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The global video analytics market size valued at USD 2,488.5 Million in 2018 and is projected to reach USD 11,965.6 Million by the end of 2026, exhibiting a CAGR of 22.67% during the forecast period (2019 - 2026).
Video analytics offers improved safety and surveillance solutions by automatically tracking video frames of individuals, cars and items, and their related behaviors. Intelligent video analytics continues to automate surveillance duties at high-risk locations by operating 24x7, offering precise and reliable monitoring, scaling to a significant amount of cameras, and capturing incidents that can be overlooked by human operators.
Video analytics has an exceptional advantage in perimeter security and preventing loss in warehouses and distribution centers, apart from these, video analytics is also gaining significance and demand for use in other sectors like traffic management, smart city, smart parking, and others. Rather than manually tracking surveillance cameras, implementation of video analytics would keep track of various cameras, analyze suspicious activities and send an alert notification to the concerned authorities to take safety precautions.
Video analytics has become much more affordable and more comfortable to deploy to the masses. This is due to a significant drop in the price of high-performance servers and software. Analytical solutions have become more reliable over time, also requiring much less maintenance. All these factors fuel the demand for various forms of video analytics such as motion detection, privacy masking, people counting, etc.
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Facial recognition and automatic number plate recognition are application-specific uses of video analytics where the technology has been used to analyze people and vehicles, respectively. Increasing concerns regarding public safety and the use of video analytics in criminal investigations are positively influencing the demand for video analytics solutions.
Day to day developments and technological advances in emerging sectors like industrial automation, self -driving cars, and robotics contributes a remarkable share in the growth of the global market.
"The increasing demand for deploying video analytics in the facial recognition segment"
Several approaches have been developed for facial recognition in the last few years. Traditionally, face recognition research was mainly intended towards recognizing faces from still images. However, facial recognition from a static image becomes difficult due to problems like illumination change, pose variation, etc.
Recently, the focus of studies has increasingly moved towards video-based methods. The emergence of low-cost video cameras and enhanced processing power enables face pictures to be captured, stored, and analyzed will help boost the market revenue in the future.
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Video inputs provide enhanced and redundant data in the form of various frames; for instance, a lot of actions and expression differences are usually seen in video individuals. Security and safety is the primary concern of the organization for adopting video analytics systems. It expected that the video analytics market growth will rise remarkably for the 2019 - 2026 forecast.
"Increasing investment in the video analytics solutions is contributing to the growth of North America, whereas the Asia Pacific is estimated to have a significant growth"
The North America generated a video analytics market revenue of USD 835.9 Million in 2018 and is anticipated to emerge dominant in the global market during the forecast period. Growth of the market in the region is likely to be driven by the existence of dominant players across the U.S. researching and working on the implementation of video analytics systems in different public and private organizations.
Moreover, Asia Pacific generated a market revenue of USD 531.6 Million in 2018 and is expected to witness the high growth in the investments of the small and medium organizations for adopting the technologically enhanced and cloud-based video analytics solutions. Due to technological advancements in developing countries such as China and India, Asia Pacific is likely to retain a significant share of the worldwide market in the coming years.
North America Video Analytics Market, 2018
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"A significant trend observed in the penetration of the market across the end-use industries."
The report provides qualitative and quantitative insights into the video analytics market analysis of market size & growth rate for all possible segments in the market. The market is segmented by component, application, end-user, and geography. Based on the component, the market is divided into solutions and services. The service segment of the global market is classified into professional services and managed services. By professional services, the market is divided into consulting, training and education, and support and maintenance. Based on the applications, the market is segmented into crowd management, facial recognition, intrusion detection, license plate recognition, motion detection, and others. Geographically, the market trend has been analysed across five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report on market growth and development provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report on the market are the price trend analysis, recent industry developments such as mergers & acquisitions, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape and company profiles.
May 2019: IntelliVision introduced its video analytics for the Ambarella CV22 IP Camera SoC, which is based on the Ambarella’s new CVflow architecture it offers hardware support for deep neural networks.
April 2019: BriefCam has launched version 5.4 of its video content analytics platform, which enables enterprises to transform video into actionable intelligence which would help in accelerating investigations, and provide situation awareness.
As per our (Fortune Business Insights) study, the global Video Analytics Market is predicted to reach USD 12.0 Bn by 2026 with a CAGR of 22.7% (2019 -2026).
As per our study, business owners are leveraging video analytics solutions to automate surveillance duties at high-risk locations by operating 24x7 and other critical reasons. Currently (in 2019), the global Video Analytics Market value at USD 2.9 Bn, and it is anticipated to reach USD 12.0 Bn by 2026 at a CAGR of 22.7%during the forecast period (2019 -2026).
Globally, spending on Video Analytics is inflating each year. Some of the regions, such as in Europe, generated a revenue of USD 658.24 Mn in 2018 and is expected to generate a remarkable revenue share by 2026. Analytical solutions have become more reliable over time, also requiring much less maintenance this would fule the demand for various forms of video analytics such as motion detection, privacy masking, people counting, etc.
In the Video Analytics Market, video analytics solutions and applications are the leading segments. Video Analytics applications include crowd management, facial recognition, intrusion detection, license plate recognition, motion detection, and others.Video analytics solutions can be easily integrated with available infrastructure.
Some of the driving factors for the Video Analytics Market are evolving smart city initiatives, including safety and security concerns, optimize traffic patterns, real-time accident, and traffic tracking. Massive investments of governments on highly efficient and cost-effective security methods to avoid terrorist attacks and other undesirable hazards and increasing demands for high operational intelligence across various sectors.
In the Video Analytics Market, some of the key players are Avigilon,Axis Communications,Cisco Systems, IBM, Honeywell, Agent VI, and Allgovision. These market players are focusing on agreements, acquisitions, and developments in the Video Analytics Market.
North America is expected to hold the highest market share in the Video Analytics Market. Existence of dominant players across the U.S. researching and working on the implementation of video analytics systems in different public and private organizations would boost the market growth in the region.
Critical Infrastructure industry is expected to be the major user of video analytics solutions during the forecast period. As critical infrastructure play a vital role in maintaining a nations social economy it is crucial to protect it.Hence, critical infrastructure is expected to leverage video analytics solutions on a large scale.