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The global video analytics market size was valued at USD 6.86 billion in 2022 and is projected to grow from USD 8.37 billion in 2023 to USD 37.55 billion by 2030, exhibiting a CAGR of 23.9% during the forecast period.
Video analytics uses an algorithm to read video signals for security-related tasks. The adoption of this software is increasing as it detects real-time actions and behavior, providing customers with exclusive alerts and insights. Furthermore, growing safety and security concerns are expected to boost the market expansion.
The need for these solutions is expected to gain traction due to rising smart city initiatives across major countries and growing investments to deploy analytics-based video surveillance systems. These systems can find robust usage across law enforcement, government, transportation, banking, and finance sectors. Furthermore, the improved proliferation of analytics platforms to minimize crime rates through timely alerts about the suspicious or unusual activity is anticipated to fuel the market growth during the forecast period.
Face Mask Detection and Crowd Monitoring Solutions Drove Market during COVID-19 Pandemic
The COVID-19 pandemic slowed the sales volumes of various products in many industries due to social distancing measures, supply chain disruptions, and limited movement of goods and services. However, the outbreak accelerated the adoption of analytics-integrated surveillance systems, CCTV cameras, and video streaming services. Furthermore, healthcare, retail, building & construction, government, travel & transportation, and other industries increased the usage of surveillance cameras for maintaining public safety, re-opening offices/facilities, identifying a person with/without masks, and watching crowd density, which will propel the market growth during the analysis period. For instance,
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Increased Adoption of High-Resolution Cameras to Drive Market Development
The increased availability of high-resolution cameras, such as 4K or 8K enables organizations to get accurate and more sophisticated video analysis. The high-resolution videos help identify and analyze objects/people in the crowd, trigger alarms when certain conditions are met, filter & search videos, and draw insights from video metadata more accurately.
Apart from high resolution, enhanced vision angle, sustainability, and technological compatibility are increasing the adoption of High-Definition (HD) cameras across the security industry. Besides, increased camera pixels offer superior digital zoom capabilities to enhance long-distance vision. This feature allows for precisely analyzing the behavior of people, crowds, and vehicles.
The introduction of high-definition cameras by market players with advanced capabilities will likely drive the video analytics market share in the coming years.
Rising Demand for Real-Time Event Detection to Drive Market Growth
Analytics-based video software can assist in analyzing live or recorded video streams to detect, classify, and track behavior patterns and predefined objects, which may become a key market-driving factor. For instance,
Real-time analytics with high-performance capabilities can transform standard surveillance networks used in intelligent detection and alert systems for vehicles, static objects, or people. Each private/public/government organization deploys network links with varying bandwidths between cloud and IP cameras to compute large-scale videos for improved analytics. Real-time event detection has aided in reducing crimes, thefts, and other criminal activities while improving the overall social settings and international trade climate. This factor is also expected to bolster the market growth.
Lack of Necessary Database Infrastructure and Rising Cybercrimes to Impede Market Growth
Large-scale solutions are integrated with large databases, infrastructures, and surveillance systems to provide automated identification and tracking systems. Preliminary database infrastructure results in inept data logs, causing inaccuracies in video processing and tracking processes.
Shipping ports face reputational risks owing to smuggling, asset theft, cargo damage, and terrorist attacks. This cripples the commercial impact on the global supply chain activities carried out through marine transportation. Furthermore, the accuracy of analytics generated from image and video data is limited owing to the lack of a well-designed database infrastructure for video analytics. Such factors are expected to restrict the global market growth during the forecast period.
Growing cyberattacks and data breaches on video surveillance cameras, IoT devices, and mobiles will also restrict market growth. Videos stored in public cloud storage can be mishandled by cloud providers by leaking the original video content. Also, rising data breaches across the cloud system will likely impede market development. For instance,
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Video Analytics to be Widely Used in Crowd Management Applications to Ensure Security
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 a dominant market share during the forecast period. Crowd management and monitoring are difficult tasks for the police & defense departments and governments during large events. In such cases, using innovative surveillance systems with video analysis capabilities provides end-users with real-time situational alerts.
The facial recognition segment is anticipated to witness the fastest growth rate in the market. Useful applications of this feature, such as criminal identification, fraud detection in passports & visas, and attendance tracking will likely boost the market growth. Furthermore, the increasing adoption of these solutions in applications, such as intrusion detection, motion detection, license plate recognition, and others is expected to drive the market growth.
Cloud to Lead Owing to Rise in Investments
Based on deployment, the market is segmented into on-premise and cloud models. The cloud deployment is expected to witness remarkable growth during the forecast period due to the rising adoption of cloud-based software among SMEs and start-ups.
Thus, increased investment to adopt the cloud deployment model across organizations is expected to boost the market growth.
On the other hand, the on-premise deployment model will likely show a sluggish demand in the coming years owing to the growing adoption of cloud solutions across small and medium-sized enterprises.
Growing Integration of Emerging Technologies with Video Analytics Solutions among Large Enterprises to Aid the Market Growth
Based on enterprise type, the market is bifurcated into SMEs and large enterprises.
Large companies dominated the market in 2022 and will likely incorporate their video analytics with emerging technologies such as cloud and Artificial Intelligence (AI) to provide enhanced services.
Small and medium-sized companies are projected to be the fastest-growing segment in the market as they are increasing their investments in advanced video analytics technologies. Therefore, market contributors are focusing on building economical options that produce high-value and quality results.
Government to Witness Strong Growth Owing to Smart City Initiatives
Based on industry, the market is segmented into BFSI, government, critical infrastructure, education, retail, transportation, and others. The government segment is further divided into smart cities and law enforcement.
The government-industry witnessed maximum share in 2022 due to the increasing need to enhance public safety, prevent and investigate crimes, manage traffic, respond to emergencies, monitor crowds, facilitate urban planning, and ensure regulatory compliance. The video analytics software enables government agencies to make data-driven decisions, improve operational efficiency, and enhance citizens' overall security and well-being.
Further, the retail industry is expected to hold the highest CAGR throughout the forecasted period as businesses have started to enhance customer experience, improve operation efficiency, and make data-driven decisions by utilizing video analytics software.
North America Video Analytics Market Size, 2022 (USD Billion)
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Based on region, the market has been studied across North America, South America, Europe, the Middle East & Africa, and the Asia Pacific.
North America is expected to hold the largest share of the market during the forecast period. Introducing new technologies and the presence of key companies, such as IBM Corporation, Honeywell International Inc., Cisco Systems, Motorola Solutions (Avigilon), and others are expected to increase the demand for video content analytics solutions in the U.S. and Canada. End-users across the U.S. and Canada are taking active initiatives to adopt video content analytics integrated with emerging technologies.
Players in the market are engaged in partnerships and collaborations to strengthen their business and increase their customer base. For instance, in February 2020, Motorola Solutions, Inc. added the H5M Camera to its video security product line. It provides A.I.- powered Unusual Motion Detection (UMD) for outdoor security. It has variants in 2 megapixels and 5 megapixels and is available across the world.
Asia Pacific is predicted to record an exponential growth rate during the forecast period. Smart city projects financed by the government and advanced surveillance projects for national security are some factors that are anticipated to boost the usage of video analytics solutions across the region. The retail industry and the significant developments anticipated in the ICT sector are driving market expansion in countries, such as China and India.
Europe is predicted to hold a significant market share due to the presence of many leading video content analytics solutions and service providers. Across the European Union, large associations and organizations, such as law enforcement agencies, critical infrastructure owners, and video product & service vendors are actively using the platform to improve security management.
European countries are concentrating on integrating ICT, mobility, and energy to produce sustainable technologies. Key market players in this region are focusing on new product launch strategies to expand their product portfolios. For instance,
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South America and the Middle East & Africa (MEA) markets are likely to experience rapid growth during the forecast period. One of the primary factors boosting the market expansion in these regions is the rising government investments in new technologies, such as big data, A.I., cloud, IoT networking, 5G technology, and others. In addition, stronger data privacy and theft restriction features are expected to fuel the market growth in these regions.
Major Companies to Develop Enhanced Analytics Solutions to Strengthen Their Market Position
The major companies in this market are Robert Bosch GmbH, IBM Corporation, Honeywell International Inc., and Axis Communication AB. They aim to build intelligent video content analytics solutions using Machine Learning (ML), Artificial Intelligence (AI), and cloud technologies.
An Infographic Representation of Video Analytics Market
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The research report includes a thorough market study and highlights crucial aspects, such as product types, leading companies, and product applications. Moreover, it delivers insights into the latest video analytics market trends and covers major industry developments. In addition to the factors mentioned above, the report covers numerous points that have contributed to the growth of the market in recent years.
Value (USD Billion)
Growth rate of 23.9% from 2023 to 2030
Application, Deployment, Enterprise Type, Industry, Region
By Enterprise Type
Fortune Business Insights says the market value stood at USD 6.86 billion in 2022.
By 2030, the market size is expected to reach USD 37.55 billion.
The market is expected to record a stellar CAGR of 23.9% in the forecast period of 2023-2030.
By enterprise type, the large enterprise segment is expected to lead the market during the forecast period.
The rising demand for real-time event detection is one of the key market drivers.
Axis Communication AB, Honeywell International Inc., Robert Bosch GmbH, and IBM Corporation are the top companies in the market.
The government segment holds a major market share.
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