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The video analytics market is estimated to decline at a CAGR of 22.54% between 2022 and 2027. The size of the market is forecast to increase by USD 16,862.27 million. The growth of the market depends on serval factors, including enhanced decision-making capabilities of users, rising demand for improved security arrangements, and requirement for reduced workforce and availability of filters.
This report extensively covers market segmentation by end-user (government sector, commercial sector, banking and financial services, traffic management sector, and others), deployment (on-premise and cloud), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The reports categorize the global video analytics market as a part of the global application software market within the global information technology (IT) software market. The parent global IT software market covers companies that are engaged in developing and producing application and system software. It also includes companies offering database management software. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The rising demand for improved security arrangements is notably driving the market growth, although factors such as limitations associated with video analytics may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Video Analytics Market Driver
The rising demand for improved security arrangements is notably driving market growth. An increase in the frequency and intensity of security breaches and security attacks including incidences of robbery, theft, shoplifting, and terrorist attacks has encouraged governments and large enterprises to adopt video analytics solutions to control anti-social activities.
Many developed countries such as the US and the UK have stringent regulations mandating the installation of video surveillance cameras in public places like hypermarkets, hospitals, airports, railway stations, hotels, and shopping malls. These regulations are aimed at ensuring enhanced security and curbing anti-social activities. Video analytics-enabled cameras provide real-time alerts and forensic tools for staffed and unstaffed video surveillance options. They automatically report suspicious events to maximize security and maintain operational efficiency. Such factors will contribute to the growth of the market during the forecast period.
Significant Video Analytics Market Trend
Growing preferences for internet protocol (IP) cameras over analog cameras is the primary trend in the market. IP cameras are mainly designed for receiving the control data and sending image data via an IP network. Currently, they provide a highly suitable alternative to traditional cameras for video surveillance. Analog or conventional cameras are mainly used in closed-circuit television (CCTV) systems.
IP-based cameras combine the capabilities of analog cameras with PC functionality. It does not require a direct connection to a PC to operate and can be placed anywhere within a network. IP cameras have their own IP addresses and can be accessed or controlled through an IP network like a wide area network (WAN), local area network (LAN), Intranet, or the Internet. The higher resolution of images, powerful search functions, better coverage of a wider area, and superior expansion and wireless features are the major advantages associated with IP cameras, which are expected to increase their adoption among end-users during the forecast period.
Major Video Analytics Market Challenge
Limitations associated with video analytics are the major challenge impeding market growth. Mechanical failures of the camera and the systems used for video analytics, the need for the storage of data, and poor performance are the major factors that may challenge the market. The uploaded videos cannot be compressed as their quality might get compromised due to the compression and transmission of data on the network. In addition, uncompressing the video on the server requires an extra processor on the server, which reduces its efficiency for analytics.
Video analytics efficiently ensures the security of premises, identify unattended bags, and recognize vehicle license plate in public areas. However, the efficiency of video analytics systems is hindered by changing climatic conditions. In addition, identifying unattended baggage in busy railway stations at peak hours is challenging as video analytics systems end up generating a large number of false alerts. Such factors will hinder market growth during the forecast period.
Key Video Analytics Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Video Analytics Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
PureTech Systems Inc. - The company offers video analytics under the brand PureActiv with AI deep learning geospatial video analytics. Through this segment, the company offers fully integrated automated products such as PureActiv AlertView C2 System and PureActiv AI Video Analytics.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the government sector segment will be significant during the forecast period. Video analytics technology has a significant role in the government sector. It helps to manage data collection and to analyze them efficiently to improve and enhance the security of government and military facilities. Data collected with the help of video analytics help to increase situational awareness in premises, which is the primary requirement at military bases. Video analytics systems used in the sector can collect, collate, filter, and process all types of input, including unstructured data and live feeds. Such systems help in the integration and optimization of all resources and results.
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The government sector segment was valued at USD 988.77 million in 2017 and continued to grow until 2021. Video analytics identifies behaviors of interest and immediately alerts security operators to suspicious activities. This allows security operators to focus their attention on the most important activities with the highest risk potentials. Thus, they can make better decisions and react faster to events. Therefore, from the above mentioned factors, it is expected that demand for video analytics in the enterprise segment will increase during the forecast period leading to market growth.
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APAC is estimated to contribute 41% to the growth of the global market during the forecast period. Another region offering significant growth opportunities to vendors is North America. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The video analytics market in North America is expected to grow significantly during the forecast period. Because of the developed infrastructure, the market in North America is quite mature. However, growth in the construction of residential and commercial buildings is increasing the demand for video analytics for enhancing safety and security across such buildings in North America. Hence, the rapid growth in the construction of residential and commercial buildings is boosting the growth of the market in the region.
Market growth in the region is favored by the presence of global and regional vendors such as Agent Video Intelligence Ltd. (Agent Video Intelligence), Cisco Systems Inc. (Cisco Systems), Genetec Inc. (Genetec), etc. These vendors offer high-quality video analytics solutions for a wide range of industries. Hence, the widespread availability of video analytics solutions in North America is boosting the growth of the market in the region.
Lockdowns imposed owing to the outbreak of COVID-19 in North America have resulted in the shutting down of various industries, including those that develop video analytics solutions. However, the rise in the aging population in North America is driving the demand for video analytics and thereby fostering the growth of the market in the region.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by End-user (Government sector, Commercial sector, Banking and financial services, Traffic management sector, and Others), Deployment (On-premise and Cloud), and Geography (North America, APAC, Europe, South America, and Middle East and Africa).
Video Analytics Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Decelerate at a CAGR of 22.54% |
Market growth 2023-2027 |
USD 16,862.27 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
23.91 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 41% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Agent Video Intelligence Ltd., Alarm.com, AllGoVision Technologies Pvt. Ltd., BriefCam Ltd., Canon Inc., Cisco Systems Inc., Genetec Inc., Gorilla Technology Inc., Honeywell International Inc., Huawei Investment and Holding Co. Ltd., i2V Systems Pvt. Ltd., Infinova, International Business Machines Corp., NEC Corp., NICE Ltd., PureTech Systems Inc., Robert Bosch GmbH, Verint Systems Inc., Viseum UK Group, and Zhejiang Dahua Technology Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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