Video analytics is the procedure of utilizing computer algorithms to analyze and extract information from video data. Object detection, motion tracking, and facial recognition are examples of such tasks. Applications for the data and conclusions drawn from video analytics include traffic management, marketing, and security and surveillance.
In 2021, the market for video analytics was worth USD 4.5 billion. And by 2030 it will reach USD 35.6 billion, growing at a 23.1% CAGR during the forecast period.
Government ambitions to use cutting-edge technologies to improve public safety infrastructure can be link to the expansion of the video analytics sector. Also, the market for video analytics is expanding as a result of the mark decrease in crime rate caused by surveillance cameras.
Market Dynamics
Drivers
There is a growing demand for sophisticated security and surveillance systems. And governments from many nations are launching programs to finance video analytics solutions to safeguard citizens from both internal and external dangers. This is driving the market’s growth, along with the increase in cyberattacks and security breaches. Additionally, the banking, financial service, and insurance (BFSI) sector uses video analytics to leverage its current surveillance networks to improve situational awareness and safety.
Restraints
The main factors that may threaten the market include inadequate performance. Mechanical issues with cameras and video analytics systems, and the requirement for data storage.
Opportunity
Data mining, A.I., and various ML approach are used in predictive analysis to produce accurate predictions. It records important signals, including video, audio, and data from social media, including crucial facets of consumer behavior. Time requirements, storage needs, and the need to evaluate each video clip are just a few of the variables that could make it difficult to generate predictive information conventionally. As a result, creating predictive data using video analytics may prove to be a lucrative prospect for the global video analytics industry.
Market Segmentation
By Component
On the basis of components, the market is segment into services and software.
In 2022, the software sector ruled the entire market with the maximum share. Organizations can use video analytics software to collect, process, and use insightfully studied data to make business choices. Further manual intervention and ongoing human supervision have been render unnecessary. Real-time notification for emergency are also provide by video analytics software.
By Type
The Edge-based segment ruled the entire market. Video analytics are built into the camera and the video in the edge-base architecture. In the upcoming years, deep learning adoption will be fuel by advancements in the field and its integration with edge systems.
By Vertical
On the basis of vertical, the market is segment into BFSI, city surveillance, manufacturing, education, critical infrastructure, hospitality & entertainment, retail, government & defense, traffic management, and transportation & logistics.
The government & defense sector contributed for biggest market share. Every nation is particularly concern about the government and defense vertical, which includes border security and city monitoring. Controlling traffic on highways or freeways, collecting data from distant areas, managing crowd flow, detecting motion to identify over-speeding vehicles, facial identification by law enforcement authorities, and detecting camera tampering are all uses of video analytic in city surveillance.
Regional Overview
North America held the largest market share. A rise in demand for video content analytic solutions is anticipated as a result of the development of new technologies. The introduction of new technologies and the existence of key players like Honeywell International, I.B.M. Corporation, Motorola Solutions, Cisco Systems, and others will increase demand for video content analytic solutions in the United States and Canada. End users are aggressively investigating the use of video analytic in conjunction with cutting-edge technology in the United States and Canada. Market participants work together and establish alliances in order to expand their operation and clientele.
Key Players
- VERINT SYSTEMS INC.
- CISCO SYSTEMS, I.N.C.
- AXIS COMMUNICATIONS AB
- PURETECH SYSTEMS INC.
- ALLGOVISION TECHNOLOGIES PVT. L.T.D.
- AVENTURA TECHNOLOGIES, I.N.C.
- QOGNIFY
- INTELLIVISION TECHNOLOGIES CORP.
- HONEYWELL INTERNATIONAL INC.
- INTERNATIONAL BUSINESS MACHINES CORPORATION
In 2021, the market for video analytic was worth 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 growth of smart city efforts across the globe and increasing funding for analytic-integrated video surveillance systems in the public sector, law enforcement, banking & financial institutions, transportation, and other sectors will increase demand for video analytic.