“The global video analytics market size to grow at a CAGR of 20.4% during the forecast period”
The global video analytics market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 20.4% during the forecast period, to reach USD 14.9 billion by 2026 from USD 5.9 billion in 2021. Key factors that are expected to drive the growth of the market are the increasing investments and focus of governing institutions on public safety, need to utilize and examine unstructured video surveillance data in real time, significant drop in crime rate due surveillance cameras, growing need among enterprises to leverage BI and actionable insights for advanced operations, limitation of manual video analysis, government initiatives in adopting emerging technologies to enhance the public safety infrastructure, reduced cost of video surveillance equipment and long term RoI and demand for enhanced video surveillance.
The COVID-19 impact on the global video analytics market
The recent economic slowdown with the impact of COVID-19 emphasizes the need for alternate business systems. It has become important for businesses to embrace cloud computing and migrate to cloud video analytics solutions. This will help organizations to have a stable business condition in the short term while targeting continued growth and expansion in the long run. The recent COVID-19 crisis has shifted the focus on safety and security of human lives. Also, the emergence of intuitive technologies mainly the Ai-based surveillance systems based on deep learning and computer vision technologies. The organizations are utilizing video analytics solutions across end user industries due to variety of benefits including dynamically attain situational awareness, proactively drive real time alerting, and scheduling BI dashboard.
Edge-based segment to grow at a higher CAGR during the forecast period
Based on the type, the market is segmented into two categories edge based and server based video analytics. Edge-based segment is expected to grow at a higher CAGR during the forecast period. Edge-based video analytics evolves with the emergence of new powerful in-build chipsets in cameras that offer higher computational capabilities at the edge. Such systems inform operators on a wide range of real-time video or audio events requiring attention and providing more sophisticated analytics, such as queue management and heat maps that offer new opportunities for business and traffic intelligence. Advancements in deep learning and its integration with the edge system are expected to drive the adoption in the coming years. Deep learning takes ML to another level based on neural network principles that impersonate the complexity of the human brain. Earlier, the functionality was mainly available at server-side processes, which would require videos to be decompressed and processed. Edge-based devices need external inputs to learn from before proving as a useful tool to recognize known objects and behaviors.
On-premises segment to account for a higher market share during the forecast period.
The video analytics market is segmented by deployment type into on-premises and cloud segment. The on-premises segment account for a higher share of the video analytics market during the forecast period. This approach is mostly adopted for applications that involve the processing of sensitive and confidential data volumes. These data volumes include internal and external surveillance footage and video feeds of business operations that contain confidential information and crucial insights. In the on-premises deployment, companies have to install the required hardware parts, such as OS, storage devices, servers, cameras, and routers, as well as video analytics software. Several large organizations are deploying on-premises video analytics due to privacy and security concerns related to confidential data.
Transportation and logistics vertical to grow at a higher CAGR during the forecast period.
Transport and logistics is one of the fastest-growing verticals during the forecast period.Video surveillance has become an important part of the transportation and logistics vertical. The various benefits of video analytics for the transportation and logistics vertical are the elimination of overcrowding, behavior analysis, enhanced safety measures, incident recording, and detection of blind spots. Video analytics can contribute to the enhancement and betterment of this vertical for commuters while providing improved safety benefits. The various features offered by video analytics, such as facial recognition, object tracking, unidentified object detection, cargo and train carriage recognition, and intelligent traffic monitoring, can help transportation and logistics companies prevent disasters and detect emerging threats, which may lead to infrastructure destruction or vehicle crashing, resulting in the loss of life.
North America to account for the highest market share during the forecast period.
The video analytics market is segmented into five regions: North America, Europe, APAC, MEA, and Latin America. The video analytics report provides insights into these regional markets in terms of market size, growth rates, future trends, market drivers, and COVID-19 impact. North America is expected to hold the highest market share in the overall video analytics market during the forecast period. Following North America tops the world in terms of the presence of security vendors and the occurrence of security breaches. Therefore, the global video analytics market is dominated by North America, which is the most advanced region with regard to technological adoption and infrastructure. The growing concerns about the protection of critical infrastructure and national borders have increased government intervention in recent years. Specific budget allocations, such as the budget for The Department of Homeland Security, and mandated security policies are expected to make North America the most lucrative market for vendors from various verticals. The North American market covers the analysis of the US and Canada. The protection of critical infrastructure is the most serious economic and national security challenge for the governments of both countries. Many governments and law enforcement agencies in the US and Canada are taking initiatives for strengthening their security infrastructure. The US and the Canadian governments are continuously working with law enforcement agencies to prevent violent extremism and counter terrorism-related incidents.
The break-up of the profiles of primary participants in theglobal video analytics Market is as follows:
- By Company: Tier 1–20%, Tier 2–25%, and Tier 3–55%
- By Designation: C-Level Executives–40%, Director Level–33%, and Others–27%
- By Region: North America–32%, Europe–38%, APAC–18%, and RoW-12%
The video analytics Market comprises major providers, such as Avigilon(Canada), Axis Communications(Sweden), Cisco(US), Honeywell(US), Agent Vi(US), Allgovision(India), Aventura Systems(US), Genetec(Canada), Intellivision(US), Intuvision(US), Puretech Systems(US), Hikvision(China), Dahua(China), Iomniscient(Australia), Huawei(China), Gorilla Technology(Taiwan), Intelligent Security Systems(US), Verint(US), Viseum(UK), Briefcam(US), Bosch Security(Germany), i2V(India), Digital Barrier(UK), Senstar(Canada), Qognify(US), Identiv(US), Ipsotek(US), Delopt(India), Drishti Technologies(US), Natix(Germany), DeepNorth(US), Cronj(India), Microtraffic(Canada), Actuate(US), Calipsa(UK), Athena Security(US), Corsight AI(Israel), Arcules(US), Cawamo(Israel), Kogniz(US), and Durac(US). The study includes an in-depth competitive analysis of key players in the video analytics Market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
Research Coverage
The report segments the global video analytics Market by component into two categories:software and services. By deployment model, on-premises and cloud. By application, the market is segmented into seven categories:incident detection, intrusion management, people/crowd counting, traffic monitoring, automatic number plate recognition, facial recognition, and others. By type, the market is segmented into two categories: server-based and edge-based. By vertical, the video analytics market has been classified into banking and financial services, city surveillance, critical infrastructure,education, hospitality and entertainment, manufacturing, defense and border security, retail, traffic management, transport and logistics, and others. By region, the market has been segmented into North America, Europe, APAC, MEA, and Latin America.
Key benefits of the report
The report would help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall video analytics market and the sub segments. This report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies. The report would help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, opportunities, and COVID-19 impact.
