market - By Application:

• Incident Detection
• Intrusion Management
• People/Crowd Counting
• Traffic Monitoring
• Automatic Number Plate Recognition
• Facial Recognition
• Other Applications

The facial recognition segment is booming with prominent growth opportunities across the world. The growing number of aspects involved with facial recognition in video analytics, like access control and identifying individuals, is a major factor prompting the growth rate of this segment. For instance, face recognition technology has a prominent role in identifying the common customers in physical stores and enhancing customer satisfaction on their next visit. The automatic number plate recognition segment is next in holding a significant market share.

Global Video Analytics Market - By Deployment Model:

• Cloud
• On-premises

Cloud deployment models are playing an important role in providing huge storage places, which is why the growth rate for this segment is escalating at a higher rate during the forecast period. The cloud deployment model has huge advantages in storing huge amounts of data at ease and can be retrieved in very little time. This benefit is making all the users invest more in the cloud deployment model.

Global Video Analytics Market - By Type:

• Server-based
• Edge-based

The server-based type is ruling with the prominent share, whereas the edge-based segment is expected to have a steady pace during the forecast period. The server-based video analytics launches different video analysis modules received from the other servers.

Global Video Analytics Market - By Vertical:

• Banking, financial services, and insurance (BFSI)
• Critical Infrastructure
• Education
• Hospitality & Entertainment
• Manufacturing
• Government & Defense
• Retail
• Transportation & Logistics
• Other Verticals

The transportation & logistics segment holds the largest market share, whereas the BFSI segment is all set to have prominent growth opportunities in the coming years. Video surveillance is a major aspect of the transportation and logistics industry. It prevents accidents by detecting emergency threats and disasters through various features available in video analytics.

Global Video Analytics Market – By Region: 

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America's video analytics market share is ruling with the largest share due to growing investments in the latest technological developments, especially in IT and advanced camera technologies. The launch of various advanced features by IT companies is surging the demand by many organizations to adopt video analytics to provide security and enhance operations and decision-making processes.

Asia Pacific is gaining much more traction over the growth rate of the video analytics market. Growing demand to enhance the security at the border lines with the rising conflicts between the countries is increasing the growth rate of the market in this region. Innovative product launches with the most advanced features are another attribute fuelling the growth rate of the market. In addition, growing support from government organizations, especially in military forces, is likely to fuel the growth rate of the video analytics market.

Europe is next in leading the dominant share of the market. The growing urban population and the increasing need to adopt high technological advancements to overcome the challenges involved in traffic congestion are majorly elevating the growth rate of the market.  

KEY MARKET PLAYERS: 

Companies playing a significant role in the global video analytics market include Avigilion (Canada), Axis Communications (Sweden), Cisco (US), Honeywell International Inc.( US), IBM (US), AllGoVision Technologies (India), Genetec Inc. (Canada), Intellivision (US), Gorilla Technology (UK), Eagle Eye Networks (US), ADT (US), IntuVision (US), Securitas AB (Sweden)

RECENT HAPPENINGS IN THE MARKET: 

• On 28 August 2023, Axis Communications, a global leader in video surveillance, announced that it is set to launch its first center in Bengaluru, India. The experience center shall offer the best decision-making insight with encompassing features like audio analytics, intrusion detection, and automated access control systems.
• In 2023, Axis Communications announced its plan to adopt new features like deep learning capabilities into video cameras. Along with this, Axis has also plans to update its object analytic solutions with advanced techniques.