Video Analytics Market worth $22.6 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 10, 2024 /PRNewswire/ -- The market for video analytics is expected to be influenced in the future by the combination of artificial intelligence and machine learning, improvements in object recognition, a greater emphasis on behavioral analysis, and the merging of video analytics and augmented reality. Customizing analytics solutions, managing privacy issues, and the possible effects of 5G technology and cross-industry cooperation are some more topics. Global public safety measures, energy efficiency, and regulatory standards are anticipated to have a substantial impact on how the market develops.

The Video Analytics Market size is expected to grow from USD 8.3 billion in 2023 to USD 22.6 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period, according to a new report by MarketsandMarkets™.

Browse in-depth TOC on "Video Analytics Market"
310 - Tables
65 - Figures
312 - Pages

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Scope of Report

By offering, the software segment will hold a larger market size during the forecast period.

Video analytics software plays a vital role in video surveillance systems. Nowadays, businesses of all types are using this software to ensure the safety of their employees and premises. It enables organizations to collect and analyze crucial data, helping them make informed decisions based on the intelligently analyzed data provided by the software. The software has come a long way, revolutionizing video surveillance. The software has eliminated the need for manual intervention and continuous human monitoring. During emergencies, video analytics also provides real-time alerts. Video analytics software has many features and capabilities designed to extract valuable insights and information from video data across various industries, such as security and surveillance, retail, healthcare, and transportation. The software has eliminated the drawbacks of traditional video surveillance systems by offering capabilities that are instrumental in detecting abnormalities and criminal activities, ensuring optimum operational efficiency.

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By Application, the Intrusion management segment holds the second-largest market share during the forecast period.

Intrusion management refers to monitoring outdoor areas and perimeters to detect intrusion incidents by deploying intrusion detection systems. These systems are essential in improving the security infrastructure at public places and critical infrastructure such as airport perimeters, rail yards, bridges, refineries, chemical plants, data centers, and other outdoor assets. Video analytics also enables such systems to analyze security breaches over large areas, pinpointing targets in real-time. Pan-tilt-zoom (PTZ) cameras help pursue detected intruders. Thermal sensors-coupled cameras integrated with video analytics and PTZ tracking sensors enable the detection of unauthorized entities with higher accuracy and lower costs.

By Region, Asia Pacific will grow at the highest CAGR during the forecast period.

Video analytics software has gained significant popularity in the Asia Pacific due to technological advancements, increasing security concerns, and a growing emphasis on smart city initiatives. Major cities in China, such as Beijing and Shanghai, have integrated video analytics into their surveillance networks for crowd monitoring, traffic management, and public safety. Facial recognition systems are deployed in public spaces. The region recognizes the importance of video analytics for ensuring security, streamlining operations, and harnessing the power of visual data. Therefore, it is crucial to Asia Pacific's continued growth and development. Video analytics technology is becoming increasingly popular in various regions across the globe. In India, this technology is used in transportation hubs and urban areas to improve security measures and optimize traffic flow. The demand for intelligent surveillance solutions has risen due to rapid urbanization, population growth, and increasing security concerns. In expanding smart cities like Singapore, Shanghai, and Tokyo, the deployment of video analytics has become crucial for advanced traffic management, public safety, and efficient urban planning. Furthermore, the retail sector in Japan and China has also recognized the need for video analytics to gain deeper customer insights, optimize store layouts, and improve operational efficiency.

Top Key Companies in Video Analytics Market:

Some of the key players operating in the Video Analytics Market are – Avigilon (Canada), Axis Communications (Sweden), Cisco (US), Honeywell (US), IBM (US), AllGoVision (India), Genetec (Canada), IntelliVision (US), Gorilla Technology (Taiwan), and Eagle Eye Networks (US).

Recent Developments:

• In March 2023, Motorola Solutions unveiled the Avigilon physical security suite, offering organizations worldwide secure, scalable, and flexible video security and access control solutions. The suite combines technologies from three strategic acquisitions: Avigilon, Openpath, and Ava Security, creating a comprehensive physical security platform under the modernized Avigilon brand. Powered by advanced analytics, the cloud-native Avigilon Alta and on-premises Avigilon Unity solutions aim to deliver an effortless user experience for enhanced security and control.
• In October 2022, IBM Intelligent Video Analytics version 2.5 introduced fresh cognitive video analysis features, enabling users to swiftly examine, categorize, and organize video content captured in real-time or from archived sources, including stationary and mobile cameras; this updated rapid and precise video analysis serves various industries, enabling organizations to unearth valuable insights, identify anomalies, and recognize patterns.
• In March 2022, Cisco Meraki unveiled an extended range of IoT and LAN solutions, incorporating innovative technologies to bolster the needs of global hybrid workforces, ensuring more intelligent and secure workplace settings. In today's fast-evolving business landscape, characterized by a shift toward digital-centric operations, ensuring exceptional user, employee, and customer experiences remains paramount. By expanding its technology offerings, Cisco Meraki makes it straightforward to provide these enhanced experiences by seamlessly integrating top-notch networking, security, and IoT capabilities.
• In April 2021, Axis Communications announced selling its subsidiary Citilog (France) to TagMaster (Sweden), an application-driven technology company with business areas including traffic and rail solutions.

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Video Analytics Market Advantages:

•  Video analytics improves surveillance and security systems by automatically identifying and notifying security staff of odd or suspicious activity. It has real-time detection capabilities for security issues such as loitering and unauthorised access.
•  Real-time threat detection capabilities offered by video analytics enable businesses to react quickly to security events, invasions, or questionable activity. By being proactive, possible hazards are kept from getting worse.
•  Video analytics helps with traffic management in urban planning and transportation by tracking traffic flow, spotting congestion, and adjusting traffic signal timings. As a result, there is less congestion and increased traffic efficiency.
•  Retailers can learn more about product interactions, foot traffic patterns, and customer behaviour by using video analytics. Better customer experiences and more sales can be achieved by optimising store layouts, product placements, and marketing methods with the use of this information.
•  In public areas, airports, stadiums, and retail establishments, video analytics helps to monitor crowd density and occupancy levels. Managing crowd flow and making sure safety laws are followed are two important uses for this information.
•  In smart city initiatives, video analytics plays a key role by aiding in public safety, traffic control, trash management, and overall urban planning. It aids in resource optimisation and raises citizens' standards of living in cities.

Report Objectives

• To define, describe, and forecast the video analytics market based on offerings, applications, deployment models, types, industry verticals, and regions
• To forecast the market size of the five major regional segments: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To strategically analyze the market subsegments concerning individual growth trends, prospects, and contributions to the total market
• To provide detailed information related to the significant factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
• To strategically analyze the macro and micromarkets1 concerning growth trends, prospects, and their contributions to the overall market
• To analyze the industry trends, patents and innovations, and pricing data related to the Video Analytics Market.
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for major players.
• To profile the key players in the market and comprehensively analyze their market share/ranking and core competencies across segments and subsegments.
•  To track and analyze the competitive developments, such as mergers and acquisitions, product developments, and partnerships and collaborations in the market.

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