Northbrook, IL 60062 -- (SBWire) -- 01/18/2024 --The global Video Analytics Market size is expected to grow from USD 8.3 billion in 2023 to USD 22.6 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period, according to research report by MarketsandMarkets™.
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By offering, the software segment will hold a larger market size during the forecast period.
Video analytics software plays a vital role in video surveillance systems. Nowadays, businesses of all types are using this software to ensure the safety of their employees and premises. It enables organizations to collect and analyze crucial data, helping them make informed decisions based on the intelligently analyzed data provided by the software. The software has come a long way, revolutionizing video surveillance. The software has eliminated the need for manual intervention and continuous human monitoring. During emergencies, video analytics also provides real-time alerts. Video analytics software has many features and capabilities designed to extract valuable insights and information from video data across various industries, such as security and surveillance, retail, healthcare, and transportation. The software has eliminated the drawbacks of traditional video surveillance systems by offering capabilities that are instrumental in detecting abnormalities and criminal activities, ensuring optimum operational efficiency.
By Application, the Intrusion management segment holds the second-largest market share during the forecast period.
Intrusion management refers to monitoring outdoor areas and perimeters to detect intrusion incidents by deploying intrusion detection systems. These systems are essential in improving the security infrastructure at public places and critical infrastructure such as airport perimeters, rail yards, bridges, refineries, chemical plants, data centers, and other outdoor assets. Video analytics also enables such systems to analyze security breaches over large areas, pinpointing targets in real-time. Pan-tilt-zoom (PTZ) cameras help pursue detected intruders. Thermal sensors-coupled cameras integrated with video analytics and PTZ tracking sensors enable the detection of unauthorized entities with higher accuracy and lower costs.
By Region, Asia Pacific will grow at the highest CAGR during the forecast period.
Video analytics software has gained significant popularity in the Asia Pacific due to technological advancements, increasing security concerns, and a growing emphasis on smart city initiatives. Major cities in China, such as Beijing and Shanghai, have integrated video analytics into their surveillance networks for crowd monitoring, traffic management, and public safety. Facial recognition systems are deployed in public spaces. The region recognizes the importance of video analytics for ensuring security, streamlining operations, and harnessing the power of visual data. Therefore, it is crucial to Asia Pacific's continued growth and development. Video analytics technology is becoming increasingly popular in various regions across the globe. In India, this technology is used in transportation hubs and urban areas to improve security measures and optimize traffic flow. The demand for intelligent surveillance solutions has risen due to rapid urbanization, population growth, and increasing security concerns. In expanding smart cities like Singapore, Shanghai, and Tokyo, the deployment of video analytics has become crucial for advanced traffic management, public safety, and efficient urban planning. Furthermore, the retail sector in Japan and China has also recognized the need for video analytics to gain deeper customer insights, optimize store layouts, and improve operational efficiency.
Key Players
Some of the key players operating in the video analytics market are – Avigilon (Canada), Axis Communications (Sweden), Cisco (US), Honeywell (US), IBM (US), AllGoVision (India), Genetec (Canada), IntelliVision (US), Gorilla Technology (Taiwan), and Eagle Eye Networks (US).
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Key Dynamic Factors For Video Analytics Market:
Growing Apprehensions Regarding Security:
The need for video analytics solutions to improve surveillance and threat detection capabilities is being driven by growing security concerns in a number of industries, including banking, government, retail, and transportation.
Growth of Smart City Projects:
Adoption of video analytics for traffic control, public safety, and urban security is facilitated by the global trend towards smart city development.
Developments in Machine Learning (ML) and Artificial Intelligence (AI):
The ability to analyse and interpret video data is improved by integrating AI and ML technologies into video analytics solutions, producing more accurate and effective outcomes.
Growth in the Need for Business Intelligence
To make wise decisions and increase operational effectiveness, businesses are using video analytics to gain insights into consumer behaviour, foot traffic patterns, and other pertinent data.
Increased Use of Retail Analytics
Retailers can optimise store layouts, learn more about client behaviour, and improve the overall shopping experience by utilising video analytics.
Internet of Things (IoT) integration:
Real-time decision-making is made possible through the integration of video analytics with IoT devices and sensors, which enables a more thorough and networked approach to data analysis.
Cloud-Based Systems for Video Analytics:
The move away from on-premises infrastructure and towards cloud-based video analytics systems offers scalability, flexibility, and ease of deployment.
Concerns about ethics and privacy:
The development of video analytics technology has led to an increase in ethical and privacy concerns, which has affected regional standards and regulations.
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Competitive and Segmentation Analysis:
Understanding the dynamics of the video analytics industry requires a thorough understanding of competitive and segmentation studies. There is fierce competition in the market right now as major competitors compete for market dominance. By making investments in R&D to stay on the cutting edge of technology breakthroughs, especially in artificial intelligence and machine learning applications, companies are strategically differentiating themselves. Mergers and acquisitions, partnerships, and collaborations are common tactics used to improve product portfolios and broaden market reach. The industry is also distinguished by a wide spectrum of participants, from well-known tech behemoths to up-and-coming entrepreneurs, all of whom add to the competitive environment.
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Video Analytics Market Research Trends, Industry Expansion, Growth and Projections for 2028
This research report categorizes the video analytics market to forecast revenue, analyze trends, offering, application, deployment model, type, and vertical.