Overview and Scope
Video analytics is a technology that processes a digital video signal using a special algorithm to provide security to critical infrastructures with a powerful means for tracking people or objects, identifying and detecting intruders, and producing an alarm on types of behavior.
Sizing and Forecast
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 in the historic period can be attributed to surge in security concerns, retail optimization needs, traffic management solutions, public safety and emergency response, operational efficiency in industries.
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%. The growth in the forecast period can be attributed to growing adoption in smart cities, retail and customer experience enhancement, health and safety compliance. Major trends in the forecast period include emotion and sentiment analysis, integration with IoT sensors, automated license plate recognition (ALPR), real-time crowd monitoring, customizable and open architecture solutions.
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Segmentation & Regional Insights
The video analytics market covered in this report is segmented –
1) By Component: Software, Services
2) By Organization Size: Small And Medium Enterprises, Large enterprise
3) By Deployment Model: On-Premise, Cloud
4) By End User: BFSI, Retail, Critical Infrastructure, Transportation And Logistics, Hospitality And Entertainment, Defense And Security, Other End-users
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.
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Major Driver Impacting Market Growth
The drop-in crime rate due to surveillance cameras is expected to propel the growth of the video analytics market. Surveillance cameras produce a large number of videos and are an essential part of securing any infrastructure. Video analytics helps in reducing crime rates by automatically tracking and gaining reliable insights from video frames, thus reducing the chances of negligence or human errors. For instance, in 2021, according to a systematic review of rigorous studies in the US and UK concerning the crime prevention impact of CCTV, stated that CCTV resulted in a reduction of crimes, especially theft and robberies, in focal areas, and it had been the most effective in public transport schemes (23% reduction) and car parks (more than a 50% decrease). Therefore, the drop in crime rate due to surveillance cameras will drive the video analytics market growth.
Key Industry Players
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
The video analytics market report table of contents includes:
1. Executive Summary
2. Video Analytics Market Characteristics
3. Video Analytics Market Trends And Strategies
4. Video Analytics Market – Macro Economic Scenario
5. Global Video Analytics Market Size and Growth
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32. Global Video Analytics Market Competitive Benchmarking
33. Global Video Analytics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Video Analytics Market
35. Video Analytics Market Future Outlook and Potential Analysis
36. Appendix
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