Software for monitoring video streams almost instantly is called video analytics. The software monitors the films by video analysis of the observed surroundings and finds characteristics, occurrences, or patterns of certain behavior. In order to find trends, patterns, and occurrences, the software can produce automatic alerts and simplify the forensic study of past data. With the help of the program, users can organize and share whatever knowledge they derive from the data in order to make more informed choices.
The market for video analytics was worth USD 4.5 billion, and it will reach USD 35.6 billion by 2030, at a 23.1% CAGR during the forecast period.
The increased application of video analytics in surveillance across several end-use industries, such as banking, financial services, and insurance (BFSI), education, healthcare, retail, transportation, and manufacturing, are driving the growth of the video analytics market. Furthermore, technical advancements in deep learning, artificial intelligence, and edge computing have improved the efficiency and accuracy of video analytics, driving up demand for this industry.
Market Dynamics
Drivers
Demand for crowd management apps and other non-security-related video analytics uses are rising. End users could monitor the movement of people at particular entrance and departure points inside a structure. These applications use video analytics in sectors like retail and entertainment. This technology makes it possible to count attendees at sporting events, track dwell time in retail outlets, and more.
A factor influencing the market is the growth of smart cities. The need for connected gadgets and video surveillance systems throughout municipal buildings is anticipated to skyrocket as smart cities expand. Consumer expenditure on both established and emerging technologies will reach USD 505 billion, according to the Consumer Technology Association.
Restraints
Factors limiting the growth of the video analytics market are the increase in overall cost, operational problems, and privacy concerns linked to video analytics and surveillance.
Opportunity
Data mining, AI, and various ML approaches are used in predictive analysis to produce accurate predictions. It records signals like audio, video, and data from social media, including crucial facets of consumer behavior. Time requirements, storage needs, and the need to evaluate each video clip are a few variables that could make it difficult to generate predictive information. 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 Deployment
In 2020, the on-premises sector had a market share of over 30%. Commercial operations in On-premise operations take place on the server of the user’s company’s website. Companies have switched from on-premise to cloud deployment in recent years since the latter can scale and accommodate an endless number of cameras while offering real-time data.
By application
Throughout the forecast period, crowd control will have a sizable market share. Governments, police officers, and defense agencies must manage and keep an eye on big masses of people during significant events. Due to the combination of state-of-the-art surveillance systems with video analysis tools in these situations, end users receive situational alerts in real-time.
The facial recognition segment will expand at the quickest rate. Criminal identification, passport and visa fraud detection, attendance tracking, and management will have a significant impact on the industry.
By Vertical
The BFSI industry will expand rapidly during the forecast period. For security and surveillance of banks, surveillance of locations, face and mask detection, and observation of customer behavior inside banks, the BFSI sector has utilized video analytics. However, the healthcare segment will grow the fastest. The main causes behind this market’s rapid expansion are the expanding need for hospital property surveillance, preserving social distance, and ensuring hospital property safety.
Regional Overview
North America was the biggest market contributing for a significant revenue share of 37% in 2020. It is one of the most significant markets for video analytics. The adoption of video analytics solutions in the North American area is driven by broad adoption across end-user industries and local government involvement in the building of video surveillance infrastructure.
Asia Pacific regional market will increase at a significant rate. Government-sponsored “smart city” initiatives and sophisticated surveillance projects for national security will increase the use of video analytic technologies in the area.
Key Players
- PURETECH SYSTEMS INC.
- AVENTURA TECHNOLOGIES, I.N.C.
- ALLGOVISION TECHNOLOGIES PVT. L.T.D.
- AXIS COMMUNICATIONS AB
- VERINT SYSTEMS INC.
- QOGNIFY
- CISCO SYSTEMS, I.N.C.
- INTELLIVISION TECHNOLOGIES CORP.
- HONEYWELL INTERNATIONAL INC.
- INTERNATIONAL BUSINESS MACHINES CORPORATION
The market for video analytics was worth USD 4.5 billion, and it will reach USD 35.6 billion by 2030, at a 23.1% CAGR during the forecast period. The demand for better security measures will increase, boosting the industry’s growth potential. The frequency and seriousness of security breaches, as well as the occurrences of theft, robbery, and shoplifting, are rising alarmingly, boosting the market growth.
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