Video Analytics Market By Based on the Component (Software, Services); Based on the application: (Incident Detection, Facial Recognition, Intrusion Management, Automatic Number Plate Recognition, People/Crowd Counting, Traffic Monitoring, Others); Based on the vertical/industry: (City Surveillance, BFSI, Education, Critical Infrastructure, Manufacturing, Hospitality and Entertainment, Retail, Defense, and Border Security, Transportation and Logistics, Traffic Management, Others)

Industry Report and Statistics

The video analytics market will witness a robust CAGR of 23.01%, valued at $5.54 Billion in 2022, and expected to appreciate and reach $35.6 Billion by 2030, confirms Strategic Market Research. Asia Pacific dominates the video analytics market during the forecasted period with a growing CAGR of 28.5%.

 

Video analytics process real-time video and transforms it into intelligent data, generating descriptions of events and objects. This information helps detect and track objects, such as persons or vehicles, and decide about notification or recording quality. Video analytics also provide a practical solution for reviewing hours of surveillance videos to identify relevant incidents. It increases security monitoring efficiency and reduces the workload on security and management staff. When used with a video management system (VMS), video analytics can create rules to alert security personnel to specific events of interest.

 

Video Analytics utilizes advanced algorithms and machine learning to monitor, analyze & manage large volumes of video. It transforms inputs into intelligent data for decision-making. Video analytics software can be pre-installed on CCTV cameras, NVRs, or as a plugin to video management software (VMS). Open VMS platforms like Senstar Symphony help choose the optimal hardware for security surveillance infrastructure. Video analytics transform digital or IP-based videos into actionable business intelligence, which results in enhancing safety, efficiency, and productivity. It improves ease of installation, improved storage, accessibility & remote monitoring, cost reduction, scalability, intelligence distribution, and integration of video management software systems.

 

The video analytics market is a rapidly growing field that uses technologies like computer vision, deep learning, image processing, motion detection & data analytics to analyze video content and extract valuable insights from them. It has applications in security, surveillance, healthcare, automotive, and sports industry. By automating video data analysis, organizations can efficiently process large amounts of visual information, identify patterns, and make data-driven decisions more effectively and cost-efficiently.

 

 

Market Dynamics:

Market Drivers : (Increasing public safety spending and attention from governmental bodies, Increasing Demand in Retail Analytics)

•  The transportation sector is receiving significant government investments for public safety due to the likelihood of numerous accidents and crimes. In a survey conducted by Axis Communications, security cameras were installed in the cars of 97% of respondents from 30 different countries. Together, Room40 and the Belgian Vias Institute, a business specializing in security monitoring analytics, will use the Scene Analytics technology to address problems on Belgian highways and in other public places. The global market for video analytics is therefore anticipated to be driven by rising awareness and rising public safety.

 

• The retail industry extensively uses video analytics for retail analytics, customer engagement, and loss prevention. The retail sector has installed IP-based security cameras for behaviour analytics of customers. Retailers leverage video analytics to track footfall, measure customer behaviour, optimize store layouts, and personalize marketing efforts. By understanding customer preferences and behaviour, retailers can tailor their offerings and marketing strategies, improving customer satisfaction and increasing sales. Artificial intelligence (AI) transforms the retail industry by enhancing forecasting, decision-making, and cost reduction. Supermarket chains are achieving ambitious goals, such as improving customer service, automating supply chain planning, reducing waste, and improving demand forecasting. The exponentially growing retail sector & technological advancements proliferate the video analytics market.

 

Market Restraints: - (Cyberattacks and data theft are on the rise.)

• Cyberattacks and data breaches have significantly increased in recent years. Many businesses aren't aware of this problem and don't have good cybersecurity procedures. Phishing and social engineering assaults affected 62 % of firms in 2018. Its anticipated that USA will be a victim of almost 50% of all the data breaching activities worldwide by 2023.

 

Opportunities : (Rise in the implementation of video analytics in the data captured by drones, Industrial Automation)

•  Drone use has increased recently, especially in the aerospace and defense sectors. In the U.S., there are 1,563,263 drones registered, of which 441,709 are used for commercial reasons, according to Federal Aviation Administration figures. Drone inspections have been carried out in a number of hard-to-reach sites. One of the most important applications for drones is creating a 3600 time-lapse video of an area. Drones are used to carefully and frequently fly over a certain terrain to capture high-resolution photographs from all directions. Drone analysis software helps the businesses to view, and analyse aerial data gathered by drones. It provides 3D and 2D visualizations of sites recorded by drone along with digital-surface models and slope maps. Primarily, these drone analysis tools are used by the data analysts to pull adequate insights from aerial data. The data is leveraged by various mining and construction businesses for the estimation of raw material quantity and stockpiles in their respective inventory for providing highly accurate inventory analysis compared to the traditional procedures thereby catering to myriad opportunities in future for market prosperity.

 

• Video analytics integration with industrial automation provides an opportunity for the video analytics market. By integrating video analytics technologies with industrial automation systems, real-time monitoring, analysis & optimization of manufacturing processes can be achieved, enhancing operational efficiency, productivity & safety. This integration includes quality control, process optimization, predictive maintenance, worker safety, operational analytics, security and theft prevention, and regulatory compliance. The adoption of video analytics in industrial automation is expected to grow due to advancements in AI and ML technologies, decreasing hardware and sensor costs, and the need for real-time insights to optimize processes.

 

 

Video analytics market: Analysis of different Segmentation:

This research report on the video analytics market is bifurcated based on component, application, vertical/industry, and region.

Based on the Component:

• Software

• Services

 

Based on the application:

• Incident Detection

• Facial Recognition

• Intrusion Management

• Automatic Number Plate Recognition

• People/Crowd Counting

• Traffic Monitoring

• Others

 

Based on the vertical/industry:

• City Surveillance

• BFSI

• Education

• Critical Infrastructure

• Manufacturing

• Hospitality and Entertainment

• Retail

• Défense and Border Security

• Transportation and Logistics

• Traffic Management

• Others

 

Based on the region:

• North America

  • US

  • Canada

 

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Rest of Europe

 

• APAC

  • China

  • Japan

  • Australia and New Zealand

  • South Korea

  • India

  • Rest of APAC

 

• MEA

  • Saudi Arabia

  • Qatar

  • UAE

  • South Africa

  • Rest of MEA

 

• Latin America

  • Brazil

  • Mexico

  • Rest of Latin America

 

 

On the basis of components, The video analytics market is categorized into services and software. Software dominates the video analytics market based on components with a revenue share of 65%, growing with a CAGR of 22.76%. Software video analytics dominates the video analytics market due to its flexibility, scalability, ease of integration, continuous improvement, cost-effectiveness, advancements in AI and ML, remote monitoring and management capabilities, and integration with data analytics platforms. These advantages make the software the preferred choice for businesses seeking to enhance security, improve operational efficiency, and gain valuable insights from video data. Software-based solutions are leading the market due to the benefits such as continuous improvements, updates & allowing businesses to keep up with the latest advancements in video analytics technology.

 

Based on the application, The video analytics market is categorized into incident detection, facial recognition, intrusion management, automatic number plate recognition, people/crowd counting & traffic monitoring. The people/crowd counting segment dominates the video analytics market during the forecasted period, with a revenue share of 28% and growing with a CAGR of 12.45%. People/crowd counting dominates the application segment in the video analytics market, providing valuable insights for various industries such as retail, transportation, events, and healthcare. It is used in retail analytics to measure footfall, understand customer behaviour, and optimize store operations. In transportation management, it helps monitor passenger flow, optimize schedules, and manage crowd congestion. In events and entertainment, it ensures crowd control, optimizes operations, and enhances safety. In healthcare, it helps manage patient flow and maintain a safe environment.

 

As per industry, the market is ramified into government, BFSI, essential infrastructure, retail, transportation, and other categories. Government includes police enforcement and smart cities. The demand for video analysis solutions has undergone a paradigm shift due to the expanding needs of numerous end customers. The travel and transportation industry is anticipated to hold the lion's share during the forecasted period. Retail growth is projected to be fuelled by the increased need to monitor consumer behavior, shopping patterns, and time spent. The COVID-19 epidemic has sped up the deployment of cutting-edge technologies in hospitals for patient monitoring and maintaining social distancing. Furthermore, it is anticipated that end-users in the BFSI, government, education, and critical infrastructure sectors would increasingly be interested in cutting-edge video content analytics solutions. The use of video content analysis tools by enterprises has been spurred by the use of information technology in various sectors. The market is projected to be augmented by end users' rising emphasis on deploying sophisticated security monitoring and surveillance systems to comprehend crowd numbers and behavior in a particular region. For vehicle counting, traffic jam detection, license plate identification, speeding detection, and other uses, the transportation sector uses these systems.

 

Based on Geographical Analysis,

Asia Pacific dominates the video analytics market during the forecasted period with a growing CAGR of 28.5%, poised to reach $16.71 billion by 2030. The Asia Pacific region dominates the video analytics market due to rapid urbanization, government initiatives, strong manufacturing and industrial sectors, retail and e-commerce boom, advancements in AI and machine learning & growing awareness. The penetration of mobile devices and internet connectivity have fuelled the adoption of video analytics solutions. The exponential growth of the E-commerce sector in China & India is driving the need for the video analytics market. The presence of market giants such as Avigilon, axis communications, Agent Video Intelligence Limited, Honeywell, AllGoVision Technologies, and Huawei fuels the video analytics market in the region.

North America is the fastest-growing market for video analytics, with a CAGR of 23.14% due to its technological advancements, early adoption, strong industry verticals, regulatory framework, government initiatives, large market size, economic strength, and robust ecosystem.

 

 

Video Analytics Market Report Coverage

Report Attribute	Details
Period of Forecast	2021 - 2030
The market size value in 2021	USD 4.5 billion
The revenue forecast in 2030	USD 35.6 billion
Growth rate	CAGR of 23.01%
The base year for estimation	2021
Historical data	2017 – 2020
Unit	USD Billion, CAGR (2021 - 2030)
Segmentation	By Component, By Application, By Vertical/Industry, and Region.
By Component	Software, Services
By Application	Incident Detection, Facial Recognition, Intrusion Management, Automatic Number Plate Recognition, People/Crowd Counting, Traffic Monitoring, Others
By Vertical/Industry	City Surveillance, BFSI, Education, Critical Infrastructure, Manufacturing, Hospitality and Entertainment, Retail, Defense, and Border Security, Transportation and Logistics, Traffic Management, Others
By Region	North America, Europe, Asia-Pacific, and LAMEA
Country Scope	India, China, USA, UK, Germany, and Italy.
Company Usability Profiles	Avigilon(Canada), Cisco(US), Honeywell(US), Agent Vi(US), Allgovision(India), Axis Communications(Sweden),   Iomniscient(Australia), Dahua(China), Huawei(China), Intelligent Security Systems(US), Verint(US), Gorilla Technology(Taiwan),  Viseum(UK), NEC (Japan), etc.

 

Video analytics market: Analysis of Competitive Landscape

• ALLGOVISION TECHNOLOGIES PVT. L.T.D.

• AVENTURA TECHNOLOGIES, I.N.C.

• AXIS COMMUNICATIONS AB

• PURETECH SYSTEMS INC.

• QOGNIFY

• VERINT SYSTEMS INC.

• CISCO SYSTEMS, I.N.C.

• HONEYWELL INTERNATIONAL INC.

• INTELLIVISION TECHNOLOGIES CORP.

• INTERNATIONAL BUSINESS MACHINES CORPORATION

 

Video analytics market: Recent developments

• On June 2023, NEC Corporation of America and the Virginia Tech Transportation Institute (VTTI) merged private 5G & AI to create a roadway warning system that could save lives. The research aims to identify dangerous traffic conditions and hazards, such as pedestrians or animals, and warn drivers. NEC is working on verification tests with VTTI researchers to develop best practices for 5G traffic safety across various frequency bands and technical specifications. The private 5G used the n78 frequency band used by the Citizens Broadband Radio Service in the U.S. and aligns with O-RAN Alliance specifications. The tests do not use technologies for identifying or authenticating individuals and include software-based privacy filtering based on Virginia Department of Transportation requirements. NEC plans to leverage these tests to develop other technologies to reduce traffic accidents and congestion worldwide.

 

• On March 2023, Staqu Technologies, a Gurugram-based artificial intelligence startup, partnered with the Foundation for Innovation and Technology Transfer (FITT) at the Indian Institute of Technology Delhi to enhance the quality of real-time data collected by its video analytics platform named JARVIS. The collaboration aims to integrate research-backed data with JARVIS, making it more reliable and effective. Staqu will leverage data from IIT Delhi and FITT's technology transfer mechanism to create a unique platform with real-time capabilities based on research-backed data. The platform will enable JARVIS to analyze data from various sources, providing real-time critical insights to stakeholders. Staqu has experienced 100% year-on-year revenue growth in December 2022 and has a 126% increase in clientele.

 

• On March 2023, BriefCam, a leader in AI-driven video analytics solutions, released version 2023 M1 of its comprehensive platform. This version introduces its patent-pending Custom ClassifID innovation, optimizations to infrastructure, real-time performance, accuracy, and new features to enhance everyday usability and investigation efficiency. The platform's extensibility allows organizations to define additional object classes for video search, alerting, and intelligence, allowing users to customize the technology to meet their unique environments. The enhanced UI includes new customer-driven capabilities designed to accelerate video investigations and drive efficiency across the platform. BriefCam has also bolstered its technology for future innovation with infrastructure improvements to drive increased performance, accuracy, and speed for real-time channels.

 

• On May 2023, Shabodi and Megh Computing recently introduced a suite of network-aware video analytics solutions tailored for private advanced networks such as LTE, 5G, Wi-Fi 6, and 6G. The suite is supported by Megh Computing’s open analytics platform & Shabodi's network-aware AEP. High-definition video is imperative for various industrial applications, including real-time security, surveillance, worker assistance, and quality control. The video analytics applications of Megh Computing are now equipped with network-awareness capabilities through the utilization of quality of service on demand (QoS) and real-time interaction with Shabodi's AEP. Integrating Megh's video analytics solution with advanced AI models and Shabodi AEP results in superior operational reliability, paving the way for the next generation of video analytics solutions.

 

• On May 2023, Claro Enterprise Solutions introduced its AI Video Analytics product, which is powered by Iveda. The product is designed to improve surveillance in public areas, such as school campuses. The School Safety Bundle offers sophisticated AI analytics for IP-based security cameras, capable of identifying potential hazards such as weapons, smoke, fire, unauthorized entry, and unattended objects. The technology supports real-time and forensic analytics and can trigger automatic lockdowns through access control systems. System administrators can set up alerts for on-site security and community first responders. This robust AI video surveillance technology can be added to existing infrastructure, allowing organizations to implement the technology daily. Claro Enterprise Solutions' corporate culture aims to enable a better world by bringing this artificial intelligence solution to the market.

 

 

Various devices that the market leaders are manufacturing are:

Name	Feature	Key player
QOGNIFY VMS	Qognify has been creating cutting-edge video management systems for more than 20 years as one of the top producers of physical security solutions around the globe. Recent results of these efforts include Qognify VMS, which goes beyond the conventional scope of using video technology to provide safety and security by assisting business operations and adding value.	QOGNIFY
AXIS Camera Station	The video management and access management software AXIS Camera Station was created specifically to accommodate a variety of installations. Retail establishments, lodging establishments, educational institutions, and manufacturing businesses are just a few of the businesses that have complete control over, protection of, and response time for their premises. Anyone can operate AXIS Camera Station's robust and user-friendly interface, manage incidents, and instantly export high-definition proof.	AXIS COMMUNICATIONS
Cisco Video Analytics Data Sheet	Users of Cisco Video Analytics software have access to cutting-edge methods for performing video analysis. The software offers an easy-to-use user interface and strong capabilities to help businesses get the most out of their security footage. On-the-fly deployment of video analytics on the network is made possible by the processing of analytics on capable edge devices. There are two analytics packages available from Cisco Video Analytics: Security and Counting. Users can upgrade from the Base version to the Advanced version of any package to receive access to more robust analytics features	CISCO