Video Analytics Market Size, Share And Forecast To 2032

(MENAFN- Straits Research) Introduction

Video analytics often involves studying footage to find anomalies and spatial and sequential occurrences. Video analytics automatically generates alarms or alerts for the concerned individual. Similarly, video analytics software facilitates the classification of patterns, prototypes, and events during forensic analyses of existing data. Video analytics simplifies the process of video surveillance by offering users superior benefits at a lesser price. In recent years, the demand for actionable insights derived from video data has increased, resulting in adoption by both public and commercial sector end users. Various industries, including banking, financial services, retail, airports, manufacturing, and others, want video analytics due to the growing demand for automated video tracking and management. In addition, demand for IP-based security cameras and rising concerns over the safety and security of life and property are anticipated to drive the video analytics market expansion over the forecast period.

Market Dynamics The Increasing Demand for IP-Based Security Cameras and Dimensions of Unstructured Video Data to Drive the Video Analytics Market

Demand for IP-based security cameras is increasing as the video management system is confronted with an influx of IP-based surveillance systems, high-definition IP cameras, and network video recorders (NVR). IP-based security is escalating due to the expansion of IP infrastructure, the increase in network density, and the requirement for remote access. As a result, market retailers are expanding their product offerings to include IP-based security cameras with built-in video analytics
capabilities. In addition, the retail business has implemented IP-based security cameras to conduct behavior analytics on the population. Consequently, the need for video analytics solutions is driven by the increasing deployment of IP-based security cameras across various corporate sectors.

Multiple video data sources, such as surveillance cameras, provide a tremendous volume of unstructured data. An average video security camera collects 850 petabytes of video data per day. It is impractical to track, manage, and evaluate all video data collected. In addition, a vast amount of data is produced every day due to digitalization and the widespread use of the internet. Several firms were aided by the application of video analytics in managing this vast amount of video data, including web, commercial, and social networking videos, which drives the expansion of the global market for video analytics.

Deployment of Advanced technologies like AI and Machine Learning to Create Global Video Analytics Market Opportunities

To get a competitive edge and satisfy the end-users requirements, market participants are constantly attempting to implement the most recent technologies, such as artificial intelligence, deep learning, and machine learning, into video analytics software. To provide an autonomous method for monitoring and enhancing the analysis of video footage in real-time, market participants in the video analytics industry are developing advanced AI-based video analytics solutions.

Sprint, in partnership with Hitachi Vantara and Ericsson technology, developed "Curiosity Smart Video Analytics" in 2019. In addition, employing these cutting-edge technologies in video analytics makes it feasible to enhance accuracy while simultaneously lowering false alarms, which has historically been a limitation of video analytics applications in surveillance. Moreover, machine learning can facilitate accurate object and image classification.

Regional Insights

North America commands the regional market while growing at a CAGR of 23.7%. The rise of video analytics in this region is influenced by the growing need for public safety and need for actionable insights. Additionally, the retail sector is likely to lead the adoption of video analytics systems over the following years. Due to an increase in the installation of video surveillance systems in smart homes, the market for video analytics is rising.

North America dominates the video analytics market and is home to many of the world's foremost cutting-edge video analytics solutions providers. Honeywell International, Inc., a leader in the North American video analytics market, makes a substantial investment in the solutions sector. Increasing demand for business analytics and technologically advanced public safety infrastructure drives the market in North America. Citilog, for example, unveiled in 2017 the largest smart camera project for traffic data collection based on video analytics on the Colombian highway.

The Asia-Pacific will be the second most dominant region in the global video analytics market, holding a value of USD 68,410 million by 2030, at a CAGR of 28.5%. Participants in the industry have realized the importance of enhancing total video analytics to optimize video data for improving business operations. In addition, many local and international companies compete in the Asia-Pacific market due to the rising popularity of video analytics in various industries, such as retail, government, and transportation.

For example, China created the Social Credit System, which depends primarily on the facial recognition of citizens. As this facial recognition technology is utilized nationwide, it is anticipated that the demand for cameras for this project will drive the growth of the video analytics market. China and India have a growing demand for video analytics due to rising safety concerns, increased government spending on surveillance cameras, and smart city initiatives. The government of Delhi, for example, launched its flagship scheme to install 140,000 CCTV cameras in the city's public locations to increase security and monitoring.

Key Highlights

• The global
  video analytics market size was valued at
  USD 8.37 billion in 2023
  and is projected to reach from
  USD 10.15 billion in 2024
  to
  USD 39.28 billion by 2032 , growing at a
  CAGR of 21.32%
  during the forecast period (2024-2032).
• Based on the component, the Software segmentation is expected to have the largest market share, growing notably at a CAGR of 23.9%.
• Based on the organization size, the section of Large Enterprises is forecasted to have the largest market share, growing at an astonishing CAGR of 23.6%.
• Based on the deployment, the On-premise deployment will likely hold the largest market share, growing at a CAGR of 23.7%.
• Based on the application, the retail segment will likely have the largest market share, expanding at a CAGR of 24.9%.
• Based on regional segmentation, North America will likely command the regional market while growing at a CAGR of 23.7%.

Competitive Players

AllGoVision Technologies Pvt

Aventura Technologies, Inc.

Axis Communications AB

Cisco Systems, Inc.

Honeywell International Inc.

IntelliVision Technologies Corp

International Business Machines Corporation

PureTech Systems Inc.

Qognify

Verint Systems

Recent Developments

• May 2024 - Robotic Assistance Devices (RAD), a subsidiary of Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX), has disclosed substantial enhancements to its AI-based firearm detection analytics. RAD's security device line, which encompasses ROSATM, RIOTM, and many others, will incorporate these improvements.
• May 2024 - The AI and storage performance test results of the NSA 7160R, a high-performance Edge server, were published by NEXCOM , a prominent supplier of network solutions. For high-performance computation, the NSA 7160R is equipped with dual Intel® Xeon® Scalable processors, as well as high-bandwidth PCIe Gen5 LAN modules, high-capacity NVMe storage modules, and DDR5 memory. The accompanying paper provides an explanation of the test results, which demonstrate the efficiency of the NSA 7160R in processing peripheral video server workloads.

Segmentation

By Component

Software

Services

By Organization Size

Large Enterprises

Small and Medium Enterprises

By Deployment

On-premise

Cloud

By Application

Retail

Healthcare

BFSI

Transportation and Logistics

Government

Manufacturing

Mining

Others

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