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The video analytics market size was valued at US$ 6,624.9 million in 2022 and is projected to reach US$ 21996.0 million by 2028; The video analytics market size is expected to grow at a CAGR of 22.1% from 2022 to 2028.
Video analytics is a technique that uses a unique algorithm to evaluate a digital signal to perform a security-related function. It provides security to key infrastructures based on a robust method of recognizing and detecting intruders, creating an alarm upon detecting a specific activity. The healthcare sector has begun to appreciate the benefits of video analytics. Foot traffic past a closed drugstore, for example, may be deemed typical in the evening. However, loitering around the drugstore entrance might indicate a break-in is imminent. A fence-climbing alarm is another example of applied video analytics.
The digitalization of CCTV systems is enhancing the effectiveness and capabilities of surveillance imaging systems for security purposes. Such CCTV systems combined with automation and intelligence are deployed as strong and responsive management tools. Some manufacturers are developing a strong gadget for detecting intruders by applying computer processing capabilities to CCTV photos. CCTV systems are also being integrated with other access control and surveillance technologies to establish an efficient multifunctional system for asset security. Video content analysis (VCA) or video analytics (VA) is a relatively new feature of intelligent CCTV, which can be used in various analytical applications, such as dynamic masking, motion estimation, motion detection, and object recognition.
The video analytics market, based on component, is segmented into software and services. The video analytics market, based on deployment, is segmented into on-premise and cloud-based. The video analytics market, by application, is segmented into crowd management, facial recognition, intrusion detection, license plate recognition, motion detection, and others. The video analytics market, based on vertical, is segmented into BFSI, hospitality and entertainment, education, manufacturing, defense and border security, retail, transportation and logistics, and others. In terms of geography, the video analytics market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Russia, and the Rest of Europe), APAC (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the MEA (South Africa and the Rest of the Middle East & Africa), and SAM (Brazil, Argentina, and Rest of South and Central America).
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Video Analytics Market: Strategic Insights
Market Size Value in US$ 6,624.9 million in 2022 Market Size Value by US$ 21996.0 million by 2028 Growth rate CAGR of 22.1% from 2022 to 2028. Forecast Period 2022-2028 Base Year 2022
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Video Analytics Market: Strategic Insights
Market Size Value in | US$ 6,624.9 million in 2022 |
Market Size Value by | US$ 21996.0 million by 2028 |
Growth rate | CAGR of 22.1% from 2022 to 2028. |
Forecast Period | 2022-2028 |
Base Year | 2022 |
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Speak to AnalystImpact of COVID-19 Pandemic on Video Analytics Market
The COVID-19 pandemic impacted almost every major industry, including education, logistics & supply chain, healthcare, BFSI, retail, and manufacturing. Its spread to practically every corner of the world in the second quarter of 2020 compelled governments to impose restrictions on different commercial and social activities. Several governments begun to use video analytics to monitor the situation and ensure public safety. With this, the demand for video analytics-based face recognition, crowd management, people counting, and intrusion and access control tools increased in the last few years.
Lucrative Regions in Video Analytics Market
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Market Insights– Video Analytics Market
Growing Adoption of IP-Based Security Systems is Public Safety Applications
IP-based surveillance systems, high-resolution IP cameras, and network video recorders are increasingly used in video management systems. An increase in IP infrastructure, a rise in demand for remote access are the factors encouraging developments in IP-based security solutions. As a result, companies in the video analytics market are expanding their product portfolios to include IP-based security cameras with integrated video analytics functions. For example, in October 2020, Bosch released "IP 3000i Cameras" with a built-in video analytics system. The integration of IP-based security cameras with video analytics enables remote access, smart data capture, blocked emergency exit or queue notifications, intrusion detection, crowd management, and facial recognition. IP-based security cameras are used in retail spaces for behavior analytics and demographics. Thus, the need for video analytics solutions is growing with the elevating deployment of IP-based security cameras across various sectors.
Component-Based Insights
On the basis of component, the video analytics market is segmented into solution and service. The solution segment accounted for a highest video analytics market share in 2021. With the introduction of increasingly strong in-built chipsets in cameras that enable increased computing capabilities at the edge, edge-based video analytics is evolving. Such systems alert operators to a wide range of real-time video or audio events that require attention and deliver more advanced analytics such as queue management and heat maps, which open up new business and traffic intelligence options.
Deployment-Based Insights
The video analytics market analysis by deployment, the video analytics market is segmented into on premise and cloud based. The on-premise segment is expected to account for a significant share of the video analytics market during the forecast period. This approach is commonly used in applications that process large amounts of sensitive or confidential data. Internal and external surveillance footage and video feeds of corporate activities are included in these data volumes, including proprietary information and vital insights.
Application -Based Insights
The video analytics market analysis by application, the video analytics market is segmented into crowd management, facial recognition, intrusion detection, license plate recognition, motion detection, and others. Crowd management is anticipated to have the highest video analytics market share during the forecast period. Facial recognition is expected to grow at the highest CAGR. Rising incidences of criminal identification, passport and visa fraud detection, and attendance tracking and management, are aiding the video analytics market growth during the forecast period.
Vertical -Based Insights
On the basis of vertical, the market is segmented into BFSI, hospitality and entertainment, education, manufacturing, defense and border security, retail, transportation and logistics, and others. During the forecast period, transportation and logistics are expected to grow at the fastest CAGR during the forecast period. In the transportation and logistics industry, video monitoring has grown more vital. The removal of congestion, behavior analysis, increased safety measures, incident recording, and detection of blind spots are just a few of the benefits of video analytics for the logistics sector.
Players operating in the well completion video analytics market are mainly focused on the development of advanced and efficient products.
- In 2022, Huawei Technologies (Thailand) Co., Ltd. was chosen for the Special Prime Minister Award and recognized as “Digital International Corporation of the Year”. The award acknowledges Huawei Thailand for its valuable support and outstanding contributions to Thai society since its establishment in the country.
- In April 2021, INSEC Security announced a new partnership agreement with BriefCam. Together, the two companies will support the integration of the BriefCam Video Content Analytics Platform for regional projects and will operate a training certification program to foster local video analysis expertise.
Video Analytics Market – by Geography
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- UK
- Russia
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- Japan
- South Korea
- Thailand
- Rest of APAC
- Middle East and Africa
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of SAM
Video Analytics Market – Company Profiles
- Avigilon Corporation
- AXIS COMMUNICATIONS
- Agent Video Intelligence Ltd.
- Honeywell International Inc.
- AllGoVision Technologies Pvt. Ltd
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Dahua Technology Co., Ltd.
- Huawei Technologies Co., Ltd.
- NEC Corporation
- BriefCam
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Deployment, Application, and Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global video analytics market was valued at US$ 5519.2 Mn in 2021.
The driving factors impacting the Video analytics market are growing adoption of IP-based security systems and development of advanced systems for precision monitoring among others.
One of the key future trend impacting the video analytics market is integration of real time technologies.
The key players holding the major market share of video analytics are Dahua Technology Co. LTD, Hangzhou Hikvision Digital Technology Co., Ltd., Honeywell International Inc, Huawei Technology, and NEC Corporation.
APAC is the fastest-growing regional market in the global Video Analytics market.
US, UK, India, South Africa, and Brazil are the countries are registering a high growth rate during the forecast period.
The global video analytics market size is projected to reach US$ 21996.0 Mn by 2028.
The List of Companies - Video Analytics Market
- Avigilon Corporation
- AXIS COMMUNICATIONS
- Agent Video Intelligence Ltd.
- Honeywell International Inc
- AllGoVision Technologies Pvt. Ltd
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Dahua Technology Co., Ltd.
- Huawei Technologies Co., Ltd.
- NEC Corporation
- BriefCam
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
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We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
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The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
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The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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