Large amounts of video data may be tracked, analyzed, and managed in real-time using a process called video analytics. In order to deliver warnings to specific occurrences as they occur or post-event when searching an already happened event, video analytics is set up to detect attributes, patterns, or events of a particular behavior. The video analytics software keeps track of video inputs and converts them into knowledge to make more informed decisions.
In 2021, the market for video analytics was USD 4.5 billion, and by 2030, it will reach USD 35.6 billion, growing at a 23.1% CAGR during the forecast period.
Increased demand for IP-based security systems brought on by rising security and safety concerns, an increase in video data due to digitalization, and improved internet accessibility are some of the main reasons that have impacted the growth of the video analytics market.
Market Dynamics
Drivers
Governments and big businesses are adopting video analytics solutions to curb antisocial behavior due to increased regularity and severity of security breaches and attacks, including robbery, theft, shoplifting, and terrorist attacks.
Many industrialized nations, including the U.S. and the U.K., have strict laws requiring the installation of security cameras in public locations like supermarkets, hospitals, airports, train stops, hotels, and shopping centers. These laws are designed to ensure increased security and stop antisocial behavior. Cameras with video analytics capabilities offer real-time alerts and forensic tools for staffed and unstaffed video surveillance choices. To keep operational effectiveness and maximize security, they immediately report suspicious events. These factors will support market expansion over the forecast period.
Restraints
However, the high initial installation cost and an increasing number of false alerts caused by poor illumination or bad weather will restrain market expansion.
Opportunity
Data mining, A.I., and various ML methods are used in predictive analysis to make accurate predictions. It records important signs like video, audio, and data from social media, including crucial facets of consumer behavior. Creating predictive data using video analytics may offer a lucrative opportunity for the global video analytics industry.
Market Segmentation
By Type
The software sector was the greatest revenue contributor to the market for video analytics in 2022. This is due to the increased requirement to monitor buildings or other facilities for any suspicious activities or physical threats. Additionally, the demand for video analytics software is driven by elements like exact picture analysis, real-time processing, varied visual inputs, and improved accuracy.
By Deployment
The on-premise segment ruled the market for video analytics in 2022. This is due to the adoption of the on-premise deployment technique by sectors handling sensitive data and susceptible to cyberattacks or data breaches, such as banking, financial services & insurance (BFSI), education, and healthcare.
By End-Use
Global demand for video analytics has undergone a paradigm shift due to changing customer preferences. The retail segment is the leading market in terms of end-use. Due to the expanding scope of video analytics applications in the retail sector, the category is expected to maintain its leadership during the projection period.
Regional Analysis
Due to the broad presence of significant corporations in the industry in 2022, North America ruled the entire market. The United States currently employs video analytics the most of any nation. The country’s strong economic growth fosters rapid technological advancement. Organizations have also refocused operations on security and safety by integrating analytics. There has been a transition from conventional on-premise video analytics implementation to cloud deployment due to shifting customer needs.
In terms of revenue share, Asia Pacific was the second largest market due to the region’s rapid economic growth in countries like India, China, and Indonesia. These nations have been spending on high-tech security monitoring systems to protect their citizens. Expanding industry solution utilization and expanding cloud-based technology acceptance, notably in China, Japan, and India, will boost the market growth.
Key Players
AVENTURA TECHNOLOGIES, I.N.C.
QOGNIFY
INTELLIVISION TECHNOLOGIES CORP.
AXIS COMMUNICATIONS AB
PURETECH SYSTEMS INC.
VERINT SYSTEMS INC.
INTERNATIONAL BUSINESS MACHINES CORPORATION
ALLGOVISION TECHNOLOGIES PVT. L.T.D.
CISCO SYSTEMS, I.N.C.
HONEYWELL INTERNATIONAL INC.
In 2021, the market for video analytics was USD 4.5 billion, and by 2030, it will reach USD 35.6 billion, growing at a 23.1% CAGR during the forecast period. The increasing use of video analytics in surveillance across various end-use industries, including banking, financial services and insurance (BFSI), education, healthcare, retail, transportation, and manufacturing, is one of the main drivers of the video analytics market.
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