Video Analytics Market Size, Share, Growth Analysis, By Offering, By Deployment, By Application, By Type, By Region-Industry Forecast 2024-2031

Global Video Analytics Market size was valued at around USD 7.9 billion in 2022 and is projected to grow from USD 8.9 billion in 2023 to USD 44.7 billion by 2031 at a CAGR of 22.3 % over the forecast period (2024-2031).

The presence of several major international competitors is driving the expansion of the global market. The widespread acceptance of cloud services and robust security infrastructure are the primary factors influencing the adoption of video analytics solutions among companies and SMEs across various industries. These industries include BFSI, city surveillance, critical infrastructure, education, hospitality and entertainment, manufacturing, defense and border protection, retail, traffic management, transportation and logistics, and more. The use of cloud services and security infrastructure is essential for implementing video analytics solutions, enhancing operational efficiency, and ensuring security. Developing nations in the Asia-Pacific (APAC) and the Middle East and Africa (MEA) regions are expected to offer significant opportunities for market suppliers. The economic downturn caused by the COVID-19 pandemic underscores the need for alternative business methods, emphasizing the importance of cloud computing and video analytics technologies for increased safety and operational efficiency. As organizations adapt to the changing economic landscape, the adoption of these technologies in the global market becomes crucial for maintaining competitive advantage and ensuring robust security measures.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Video Analytics market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Video Analytics Market Segmental Analysis

The Global Video Analytics Market is segmented based on the Offering, Deployment, and region. Based on the offering, the market is segmented into Software (Video Content Analysis and AI Driven Video Analytics) and Services (Professional Services [Consulting, Integration & Implementation and Support & Maintenance] and Managed Services). Based on the Deployment, the Market is segmented as On-premises and Cloud. Based on the Application, the Market is segmented as Incident Detection, People/Crowd Counting, Facial Recognition, Intrusion Management, Traffic Monitoring, Automatic Number Plate Recognition and Others. Based on the Industry, the Market is segmented as BFSI (Security & Fraud Detection, ATM Monitoring & Protection, Customer Experience and Queue Management and Other), Government & Defense (Security & Surveillance, Facial Recognition & Identity Verification, Perimeter Protection and Other), Critical Infrastructure (Perimeter Security & Intrusion Detection, Access Control & Identity Verification, Security & Threat Assessment and Other), Education (Security & Safety, Visitor Management, Access Control & Identity Verification and Other), Hospitality and Entertainment (Security & Surveillance, Facial Recognition & Access Control, Crowd Management and Other), Manufacturing (Quality Control & Inspection, Worker Safety & Compliance and Other), Retail (Loss Prevention & Security, Queue Management, Facial Recognition And Access Control), Transportation & Logistics (Traffic Management & Congestion Monitoring, License Plate Recognition (LPR) and Other), and Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Drivers of the Global Video Analytics Market

The capability of analytics-integrated video software to analyze live or previously recorded video streams to detect, categorize, and track behavior patterns and predefined objects has become a significant driving force in the industry. This technology allows standard surveillance networks to be transformed through intelligent detection and alarm systems, which can monitor vehicles, stationary objects, or people using real-time video analytics with high-performance capabilities. This real-time event detection has led to a reduction in thefts, crimes, and other criminal activities, thereby enhancing social conditions and the environment for international trade, fueling the expansion of the global market. Moreover, the implementation of real-time video analytics has not only improved security but also positively impacted various sectors by providing enhanced monitoring and response capabilities. This technology supports proactive measures in maintaining safety and security, contributing to the overall efficiency and effectiveness of surveillance systems. As a result, the demand for video analytics solutions continues to grow, driven by the need for improved security measures and the benefits of real-time analysis in various applications, from traffic management to retail security. This increasing adoption is propelling the global market forward, as industries recognize the value of integrating advanced video analytics into their operations.

Restraints in the Global Video Analytics Market

The economic downturn in the IT industry, affecting both developed and emerging nations, has strained extensive database infrastructures as businesses seek efficiency while managing operating costs and security standards. The lack of well-designed database architectures for video analytics limits the accuracy of analytics derived from image and video data, which is expected to constrain the growth of the global video analytics market during the forecast period. Additionally, the rise in cyberattacks and data breaches involving mobile devices, IoT devices, and security cameras further hinders market expansion. Improper handling of videos stored in open cloud storage by cloud service providers can lead to leaks of original video content. As data breaches in the cloud continue to increase, these security concerns are likely to restrict the industry's growth.

Market Trends of the Global Video Analytics Market

The increasing availability of high-resolution cameras, such as 4K and 8K, allows organizations to achieve detailed and complex analyses of video footage. High-resolution videos facilitate the identification and analysis of objects and individuals in crowds, trigger alerts based on specific criteria, and enable more accurate extraction of information from video metadata. This advancement enhances capabilities in filtering and searching videos. In the coming years, the market is expected to be driven by the introduction of high-definition cameras by industry players, which will offer enhanced features and capabilities.