A technological solution called video analytics uses software programs, numerous cameras, and AI-based programs to analyze videos to learn about characteristics and human behavioral patterns. It offers computerized real-time video stream tracking, processing, and analysis to detect spatial experiences. Additionally, it provides enhanced security features for vital infrastructure while automating entry control, reducing the need for staff, and gathering information on consumer behavior. It is used for license plate reading, dynamic blurring, 3D counting, and facial identification.
The market for video analytics in 2021 was USD 4.5 billion, and by 2030 it will be worth USD 35.6 billion, growing at a 23.1% CAGR during the forecast period.
The market for video analytics is growing due to the government’s rising investment in the creation of smart cities and the increasing use of smart technologies to provide better security. Furthermore, the market is driven by outstanding characteristics like improved accuracy, increased reliability, and relative cost-effectiveness.
Market Dynamics
Drivers
The escalating demand for better security measures primarily drives the market’s expansion.
Governments and big businesses are adopting video analytics solutions to curb antisocial behavior due to an increase in the regularity and severity of security breaches and attacks, including robbery, theft, shoplifting, and terrorist attacks.
Many industrialized nations, including the US and the UK, have strict laws requiring the installation of security cameras in public locations like supermarkets, hospitals, airports, train stops, hotels, and shopping centers. These laws are designed to ensure increased security and stop antisocial behavior. Cameras with video analytics capabilities offer real-time alerts and forensic tools for staffed and unstaffed video surveillance choices. To keep operational effectiveness and maximize security, they immediately report suspicious events. These factors will support market expansion over the forecast period.
Restraints
The main variables limiting market expansion are poor performance, mechanical issues with cameras and video analytics systems, and the need for data storage. The quality of the uploaded movies might be lowered due to data compression and network transmission, so they cannot be compressed.
Opportunity
Data mining, AI, and various ML methods are used in predictive analysis to make accurate predictions. It records important signs like video, audio, and data from social media, including crucial facets of consumer behavior. Creating predictive data using video analytics may offer a lucrative opportunity for the global video analytics industry.
Market Segmentation
Component Insights
On the basis of components, the market is segmented into services and software.
The software segment was the biggest market contributor, with a significant revenue share. The market is developing due to public and private companies increased use of analytics software. The market’s growth is also driven by the growing demand for video data that could offer useful insights. Artificial intelligence, deep learning, analytics, and machine learning will advance video security systems and management software, driving market expansion. Organizations also require software that cutting-edge technology allows for real-time processing, enhanced accuracy, high-definition videos, and precise image analysis.
Application Insights
On the basis of application, the video analytics market is segment by intrusion management, incident detection, people/crowd counting, facial recognition, automation number plate recognition, traffic management, and others.
The crowd-counting segment will be the largest market during the forecast period. Governments, police officers, and defense agencies must manage and keep an eye on sizable crowds of people during big events. Due to the integration of state-of-the-art surveillance systems with video analysis tools in these situations, end users receive situational warnings in real-time.
Furthermore, facial recognition will expand at the fastest pace. Criminal identification, passport and visa fraud detection, attendance tracking, and management are among the applications that will have a significant effect on the industry. Furthermore, the market expansion is drive by solutions’ increasing acceptance in programs such as motion detection, intrusion detection, license plate recognition, etc.
Vertical Insights
On the basis of vertical, the video analytics market is segment into manufacturing, BFSI, city surveillance, education, critical infrastructure, hospitality and infrastructure, manufacturing, traffic management, transportation and logistics, defense, border security, and others.
The transportation and travel segment will be the largest market during the forecast period. The greater need to track consumer behavior, shopping habits, and time invested will fuel the growth of the retail segment. The spread of COVID-19 has driven the use of innovative technologies in institutions for patient monitoring and preserving social distancing.
Regional Analysis
North America was the biggest market contributor, with a significant revenue share. The increasing need for video content analytics solutions in this region will contribute to creating new technologies. The introduction of new technologies and the existence of key companies like Honeywell International, IBM Corporation, Motorola Solutions, Cisco Systems, and others will increase demand for video content analytics solutions in the United States and Canada. End users are constantly pursuing video analytics in conjunction with cutting-edge technologies in the United States and Canada. Market participants work together and establish alliances to expand their operations and clientele.
Key Players
- QOGNIFY
- AVENTURA TECHNOLOGIES, I.N.C.
- AXIS COMMUNICATIONS AB
- INTELLIVISION TECHNOLOGIES CORP.
- ALLGOVISION TECHNOLOGIES PVT. L.T.D.
- CISCO SYSTEMS, I.N.C.
- PURETECH SYSTEMS INC.
- VERINT SYSTEMS INC.
- HONEYWELL INTERNATIONAL INC.
- INTERNATIONAL BUSINESS MACHINES CORPORATION
The market for video analytics in 2021 was USD 4.5 billion, and by 2030 it will be worth USD 35.6 billion. Growing at a 23.1% CAGR during the forecast period. The increasing use of video analytics in surveillance across various end-use industries, including banking, financial services and insurance (BFSI), education, healthcare, retail, transportation, and manufacturing, is one of the main drivers of the video analytics market.
Video observation assumes a significant part in doing security related tasks. Public and confidential video reconnaissance frameworks help with diminishing crime percentages and protecting private and public regions by recognizing number plates and deciding appearances. Also, video recording has turned into a necessary device in regulation methods as it tends to be utilize for get-together proof. Most organizations are additionally carrying out video investigation to re-plan their arrangements in light of determined experiences and are refreshing their item contributions in view of actuated shopper ways of behaving.
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