Video Analytics Market Share, Size, Trends, Industry Analysis Report, By Type (Software and Services); By Deployment Model; By Application; By End-User; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 115
- Format: PDF
- Report ID: PM1416
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global video analytics market was valued at USD 7.02 billion in 2023 and is expected to grow at a CAGR of 22.6% during the forecast period. The adoption of video analytics is growing rapidly due to its ability to identify specific real-time actions or behavior, providing alerts and insights to users.
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As the businesses are getting high exposure and measurable returns after implementing video analytics, its market is also supposed to suffice the growing demands of the users. The evolved video analytics assists companies in developing comprehensive security, intelligence, and investigative capabilities by using the captured footage.
It has advanced search and face recognition analytics to find related images and useful information through multiple footages from different cameras. Automation of staff monitoring and improvement in camera return on investment can be speedily made by extracting information from the captured video to discover patterns and get insights.
Additionally, increasing demand for IP-based security systems and infrastructure and growing concern over safety and security to life and assets are also expected to fuel the analytics market growth during the forecast period.
Furthermore, growing concerns of personal integrity and privacy violations have made way for regulations and laws in the video surveillance field. These and many such factors are driving the growth of the market. However, the high cost of initial installment and a growing number of false alarms in poor lighting or bad weather conditions are expected to hinder the market growth during the forecast period.
The COVID-19 pandemic has mixed impact on the adoption of video analytics software and services. While social isolation measures and supply chain disruptions have slowed down their uptake, the use of analytics-integrated surveillance systems, such as CCTV cameras and video streaming services, has been accelerated by the pandemic. The integration of advanced technologies like artificial intelligence and deep learning in surveillance systems is expected to drive the market in the coming years. In response to the pandemic, NxtGen Datacenter & Cloud Technologies Private Limited introduced a video analytics-as-a-service solution in May 2021. This end-to-end AI/ML solution is offered by a single company for a single fee and features cutting-edge technology.
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Industry Dynamics
Growth Drivers
The recent technological developments in the market allow a user to observe where security cameras are installed on a smartphone or a similar handheld device by means of an installed application specially provided by the solution provider. This gives a user a look at the place under surveillance anytime, irrespective of the location.
The hardware component suppliers provide necessary electronic and hardware components such as sensors, processors, SSDs, and cameras. These components are essential for real-time monitoring, detection, and reporting of the activities happening within the surveillance area. For instance, sensors help detect intrusions, or any other movements, while SSDs can be utilized to access local storage or database and facilitate face and license plate recognition, among other such applications.
Technology providers such as Cisco Systems, Inc., IBM Corporation, Honeywell International, and I2V Systems Private Ltd., among others, offer video analytics solutions. They provide software products for cloud-based SaaS and on-premises installations.
Furthermore, they can offer real-time video analysis, alerts, video search, and business intelligence. Moreover, these vendors are observed integrating their systems with a large variety of third-party systems. Thus, allowing the end-users to choose and implement the best-fit video analytics solutions within their systems.
Report Segmentation
The market is primarily segmented based on type, deployment model, application, end-user, and region.
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By Type |
By Deployment Model |
By Application |
By End-User |
By Region |
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Software segment is expected to dominate over the forecasted period
In 2022, the software segment is projected to dominate the market during the forecast period and the services sector is expected to grow at the fastest rate. The expansion of the analytics industry can be attributed to the increased adoption of these solutions and the growing demand for support services to ensure their effective operation, which is expected to drive the demand for professional and managed services. Various companies provide a broad range of detection filters that allow for accurate classification of object behavior in different surveillance scenarios.
In January 2019, Sony introduced an AI-based Edge Analytics solution that enables users to create real-time video content without specialized training, additional staff, or equipment. The growth of the services segment is driven by the rising installation of video analytics services, which results in a higher demand for maintenance and support services.
Cloud-based model is expected to dominate over the forecasted period
In 2022, the cloud-based model is expected to dominate the market and maintain its dominance during the forecast period with the highest compound annual growth rate. This is mainly due to the advantages provided by cloud deployment. Cloud-based systems offer a subscription model, such as pay per subscription, which helps customers manage their costs effectively.
By deploying cloud-based analytics systems, customers can easily secure their premises with IP cameras, as there is no need for additional hardware other than the cameras themselves. The videos can be viewed and recorded without any on-site machines, and users can access them from anywhere using a PC or mobile device with an internet connection. This offers customers a convenient and user-friendly way to manage their surveillance systems.
Crowd Management analytics segment is expected to dominate over the forecasted period
The global video analytics market is categorized based on application into crowd management, intrusion detection, facial recognition, motion detection, license plate recognition, and others. The crowd management analytics segment is expected to dominate the market during the forecast period.
However, the facial recognition segment is projected to grow at the highest compound annual growth rate during the forecast period. The growth of this analytics segment can be attributed to the increasing usage of facial recognition solutions across various industries for identification, verification, or recognition of individuals.
Facial recognition software can compare real-time video images with a database of previously stored images, leading to the launch of advanced products by numerous companies. For example, in September 2019, Kairos, an ethical face-recognition AI company, announced the launch of its Kairos Video Analytics Camera.
North America dominated the global market in 2022
North America dominates the market due to increasing investments, rising adoption of video surveillance systems for enhanced security and safety purposes. The concentration of key vendors in this region encourages the development and adoption of video analytics ensure more safety.
Huge investment coupled with government initiatives to increase security is expected to propel analytics market growth. As per the commitments made by the newly elected president of the U.S., the country is presumed to foresee the increasing implementation of security systems at public places and critical infrastructures.
However, the Asia Pacific analytics market is expected to witness the fastest growth due to the increasing introduction of smart cities projects and megacities in several parts of the region. The market is highly unorganized in the Asia Pacific, owing to the presence of a large number of dominating local/regional manufacturers.
Governments are showing strong support in promoting advanced technologies such as IoT for improving their infrastructure for public safety. Moreover, the region is seen making significant investments in the video analytics market, owing to the lucrativeness and economies of scale offered. The rapidly growing demand for high-quality video platforms and related services in the smart city environment of China offers immense business potential and application for intelligent video analytics.
Competitive Insight
Some of the major players operating in the global market include International Business Machines Corporation, Cisco Systems Inc., Axis Communications, Genetec Inc., Agent Video Intelligence Ltd, Honeywell International Inc., Aventura Technologies Inc., Qognify, Avigilon Corporation, Puretech Systems Inc., Intuvision, Inc., and AllGoVision Technologies Pvt. Ltd., among others.
Recent Developments
- In February 2021, Openpath, Inc. revealed a partnership with Cisco Meraki for integration. (VMS) in order to develop a new video management system. The access control and smart video surveillance features of Openpath will be coupled with Cisco Meraki's cloud-based technology to offer data and analytics that help customers make better business choices. An all-in-one security tool that can handle both video and access control would make integrating security simpler.
- In September 2022, Honeywell unveiled the most recent version of its Pro-Watch Integrated Security Suite, which includes Pro-Watch 6.0 and Pro-Watch Video Management System (VMS) R750, as well as the 35 Series cameras, which will complete its portfolio of cameras that function in NDAA-compliant systems. The most recent version of the Honeywell Pro-Watch Integrated Security Suite, Honeywell Pro-Watch 6.0, enables higher degrees of conformance for highly regulated sectors without burdening security teams with additional work.
Video Analytics Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 8.58 billion |
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Revenue forecast in 2032 |
USD 43.77 billion |
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CAGR |
22.6% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Type, By Deployment Model, By Application, By End-User, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
International Business Machines Corporation, Cisco Systems Inc., Axis Communications, Genetec Inc., Agent Video Intelligence Ltd, Honeywell International Inc., Aventura Technologies Inc., Qognify, Avigilon Corporation, Puretech Systems Inc., Intuvision, Inc., and AllGoVision Technologies Pvt. Ltd., among others. |
FAQ's
Key companies in video analytics market are International Business Machines Corporation, Cisco Systems Inc., Axis Communications, Genetec Inc., Agent Video Intelligence Ltd, Honeywell International Inc., Aventura Technologies Inc.
The global video analytics market expected to grow at a CAGR of 22.5% during the forecast period.
The video analytics market report covering key segments are type, deployment model, application, end-user, and region.
Key driving factors in video analytics market are rapid developments and investment for smart cities.
The global video analytics market size is expected to reach USD 43.77 billion by 2032.
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