The global video analytics market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to increasing investments and focus of government state bodies on public safety.
Video analytics is an innovation that measures a computerized video signal utilizing a special algorithm to perform security-related issues. Fixed algorithm analytics, facial recognition systems, and artificial intelligence learning algorithms are three types of video analytics. The main goal of these components is to automatically recognize spatial and temporal events in a video. For instance, it can detect person which are not obeying traffic rules and sudden appearance of flame and smoke.
These systems perform real-time monitoring in which moving patterns, object attributes, or behaviour related to monitored environment are detected. Moreover, video analytics can also be used to analyse historical data.
Market Trends, Drivers, Restraints, and Opportunities
- Rising concerns regarding public safety and security by government organizations is expected to drive the market growth.
- Growing demand for monitoring solutions to detect or spot suspicious activities or physical threats is estimated to spur the market growth in the projected timeline.
- Increasing focus on building smart cities across globe is anticipated to spur the demand for video analytics solutions during the forecast period.
- Expansion in number of bogus alerts during bad climate or lightning conditions and high initial investments can restrain the development of the market.
- The emergence of the global health crisis due to COVID-19, government organizations are shifting for video analytics to maintain social distance norms, which is anticipated to offer lucrative opportunities for market expansion.
Scope of Video Analytics Market Report
The report on the global video analytics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Video Analytics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Software [On-premise and Cloud], Services), and End-users (Healthcare, BFSI, Retail & Logistics, Critical Infrastructure, Hospitality and Transportation, Defense and Security, and Manufacturing)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Avigilon Corporation (Motorola Solutions); Axis Communications AB; Cisco Systems Inc.; Aventura Technologies Inc.; and IBM Corporation
Video Analytics Market Segment Insights
Software segment is expected to grow at a rapid pace
Based on types, the video analytics market is divided into software and services. The software segment is further bifurcated into cloud and on-premise. The software segment is expected to grow at a rapid pace during the forecast period. A software solution helps in automating video surveillance process and offers cost-effective benefits to end-users. However, the service segment is anticipated to hold a key share of the market in the coming years due to rising penetration of surveillance technology among small and medium businesses (SMEs).
Retail & logistics segment is projected to expand at a considerable CAGR
On the basis of end-users, the market is segregated into healthcare, BFSI, retail & logistics, critical infrastructure, hospitality and transportation, defense and security, and Manufacturing. The retail & logistics segment is projected to expand at a considerable CAGR during the forecast period on account of the rising requirement of video analytics systems to monitor consumer behaviour, selection pattern & buying tactics, and time spent by consumers.
On the other hand, the transportation segment is expected to grow at a robust rate owing to growing use of these solutions to monitor vehicle counting, congestion detection, and licence plate recognition.
North America is anticipated to hold a major market share
In terms of regions, the video analytics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is expected to constitute a large market share during the projected period. Prominent organizations in the region are consistently focus on developing new and innovative solutions for improving security and safeguarding public safety.
Moreover, high adoption among end-user industries and government state bodies involvement in video surveillance infrastructure development is expected to further fuel the adoption of video analytics solutions in North America. Additionally, high reception among end-user industries and local government association in video analytics foundation development is increasing the adoption of video analytics in the region.
The video analytics market has been segmented on the basis of
- Retail & Logistics
- Critical Infrastructure
- Hospitality and Transportation
- Defense and Security
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the video analytics market are Avigilon Corporation (Motorola Solutions); Axis Communications AB; Cisco Systems Inc.; Aventura Technologies Inc.; and IBM Corporation.
Major players are focusing on modernization of video analytics tool using artificial intelligence and machine learning and also offering advanced solutions to expand their market share.