According to MarketsandMarkets™, 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.
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Segment Analysis
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.
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.
Regional Analysis
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.
Key Players
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).
Some of the Key Questions Answered in this Report:
- What trends, challenges and barriers will influence the development and sizing of the global market?
- SWOT Analysis of each defined key player along with its profile and Porter’s five forces analysis to complement the same.
- What is the Video Analytics Market growth momentum or market carriers during the forecast period?
- What are the global trends in the Video Analytics market? Would the market witness an increase or decline in the demand in the coming years?
- What is the estimated demand for different types of products in Video Analytics? What are the upcoming industry applications and trends for Video Analytics market?
- What Are Projections of Global Video Analytics Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about Import and Export?
- Where will the strategic developments take the industry in the mid to long-term?
- What are the factors contributing to the final price of Video Analytics? What are the raw materials used for Video Analytics?
- How big is the opportunity for the Video Analytics market? How will the increasing adoption of Video Analytics for mining impact the growth rate of the overall market?
- Which region may tap the highest market share in the coming era?
- Which application/end-user category or Product Type may seek incremental growth prospects?
- What focused approach and constraints are holding the Video Analytics market demand?