PUBLISHER: The Business Research Company | PRODUCT CODE: 1436778
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436778
Video analytics utilizes specialized algorithms to process digital video signals, enhancing security in critical infrastructures by tracking and detecting individuals or objects, identifying intruders, and triggering alarms based on certain behaviors.
The primary components within video analytics encompass software and services. Video analytics software operates within digital video surveillance systems, often involving high-end PCs, video capture cards, and licensed analytics software. Its purpose spans enhancing business processes while ensuring the safety of individuals and assets. Organizations adopting video analytics vary in size, from small and medium enterprises (SMEs) to large enterprises (LOEs). Video analytics systems can be deployed through on-premise setups or cloud-based infrastructures. End-users of video analytics solutions span across various sectors, including BFSI, retail, critical infrastructure, transportation and logistics, hospitality and entertainment, defense and security, and other industries.
The video analytics market research report is one of a series of new reports from The Business Research Company that provides video analytics market statistics, including video analytics industry global market size, regional shares, competitors with a video analytics market share, detailed video analytics market segments, market trends and opportunities, and any further data you may need to thrive in the video analytics industry. This video analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The video analytics market size has grown exponentially in recent years. It will grow from $6.88 billion in 2023 to $8.25 billion in 2024 at a compound annual growth rate (CAGR) of 20.0%. The growth observed in the historical period was driven by several significant factors. There was a surge in security concerns across various sectors, prompting increased investment in security solutions and technologies. Retail optimization needs, including inventory management and customer analytics, also fueled growth within the industry. Traffic management solutions addressing urban congestion and transportation challenges contributed to the expansion. Furthermore, investments in public safety and emergency response systems supported advancements in these critical areas. Additionally, industries focused on enhancing operational efficiency, leading to the adoption of innovative technologies to streamline processes and improve productivity.
The video analytics market size is expected to see exponential growth in the next few years. It will grow to $17.14 billion in 2028 at a compound annual growth rate (CAGR) of 20.0%. Anticipated growth in the forecast period is expected to be fueled by several key factors. The increasing adoption of security solutions in smart cities will drive market expansion, addressing safety concerns and optimizing urban infrastructure. Furthermore, there will be a heightened focus on security solutions to enhance retail operations and customer experiences, ensuring both safety and improved shopping experiences. Compliance with health and safety regulations will continue to drive investments in security technologies across various industries.
Video analytics is witnessing market growth driven by a decline in crime rates due to surveillance cameras. The presence of surveillance cameras has substantially reduced crimes such as theft and robbery. Studies indicate that CCTV has resulted in a 23% reduction in public transport crime and over a 50% decrease in car park offenses. Video analytics contributes to crime reduction by providing reliable insights from video frames, reinforcing its significance in bolstering security measures.
Increased smartphone usage is anticipated to propel the expansion of the video analytics market. Smartphones, multifunctional devices with diverse applications, integrating video analytics, enhance security, user experience, and overall functionality. As of November 2023, 92% of mobile users in the UK were using smartphones. In March 2022, 21% of internet users in the UK relied on smartphones. This trend in smartphone adoption significantly contributes to driving the growth of the video analytics market.
The video analytics market also experiences a surge in technological advancement as companies strive to maintain a competitive edge. For instance, in September 2022, Dallmeier Electronic GmbH & Co. KG introduced Sedor AI an AI-driven video analytics tool tailored for maritime applications. This software efficiently detects watercraft across varying environmental conditions, aiding port operators and refineries in mitigating security risks such as unauthorized access and complying with industry regulations.
Companies in the video analytics market are strategically partnering, as demonstrated by Claro Enterprise Solutions and Iveda Solutions' collaboration, aiming to enhance profitability. For instance, in May 2023, Claro Enterprise Solutions, a US-based technology provider collaborated with Iveda Solutions, a US-based software company to launch AI Video Analytics to enhance public security. This is a novel security enhancement product, integrating advanced intelligence into current video setups. This solution, addressing the growing demand for heightened vigilance, swiftly detects weapons, alerts to intrusions, and identifies fire and smoke. The technology aims to boost safety in public spaces, with rapid alert capabilities and seamless integration with existing cameras. This launch responds to the escalating demand for technological solutions amid a rise in security incidents. The product aims to reconfigure surveillance systems, ensuring compatibility and extensive search functionalities.
In April 2021, Atos, a French IT service and consulting company, acquired Ipsotek, a UK-based provider of video analytics software. This move complements Atos' existing Edge AI/ML capabilities, reinforcing its stature in Edge and Computer Vision technologies, augmenting its end-to-end solutions and expertise in this domain.
Major companies operating in the video analytics market report are Huawei Technologies Co. Ltd., Intell Vision Technologies Corp., IBM Corporation, Cisco Inc., Honeywell Inc., Hangzhou Hikvision Digital Technology Co. Ltd., Motorola Solutions Inc., Dahua Technology Co. Ltd., Axis Communications AB, Avigilon Corporation, Verint Systems Inc., Calipsa Ltd., Genetec Inc., Vivotek Inc., Bosch Security and Safety Systems I Global, Synectics PLC, Qognify Inc., BriefCam Ltd., Gorilla Technology Group Inc., PureTech Systems Inc., Aventura Technologies Inc., Kairos Technologies Inc., Camio Inc., KiwiSecurity Services Ltd., Sighthound Inc., Citilog Inc., Agent Video Intelligence Inc., Solink Corporation, AllGoVision Technologies Pvt. Ltd., Viseum Limited
North America was the largest region in the video analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the video analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the video analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The video analytics market includes revenues earned by entities by providing solutions such as license plate recognition (ALPR), crowd detection, facial recognition, motion tracking & detection, people counting, object detection, and PTZ auto-tracking. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Video Analytics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on video analytics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for video analytics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The video analytics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.