Global Video Analytics Market Size By Type (Software, Services), By Application (Traffic Monitoring, Incident Detection, Facial Recognition), By Vertical (City Surveillance, Border Security, Education), By Geographic Scope And Forecast

Video Analytics Market Size And Forecast

Video Analytics Market size was valued at USD 5.65 Billion in 2021 and is projected to reach USD 35.88 Billion by 2030, growing at a CAGR of 21.5% from 2022 to 2030.

Demand for intelligent video surveillance is further accelerated owing to additional features like improved accuracy, enhanced reliability, and cost-effectiveness, alongside its growing significance in business intelligence. These solutions are extensively wont to gain insights on patterns about consumer behavior, traffic movement, and frequency of footfall at a user-defined area. This will foster market demand. The Global Video Analytics Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Video Analytics Market Definition

Video analytics technology software is used in computers to research video footage from cameras, particularly security cameras. Video surveillance analytics usually have a simple implementation and allows for real-time surveillance of activities. The use of video analytics aids in making surveillance systems more efficient by lessening the work that's required by the safety staff. Video analytics software particularly allows for services that will not be performed with an equivalent efficiency by staff like strange visual perception high accuracy, car place recognition, and auto-tracking.

Video surveillance plays a serious role in completing safety-related operations. Public and personal video surveillance systems assist in reducing crime rates and safeguarding private and public areas by identifying number plates and determining faces. Moreover, the video has become an integral tool in law procedures because it is often used for gathering evidence. Most businesses also are implementing video analytics to re-design their plans supported derived insights and are updating their product offerings supported induced consumer behavior patterns.

Global Video Analytics Market Overview

The rising demand for real-time event detection to fuel the market. Video analytics software helps in providing instantaneous alerts that occur in a good range of business sectors to reinforce situational awareness. The creation of real-time data through videos needs professional handling. Video analysis software can help in analyzing recorded video streams to classify, and track behavior patterns and predefined objects, thus becoming a key market driving factor. Moreover, increasing deployment of AI-enabled video analytics solutions aids market growth. The deployment of AI-enabled video content analysis solutions is increasing rapidly globally.

Government bodies are actively opting for AI-based video systems to monitor track congestion and oversee smart energy metering using the AI Global Surveillance (AIGS) Index for greater clarity of videos. AI and deep learning are the key technologies for video content analysis and for transforming live or recorded videos into structured metadata that our quantifiable insights. Furthermore, increased investments and focus of governing institutions on public safety got to utilize and examine unstructured video surveillance data in real-time, a big drop by rate due to surveillance cameras have positively anticipated in propelling the growth of the global video analytics market.

There are certain obstacles and restraints faced that will hinder the overall market growth. Factors such as increasing cyberattacks and data theft activities are limiting the market growth. Also, investments in existing legacy surveillance systems to prevent the implantation of new advanced solutions are estimated to sluggish growth during the forecast period. Further, the lack of necessary database infrastructure & latent security threats inhibits the growth of the market. Nevertheless, the advancements in technologies such as the integration of AI and cloud technologies with video analytics, growing use of facial recognition across applications, and surging demand for video analytics solutions in non-government sectors offer favorable growth opportunities.

Global Video Analytics Market: Segmentation Analysis

The Global Video Analytics Market is segmented on the basis of Type, Application, Vertical, and Geography.

Video Analytics Market, By Type

• Software
• Services

Based on Type, the market is bifurcated into Software and Services. The segment holds the largest market share and is estimated to witness the highest CAGR during the forecast period.

Video Analytics Market, By Application

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

Based on Application, the market is bifurcated into Traffic Monitoring, Incident Detection, Facial Recognition, People/Crowd Counting, Intrusion Management, Automatic Number Plate Recognition. The intrusion systems segment holds the largest market share during the forecast period. Intrusion systems blended with video analytics offer precise and automated surveillance. If an intruder breaks a pre-defined security rule, the automated intrusion management system generates a real-time alarm along with a video of the event and sends it to the Video Management Software (VMS).

Video Analytics Market, By Vertical

• City Surveillance
• Border Security
• Education
• Banking
• Financial Services, and Insurance (BFSI)
• Transportation
• Retail
• Traffic Management
• Critical Infrastructure Protection

Based on Vertical, the market is bifurcated into City Surveillance, Border Security, Education, Banking, Financial Services, and Insurance (BFSI), Transportation, Retail, Traffic Management, Critical Infrastructure Protection. The city surveillance segment holds the largest market share. The surveillance of public places, such as parks, law implementation activities, and smart cities is considered in this vertical. Governments are seeking radical solutions to reduce threats to their citizens. These warnings could range from established criminal acts to random acts of violence.

Video Analytics Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World
• On the basis of Regional Analysis, the Global Video Analytics Market is classified into North America, Europe, Asia Pacific, and Rest of the world. North America holds the largest market share. The U.S. is currently the global largest consumer of video analytics. With the rapid technological development in the country, organizations have been refocusing operations on security and safety by incorporating analytics, and ongoing projects will boost the market in the North American region. The Asia Pacific emerged as the second-largest market.

Key Players

The "Global Video Analytics Market" study report will provide a valuable insight with an emphasis on the global market including some of the major players are IBM Corporation, Intellivision Technologies Private Ltd., Honeywell International Incorporation, Agent Video Intelligence Ltd., Cisco Systems, Inc., Puretech Systems Inc., Axis Communications, I2V Systems Private Ltd., Qognify, Intuvision, Inc., Genetec Inc., Aventura Technologies Inc., Allgovision Technologies Pvt. Ltd. and Avigilon Corporation.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• Partnerships, Collaborations and Agreements
• On March 2019, Axis Communications announced a joint integration between Genetec security center SynergisTM. This integration addresses the needs of medium and large organizations with multiple sites.
• Mergers and Acquisitions
• On March 2021, Honeywell signed an agreement to acquire a majority stake in Fiplex Communications to expand the in-building connectivity and communications solutions. Fiplex's solutions will become a platform for Honeywell's wireless technology.
• On June 2021, Cisco announced the acquisition of Kenna Security to solve security posture challenges, including automating prediction, identification, prioritization, and remediation of cybersecurity threats.
• Product Launches and Product Expansions
• On March 2020, Gorilla Technology launched the next-generation advanced Secure Edge AI solution in partnership with the developer of intelligent edge appliances, Lanner Electronics. The partnering companies are offering edge-ensured cybersecurity and data protection for AI-powered video intelligence. This collaboration provides secure video analytics solutions to customers and users.
• On April 2020, Robert Bosch GmbH launched the camera platform INTEOX for the advanced demands of the security and safety industry. It is an open camera platform that can be customized and offers in-built, Bosch intelligent video analytics solutions.
• On November 2020, Axis Communications announced the launch of Axis Object Analysis to detect and identify vehicles and humans. The AI-based solution is ideal for parking lots, public buildings, and warehouses. The intelligent technology powering it suppresses false alarms such as shadow movement, slight object movement, etc.
• On February 2021, Avigilon announced the launch of an artificial intelligence network video recorder that combines traditional Avigilon NVR with the capabilities of Avigilon AI appliance to provide organizations with a solution to meet analytics, storage, and cybersecurity requirements. The solution is connected to Avigilon cloud services to support connection to perform software upgrades and efficiently download applications.