What is the global market size of Video Analytics Market?

Global Video Analytics Market size was valued at USD 4.46 billion in 2021 and is poised to grow from USD 5.5 billion in 2022 to USD 35.6 billion by 2030, growing at a CAGR of 23.1% in the forecast period (2023-2030).

Who are the key vendors in the Global Video Analytics Market?

The Global Video Analytics market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability. 'IBM Corporation', 'Cisco Systems, Inc.', 'Honeywell International Inc.', 'Avigilon Corporation', 'Axis Communications AB', 'Agent Vi Ltd.', 'Aventura Technologies, Inc.', 'Intellivision Technologies Corporation', 'Milestone Systems A/S', 'PureTech Systems, Inc.', 'Qognify, Inc.', 'Verint Systems Inc.', 'Viseum International Ltd.', 'BriefCam Ltd.', 'iOmniscient Pty Ltd.', 'Ipsotek Ltd.', 'KiwiSecurity Software GmbH', 'Digital Barriers Plc.', 'Genetec Inc.', 'AllGoVision Technologies Pvt Ltd.'.

What is the key driver of Global Video Analytics Market?

The ability of analytics-integrated video software to analyze life or previously recorded video streams in order to find, categorize, and follow behavior patterns and preset objects has become a major industry driving force. Standard surveillance networks may be transformed with the use of intelligent detection and alarm systems for cars, stationary objects, or people using real-time video analytics with high-performance capabilities. Real-time event detection has contributed to a decline in thefts, crimes, and other criminal activity while also enhancing social conditions and the environment for international trade, which has fueled the expansion of the global video analytics market.

What is the key market trend for Global Video Analytics Market?

Organizations may obtain precise and complex analyses of films due to the rising accessibility of high-resolution cameras, such as 4K or 8K. High-resolution films make it easier to recognize and analyze objects and people in crowds, set off alerts when specific criteria are fulfilled, filter and search movies, and more correctly derive information from video metadata. In the next years, the market is projected to be driven by the launch of high-definition cameras by industry participants with improved capabilities.

Which region accounted for the largest share in Global Video Analytics Market?

During the projected period, North America is anticipated to have the greatest share of the market. The demand for video content analytics solutions in the United States and Canada is anticipated to rise as a result of the introduction of new technologies and the presence of important players like IBM Corporation, Honeywell International Inc., Cisco Systems, and Motorola Solutions (Avigilon), and others. End customers in the United States and Canada are actively pursuing the use of video analytics combined with cutting-edge technology.

Video Analytics Market Size, Share, Growth Analysis, By Offering(Software, and Services), By Deployment(On-premise, Cloud), By Application(Incident Detection, People/Crowd Counting, Facial Recognition, Intrusion Management), By End-User(IT & telecom, Banking, Financial Services, & Insurance (BFSI)), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45I2204 | Region: Global | Published Date: August, 2024
Pages: 157 | Tables: 125 | Figures: 77

Video Analytics Market Dynamics

Video Analytics Market Driver

Demand for Better Surveillance

Growing incidents of thefts and other crimes have led to high demand for better round-the-clock surveillance around the world. Video analytics help identify such incidents and even potentially avoid them by providing deep insights from video surveillance footage thereby driving market growth.

Launch of Smart City Initiatives

Smart cities are being developed around the world and they are also expected to bolster the demand for video analytics in the future. These cities make use of advanced technologies to improve the safety of citizens and help law enforcement organizations keep peace.

Video Analytics Market Restraints

Challenges in Integration

Integrating video analytics with existing legacy video surveillance systems could be a major challenge and require substantial human and capital resources. Incompatibility among different video systems will further add to complexity and slow down video analytics demand outlook in the future.

Data Management and Storage

Video analytics produces heaps of data and managing and storing this data can become a daunting task for video analytics companies going forward. High investments in storage solutions and deployment of resources to manage data are also expected to impede market growth to a certain extent in the future.

Video Analytics Market Report Snapshots

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FAQs

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).

Growing emphasis on improving security around the world is projected to primarily augment the sales of video analytics which is why market players should target the defense and government industries. Integrating advanced technologies to improve analytical capabilities of offering will also be a major trend among video analytics companies. Collaborations are also expected to be popular strategies for companies looking to expand their global market presence. 'Avigilon Corporation (Canada) ', 'Axis Communications AB (Sweden) ', 'Cisco Systems, Inc. (U.S.) ', 'International Business Machines Corporation ', 'Aventura Technologies Inc. ', 'Qognify ', 'Puretech Systems Inc. ', 'AllGoVision Technologies Pvt. Ltd. ', 'Honeywell International Inc. (U.S.) ', 'Agent Video Intelligence Ltd. (U.S.) ', 'AllGoVision Technologies Pvt. Ltd (India) ', 'Earth Water Limited (U.S.) ', 'Genetec Inc., (Canada) ', 'Intellivision (U.S.) ', 'Intuvision Inc., (U.S.)'

Growing incidents of thefts and other crimes have led to high demand for better round-the-clock surveillance around the world. Video analytics help identify such incidents and even potentially avoid them by providing deep insights from video surveillance footage thereby driving market growth.

Behavioral Analysis: Video analytics companies should focus on offering behavioral analysis to improve the real-time detection capabilities of security solutions. Identifying a potential threat through behavioral analysis will become a popular trend in the future, which is why video analytics companies should start wokring on perfecting it soon.

North America is anticipated to account for a dominant share of the global video analytics market. High adoption of advanced analytics, presence of key video analytics providers, and high government spending on defense and surveillance are key factors that help the dominance of this region. The United States is projected to be the most opportune market in this region followed by Canada. Emphasis on improving retail infrastructure and retail experience enhancement is also expected to create new opportunities for video analytics companies in this region.

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Video Analytics Market Dynamics

Video Analytics Market Report Snapshots

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What is the global market size of Video Analytics Market?

Who are the key vendors in the Video Analytics Market?

What is the key driver of Video Analytics Market?

What is the key market trend for Video Analytics Market?

Which region accounted for the largest share in Video Analytics Market?

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