Video Analytics Market Scope and Overview
The Video Analytics Market is witnessing a surge in popularity owing to the ever-growing demand for sophisticated security solutions and the rise of smart city projects. This market is expected to reach USD 38.89 Billion by 2031, reflecting a staggering CAGR of 19.84% over the forecast period (2024-2031).
With the rising need for surveillance of public places, video analytics security has gained a strong foothold both in private as well as government sectors leading to significant demand rise leading up to forecast year end.
The rising need for advanced security systems and an increasing number of smart city projects have fueled the popularity of the video analytics market.
The increasing demand for video analytics solutions in critical infrastructures, transportation systems, retail industries, and residential verticals are some of the major drivers that help to accelerate the market growth. These more advanced video surveillance systems include high-definition cameras, night vision capability, and remote monitoring for superior situational awareness and detailed event recording.
Moreover, the growth of smart cities and a maturing Internet-of-Things (IoT) ecosystem are driving demand for improved video surveillance to handle urban expansion and effectively increase safety aspects. Urban areas benefit from some of these functionalities as well, video analytic solutions can provide real-time monitoring and crowd management or even traffic control.
Some of the Major Key Players Studied in this Report are:
- Allgovision Technologies
- Aventura Technologies
- Axis Communications Ab
- Cisco Systems
- Honeywell International
- Intellivision Technologies Corp
- International Business Machines Corporation
- Puretech Systems
- Qognify
- Verint Systems
- Others
Market Segmentation Analysis
By Application: The Crowd management Market leads the solutions segment throughout the forecast period. Facial recognition is expected to experience the highest growth rate as a result of an increase in applications for criminal identification, fraud detection, and attendance checking.
By Deployment:The Cloud deployment type is estimated to grow at a higher rate, as cloud-based solutions are being adopted by small and medium-sized enterprises (SMEs) and startups. A major driving factor is the ability to scale and cost efficiency with a cloud model. The demand for on-premise deployment may decrease in this sector as scaling solutions have been catching up across SMEs.
By Enterprise Type: The market is currently dominated by large enterprises that are integrating video analytics with forthcoming technologies such as AI and cloud, to provide better security solutions to the demand. Small and medium-sized businesses are expected to be the fastest-growing segment as they increase spending on innovative video analytics solutions.
Market Segmentation and Sub-Segmentation Included Are:
By Type:
- Server-based
- Edge-based
By Offering:
- Software
- Services
By Deployment Model:
- Cloud
- On-premises
By Vertical:
- Banking, financial services, and insurance (BFSI)
- Critical Infrastructure
- Education
- Hospitality & Entertainment
- Manufacturing
- Government & Defense
- Retail
- Transportation & Logistics
- Other Verticals
By Application:
- Incident Detection
- Intrusion Management
- People/Crowd Counting
- Traffic Monitoring
- Automatic Number Plate Recognition
- Facial Recognition
- Other Applications
Regional Analysis
North America is projected to guide the video analytics market and contribute major share percentage owing to various factors such as a rise in demand for cutting-edge technologies, high presence of leading. The use of video analytics is proliferating with the support of new tech implementations among end-users in these regional markets.
Asia Pacific is expected to develop with a substantial growth rate as compared with the other geographical divisions during 2024-2031. Smart city projects and other highly-funded initiatives along with substantial investments in innovative solutions for video surveillance, especially around national security are expected to drive the use of such tools across emerging markets. Market expansion is expected to be driven by the retail industry and significant advancements in the ICT sector, especially in countries like China and India.
Europe is anticipated to account for a major revenue contribution in the global video analytics market due to the presence of a large number of prominent solution and service providers.
Recent Developments from Video Analytics Market
- In March 2024, Infibeam Avenues created a video AI developer platform that changes the way businesses use artificial intelligence. This move marks one more step in the ongoing convergence of AI and video analytics solutions.
- April 2024: Axis Communications announced the launch of its cloud-based platform, AXIS Cloud Connect which aims to simplify and secure video surveillance management.
- April 2024: Lumana announced its new video security platform powered by AI and a hybrid-cloud architecture. This platform provides organizations with the ability to improve their security, streamline incident response and increase operational efficiency.
- January 2024: Google Analytics 4 added a few more features to make life easier for everybody and better explain how you can extract actionable insights from video data.
Key Takeaways from the Video Analytics Market Study
- Information on the important drivers that are driving growth in the global video analytics market, which driver has been critical for a change in demand from one region to another.
- The study provides an in-depth analysis of various market trends along with revenue and investment by segment such as crowd management, and facial recognition.
- The report also provides the details of both, on-premise and cloud deployment options that help you in selecting deployable options.
- The report helps solutions providers understand the pulse of these markets and highlights key areas such as North America, Asia, and Europe.
The video analytics market is on the verge of seeing an outstanding future whilst it continues to get linked with the latest innovations ranging from artificial intelligence to machine learning, and more. Cloud-based solutions have been increasingly integrated across verticals where security has become a major concern. As governments across regions farm out all the trappings of becoming a Smart City, deployment growth is projected to speed faster yet again, taking the Video Analytics Market along for the ride.
Table of Contents
- Introduction
- Industry Flowchart
- Research Methodology
- Market Dynamics
- Impact Analysis
- Impact of Ukraine-Russia war
- Impact of Economic Slowdown on Major Economies
- Value Chain Analysis
- Porter’s 5 Forces Model
- PEST Analysis
- Video Analytics Market Segmentation, by Type
- Video Analytics Market Segmentation, by Offering
- Video Analytics Market Segmentation, by Deployment Model
- Video Analytics Market Segmentation, by Vertical
- Video Analytics Market Segmentation, by Application
- Regional Analysis
- Company Profile
- Competitive Landscape
- USE Cases and Best Practices
- Conclusion
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