Video Analytics Market Size, Share & COVID-19 Impact Analysis, By Component (Solutions, Services), By Application (Crowd Management, Facial Recognition, Intrusion Detection, License Plate Recognition, Motion Detection, and Others), By End-user (BFSI, City Surveillance, Critical Infrastructure, Education, Government, Retail, Transportation, and Others), and Regional Forecast, 2020-2027

The global video analytics market size was USD 2,896.0 million in 2019. The global impact of COVID-19 has been unprecedented and staggering, with video analytics witnessing a positive demand shock across all regions amid the pandemic. Based on our analysis, the global video analytics market will exhibit a stellar growth of 15.9% in 2020. The market is projected to grow from USD 3,357.2 million in 2020 to USD 13,001.7 million in 2027 at a CAGR of 21.3% in the period from 2020 to 2027. The sudden fall in CAGR is attributable to this market’s demand and growth returning to pre-pandemic levels once the pandemic is over.

Video analytics is a technology that processes digital video signals to perform security-related functions using an algorithm. The adoption of this technology is growing at a rapid pace owing to its ability to identify real-time behavior & actions, providing insights & alerts to the end-users. Rising concerns surrounding security & safety are likely to drive the growth of the market. The demand for video surveillance is further accelerated owing to its advanced features such as enhanced reliability, cost-effectiveness, and improved accuracy, along with its rising significance in business intelligence (BI) processes. Additionally, the rising application of video analytics solutions to reduce crime rates via timely alerts about unusual or suspicious activities is likely to drive the market during the forecasted period.

COVID-19 Impact

Demand for Video Analytics Solutions to Surge amid the COVID-19 Pandemic

COVID-19 has positively influenced work culture across every industry vertical. As COVID-19 influences all technology markets, the market has also experienced an impact on both the supply side and the demand side. This current crisis has tangentially shifted the perspective of public safety to focus on the safety and security of human lives. Also, the emergence of intuitive technologies, mainly AI-enabled surveillance systems, is attracting consumers and employees, resulting in the delivery of transformative business outcomes. Further, higher adoption of video analysis solutions across retail, healthcare, building & construction, and other applications are creating lucrative opportunities for the market players.

• For instance, in June 2020, Infosys launched “Return to Workplace” solutions, wherein a comprehensive framework is built to adapt new ways of working amid the COVID-19 pandemic. This includes video analytics algorithms to provide face mask detection alerts, or mass gathering of people, and even the distance between people walking can be detected in real-time.


• In addition to that, in August 2020, AllGoVision launched a safety-focused video analytics suite called “AllSafe” that has been designed specifically for the post-COVID world. The product will enable offices and facilities to re-open responsibly and address the needs of industries and public entities with advanced scanning.

Such active initiatives are likely to boost the market in the near future.

LATEST TREND

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Increasing Deployment of AI-enabled Video Analytics Solutions Aids Market Growth

The deployment of AI-enabled video content analysis solutions is rapidly increasing around the world. Government bodies are actively opting for AI-based video systems to monitor traffic congestion and oversee smart energy metering using the AI Global Surveillance (AIGS) Index for greater clarity of videos. AI and deep learning are the key technologies for video content analysis and for transforming live or recorded videos into structured metadata that offer quantifiable insights. In addition, face recognition technologies are being speedily adopted to support video-based data analytics and enhance face matching to serve several end-use applications. With the need for high-resolution videos rising, face recognition solutions are becoming more accurate and are being increasingly used for high-end video processing.

AI-enabled video analytics offers a wide range of solutions such as:

• Human Action Recognition


• Anomaly Detection


• Contextual Understanding


• Emotion Recognition


• Wide Area Surveillance


• Video Search & Summarization

DRIVING FACTORS

Rising Demand for Real-Time Event Detection to Fuel the Market

Video analytics software is beneficial for providing instantaneous alerts that occur around a wide range of business sectors to enhance situational awareness. Generation of real-time data through videos requires appropriate and professional handling. Video analysis software can help in analyzing live or recorded video streams to detect, classify, and track behavior patterns and predefined objects, thus becoming a key market driving factor. For instance, in March 2018, Agent Vi launched its video analytics solution, "innoVi". The aim is to offer self-learning anomaly detection capabilities to alert and detect irregular incidents. The software automates the video monitoring process that is effective in proactively identifying incidents as they occur and extract information from the recorded or live video.

High-performance capabilities of real-time video content analytics can aid the transformation of standard surveillance networks into intelligent and efficient detection and alert systems relating to vehicles, people, or static objects. Each private/public or government organization deploys its network links between cloud, clusters, and IP cameras with varying bandwidths to compute large-scale videos for better analytics. Real-time event detection has helped in minimizing crimes, thefts, and other criminal activities while improving entire social situations and international trade climate, thus bolstering the market growth globally.

RESTRAINING FACTORS

Lack of Necessary Database Infrastructure & Latent Security Threats May Impede Market Growth

Large-scale video analytics solutions are integrated with large databases, infrastructures, and surveillance systems to offer sophisticated automated identification and tracking systems. Inappropriate database infrastructure leads to inept data logs that bring inaccuracies in video processing and tracking processes. Depletion of extensive database infrastructure occurs during financial crises in the IT sector in both developing and developed economies, as emerging enterprises seek efficiencies and increase operational charges and security standards.

Shipping ports face reputational risks related to asset theft, smuggling, damage to cargo, and terrorist attacks that have a debilitating commercial impact on the global supply chain carried out via marine transportation. In addition, the lack of well-designed database infrastructure for video analysis solutions limits accurate image and video analysis while depending on the sensors and their range of the optical spectrum. Such factors are expected to restrain global market growth during the forecast period.

SEGMENTATION

By Component Analysis

Solutions Segment to Augment Market Growth

Based on component, the market is segmented into solutions and services.

Video analysis software automates video surveillance processes, offering cost-effective benefits to the end-users. The growth of this segment is mainly attributed to the increasing implementation of video analytics solutions among private and public firms. In addition, the rising demand for actionable insights from video data is likely to fuel the segment’s demand.

The services segment is expected to show considerable growth owing to the rising penetration of video surveillance technologies among small- and medium-sized businesses. Solution providers generally offer comprehensive packages that include software & services and focus on addressing the demands of end-users by offering security applications such as video surveillance, access control, intrusion detection, motion detection, and others.

By Application Analysis

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Facial Recognition Segment to Showcase Strong Growth

Based on application, the market is segmented into crowd management, facial recognition, intrusion detection, license plate recognition, motion detection, and others.

The crowd management segment is expected to hold the dominant share during the forecast period. Crowd management and monitoring are challenging tasks for police & defense departments and governments during major events. In such cases, the integration of innovative surveillance systems with video analysis capabilities offers real-time situational alerts to end-users. The application of video surveillance in crowd management includes determining suspicious activities, identification of dominant statistics and patterns of the crowd, and crowd size estimation.

The facial recognition segment is likely to emerge as the fastest-growing segment. Applications such as the identification of criminals, assistance in fraud detection in visas & passports, and attendance tracking & management are likely to boost this segment. In addition, the rising adoption of solutions for video analysis in applications such as intrusion detection, license plate recognition, motion detection, and others is likely to drive the growth of the market.

By End-user Analysis

Retail Segment to Capture the Largest Market Share

Based on end-user, the market is segmented into BFSI, city surveillance, critical infrastructure, education, government, retail, transportation, and others.

The demand for video analysis solutions has seen a paradigm shift owing to the rising needs of various end-users. The retail segment is likely to possess the largest share in the market during the estimated period. The rising need to monitor consumer behavior, consumers' buying & selection patterns, and time spent by consumers is likely to drive the retail segment’s growth.

In addition, the growing inclination towards innovative video content analytics solutions among end-users such as city surveillance, BFSI, education, government, and critical infrastructure is expected to boost the growth of the market. Technological proliferation in these industries has encouraged the implementation of video content analysis solutions among enterprises. The rising focus of end-users to implement advanced security monitoring and surveillance systems to understand crowd statistics and behavior at a particular place is likely to drive the growth of the city segment.

In the transportation industry, these solutions are used for vehicle counting, license-plate recognition, congestion detection, speeding detection, and others.

REGIONAL INSIGHTS

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Based on region, the market has been studied across North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific.

North America is expected to lead the market share during the forecast period. The advent of innovative technologies and the presence of key players such as Honeywell International Inc., IBM Corporation, Cisco Systems, and others are set to boost the demand for video content analytics solutions across the U.S. and Canada. According to a survey by the National League of Cities, 66% of cities in the United States have invested in smart technologies such as street sensors and drones, among others. Market players are focusing on launching new advanced solutions to improve their product portfolios.

• For instance, in February 2020, Motorola Solutions, Inc. announced the addition of the H5M Camera to its video security offerings. It offers AI-based Unusual Motion Detection (UMD) applicable for outdoor security. It provides a 2- and 5-megapixel capability model and is available across the globe.

Asia Pacific is expected to show exponential growth during the forecast period. Government-funded smart city initiatives and advanced surveillance projects for national security are some of the factors expected to augment the adoption of video analytic technologies across the region. In countries such as China and India, market growth is driven by the growth of the retail industry, coupled with the rapid changes expected in the ICT sector in the coming years.

Europe is expected to exhibit considerable growth owing to the presence of a significant number of video content analytics solutions and service providers. Large associations and bodies across the European Union, such as critical infrastructure owners, law enforcement agencies, and suppliers of video products and services, are actively working on using video analytics to enhance security management. European countries are focused on taking active initiatives to develop sustainable technologies by integrating ICT, mobility, and energy. Key market players present in this region are focusing on new product launch strategies to enhance their product portfolios.

• For instance, in April 2020, Robert Bosch GmbH launched the camera platform INTEOX for the advanced demands of the security and safety industry. It is an open camera platform that can be customized and offers in-built, Bosch intelligent video analytics solutions.

The Middle East & Africa (MEA) and Latin America are expected to experience radical growth during the forecast period. Rising investments and funding by governments to adopt advanced technologies such as AI, big data, cloud, 5G technology, IoT networking, and others are the major factors driving market growth in these regions. In addition, increased adherence to data privacy and theft regulations are likely to boost the demand for video analytics in these regions.

KEY INDUSTRY PLAYERS

Key Players to Develop Advanced Analytics Solutions to Strengthen Market Position

Companies such as Axis Communication AB, Honeywell International Inc., Robert Bosch GmbH, and IBM Corporation, among others, are some of the key players in the market. They are focused on developing intelligent video content analytics tools with advanced technologies such as AI, ML, and the cloud. Also, the intense competition in the market is forcing service providers to focus on the acquisition strategy for strengthening their positions. Various emerging market players are offering advanced solutions and related services for gaining a competitive edge. In addition, other players are entering into strategic partnerships with other competitors to strengthen their market position and achieve strong brand advertising. For example,

• October 2019 – Agent Vi partnered with Canon in Singapore and launched the first AI-enabled cloud-based video analytics service. The integrated services are a type of software-as-a-service-based solution and are offered on a subscription basis to customers in Singapore.

LIST OF KEY COMPANIES PROFILED :

• IBM Corporation (New York, United States)


• ULTINOUS Zrt. (Budapest, Hungary)


• Cisco Systems, Inc. (California, United States)


• Motorola Solutions, Inc. (Avigilon Corporation) (Illinois, United States)


• Gorilla Technology Group (Taipei, Taiwan)


• Honeywell International Inc. (Charlotte, United States)


• Agent Vi (New York, United States)


• Robert Bosch GmbH (Stuttgart, Germany)


• Huawei Technologies Co., Ltd. (Shenzhen, China)


• Axis Communications AB (Lund, Sweden)


• AllGoVision (Karnataka, India)


• Kiwisecurity (Vienna, Austria)


• Viseum International (Potters Bar, England)

KEY INDUSTRY DEVELOPMENTS:

• November 2020 - Axis Communications announced the launch of Axis Object Analysis to detect and identify vehicles and humans. The AI-based solution is ideal for parking lots, public buildings, and warehouses. The intelligent technology powering it suppresses false alarms such as shadow movement, small object movement, etc.


• March 2020 - Gorilla Technology launched the next-generation advanced Secure Edge AI solution in partnership with the developer of intelligent edge appliances, Lanner Electronics. The partnering companies are offering edge-ensured cybersecurity and data protection for AI-powered video intelligence. This collaboration offers secure video analytics solutions to customers and users.

REPORT COVERAGE

An Infographic Representation of Video Analytics Market

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The video analytics market research report offers qualitative and quantitative insights on the product and a detailed analysis of market size & growth rate for all possible market segments. Along with this, the report provides an elaborative analysis of market dynamics, emerging trends, and the competitive landscape.

Key insights provided in the report are the adoption trends of video analysis by individual segments, recent industry developments such as mergers & acquisitions, consolidated SWOT analysis of key players, partnerships, Porter’s five forces analysis, and business strategies of leading market players, key industry trends, macro, and microeconomic indicators.

RepotScope & Segmentation