Video analytics Market to Reach USD 67.38 Billion by 2032; Growing Demand for Efficient Third-Party Identification & Monitoring to Propel Growth
The video analytics market size is anticipated to grow from USD 8.71 Billion in 2022 to USD 67.38 Billion in 10 years: The market ought to witness a positive growth rate owing to increasing adoption of video analytics across the business enterprises. The growing emphasis on public safety and security drives North America’s dominant position in the market.
Newark, Dec. 20, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the global video analytics market will grow from USD 8.71 Billion in 2022 to USD 67.38 Billion by 2032. Security surveillance imaging systems are becoming more capable and effective due to the digitalization of CCTV systems. These CCTV systems are used as efficient and adaptable management tools when paired with automation and intelligence. Some manufacturers are working on creating a powerful device that uses computer processes to identify intruders from CCTV images. Additional surveillance and access control technologies are linked with CCTV systems to provide an effective, multipurpose asset security solution. A relatively recent addition to intelligent CCTV is video content analysis (VCA), also known as video analytics (VA). It can be applied to several analytical tasks, including dynamic masking, motion detection, motion estimation, and object recognition.
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Key Insight of the Video Analytics Market
Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, Asia-Pacific is expected to grow at the highest CAGR within the global video analytics market. The Asia-Pacific region would significantly expand. The Asia-Pacific region is witnessing strong growth in the Global Video Analytics Market, primarily due to the region’s fast urbanization, expanding economies, and rising infrastructure investments. China, India, Japan, and South Korea are among the nations that significantly contribute to the country’s market share. A prominent nation in the Asia-Pacific region, India is seeing increased demand for video analytics in several industries. The nation’s emphasis on smart infrastructure and programs like “Digital India” has accelerated the use of video analytics in public safety, traffic optimization, and municipal surveillance. India’s changing urban terrain offers opportunities for video analytics to improve overall quality of life and facilitate more efficient resource management.
The services segment is expected to grow at the highest CAGR during the forecast period.
The component segment is divided into software and services. The services segment is expected to grow at the highest CAGR during the forecast period. Services support video analytics software by offering the knowledge, assistance, and personalization needed for effective implementation and use. Various services are included in the service category, such as integration, training, maintenance, and consultancy. The difficulty of putting video analytics solutions into practice and the requirement for continuing assistance to guarantee peak performance impact the service sector’s growth. Organizations need consulting services to help them through the challenges of adopting video analytics. Consultants help with use case definition, process technology selection, and roadmap development for integrating video analytics into current systems.
The cloud segment is expected to grow at the highest CAGR during the forecast period.
The deployment mode segment is divided into cloud and on-premises. The cloud segment is expected to augment the market during the forecast period. Video analytics processing occurs on distant servers hosted by external suppliers in a cloud deployment architecture. Doing away with the requirement for hardware infrastructure on-site gives businesses a more flexible and scalable method of putting video analytics into practice. The scalability offered by cloud-based solutions is one of their main draws. Owing to cloud platforms, organizations may dynamically grow their video analytics capabilities in response to demand. Applications with varying workloads, like retail analytics during busy shopping seasons or event tracking during particular times of the year, can especially benefit from this. Cloud service providers can optimize resource allocation by matching costs to consumption through the pay-as-you-go model.
The SMEs segment is expected to grow at the highest CAGR during the forecast period.
The organization size segment is divided into SMEs and large enterprises. The SMEs segment is expected to augment the market during the forecast period. Large companies have dominated the adoption of video analytics, but SMEs are quickly closing the gap. An important factor stimulating SMEs to enter the video analytics market is the lower cost of technology. Cloud-based solutions are becoming more common, and hardware costs are declining, so SMEs are able to utilize video analytics capabilities without having to make large upfront investments. Because of its affordability, video analytics are now widely used, allowing SMEs to take advantage of the advantages of visual data analysis for a range of users.
The IT & telecommunication segment is expected to grow at the highest CAGR during the forecast period.
The end-user segment is classified into BFSI, IT & telecommunication, healthcare, retail and other industry verticals. The IT & telecommunication segment is expected to grow at the highest CAGR during the forecast period. In IT and technology, security and surveillance are essential. Video analytics solutions monitor server rooms, data centres, and other vital infrastructure. Technology helps identify possible security breaches, system problems, and illegal access. To maintain the integrity of communication networks, video analytics also helps secure the communication infrastructure’s physical security. Network optimization is another important use of video analytics in the IT and telecom industries. The technique helps with data flow optimization, batch notification, and network performance monitoring. By minimizing downtime and improving overall performance, this proactive strategy assists companies in the sector maintain the dependability and effectiveness of their communication networks.
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Advancement in market
• In October 2020: Bosch introduced IP 3000i Cameras with an integrated video analytics system. Video analytics and IP-based security camera integration allow for smart data collecting, intrusion detection, crowd control, blocked emergency escape or queue notifications, remote access, and facial recognition. Retail establishments use IP-based security cameras for demographics and behaviour analytics. Therefore, as IP-based security cameras are increasingly being deployed across various sectors, there is an increasing need for video analytics solutions.
• In March 2022: The software development branch of Senstar, a global pioneer in perimeter intrusion detection systems (PIDS) and video management solutions, has launched in Timisoara, Romania. Establishing a development centre within the EMEA region would enable the company to provide comprehensive solutions and products tailored to its clientele’s needs.
Driver: Importance of Cloud-based Analytics
The growing recognition of the advantages of cloud-based video analytics systems is another factor propelling the global video analytics market. Scalability, flexibility, and the capacity to effectively store and handle massive amounts of video data are all provided by cloud computing. Organizations can only implement analytics capabilities by making large investments in on-premises infrastructure owing to cloud-based video analytics solutions. Small and medium-sized businesses (SMEs), who might need more resources for large-scale hardware deployments, can especially benefit from this. Cloud-based video analytics solutions are projected to become more and more popular as cloud usage continues to rise across industries. These factors are propelling the market growth.
Restraint: Complexity Associated
The intricacy involved in implementing and evolving video analytics solutions is a pragmatic limitation enterprises encounter. When implementing video analytics, staff members must be properly trained to use and analyze the insights produced and the integrated hardware and software components. Businesses might have to spend money on hiring specialists with AI, computer vision, and data analytics knowledge. Organizations may not be able to reap the benefits of video analytics solutions as quickly as they would like due to the learning curve that comes with implementing the technology. This factor can restrain the global video analytics market’s growth and development.
Opportunity: Integration of Emerging Technologies
The integration of technologies such as augmented reality (AR), 5G connectivity, and the Internet of Things (IoT) within the global video analytics industry is anticipated to have a positive impact on the market growth and development. Integration with other developing technologies is another significant factor contributing to the global video analytics market. Innovative applications are made possible by combining video analytics with technologies such as augmented reality (AR), 5G connectivity, and the Internet of Things (IoT). For instance, more thorough data collection and analysis is possible by integrating video analytics with Internet of Things sensors. Introducing 5G networks improves video data transmission speed and dependability, allowing for more responsive and instantaneous analytics. These advanced technologies and video analytics combined to offer a flexible foundation for industry expansion and diversification.
Some of the major players operating in the video analytics market are:
• Avigilon Corporation
• AXIS COMMUNICATIONS
• Agent Video Intelligence Ltd.
• Honeywell International Inc.
• AllGoVision Technologies Pvt. Ltd
• Hangzhou Hikvision Digital Technology Co., Ltd.
• Dahua Technology Co., Ltd.
• Huawei Technologies Co., Ltd.
• NEC Corporation
Key Segments Cover in the Market:
By Deployment Mode:
By Organization Size:
• Large Enterprises
• IT & Telecommunication
• Other Industry Verticals
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.
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