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The video analytics market size is valued to increase by USD 37.49 billion, at a CAGR of 33.01% from 2023 to 2028. Enhanced decision-making capabilities of users will drive the video analytics market.
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In the dynamic business landscape, video analytics has emerged as a critical tool for gaining valuable insights from visual data. Leveraging advanced technologies such as action recognition algorithms, object detection APIs, and video data compression, businesses can optimize operations and enhance decision-making. For instance, video data annotation using computer vision libraries leads to a 30% increase in customer behavior analytics accuracy, resulting in improved ROI. Moreover, anomaly detection systems utilizing machine learning pipelines can reduce operational costs by 25% through early identification and resolution of issues. Video content moderation, powered by sentiment analysis tools, ensures compliance with industry regulations, mitigating potential risks. With cloud-based video processing and real-time video event detection, businesses can respond swiftly to market trends and customer needs. Edge video analytics and visual search technology further expand the scope of video analytics, offering enhanced capabilities for businesses to stay competitive.
The market is driven primarily by the enhanced decision-making capabilities of users, who bring increased proficiency and expertise to the table.
The increasing preference for Internet Protocol (IP) cameras over analog cameras represents a notable market trend. IP cameras offer several advantages, including higher resolution, remote access, and greater flexibility in terms of installation and configuration. This shift towards IP technology is expected to continue shaping the surveillance industry.
The shortage of skilled workers poses a significant challenge to the industry's growth trajectory, as the lack of a sufficient workforce hampers productivity and innovation.
The video analytics industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The government sector segment is estimated to witness significant growth during the forecast period.
Video analytics technology continues to evolve, integrating advanced capabilities such as object detection APIs, computer vision libraries, and sentiment analysis tools to extract valuable insights from video data. Real-time video processing, including motion tracking algorithms and video event detection, enables businesses to enhance customer experience and optimize operations. Machine learning pipelines and deep learning frameworks facilitate video data annotation, compression, and indexing, while video metadata extraction and quality assessment ensure data accuracy. Anomaly detection systems and video content moderation employ optical character recognition and facial recognition software for image classification models.
In the government sector, video analytics platforms have become essential, increasing situational awareness in military bases by 30% through video surveillance systems and edge video analytics. These systems process live video streaming and video summarization methods, enabling multi-camera video alignment and video object detection for enhanced security and resource optimization.
The Government sector segment was valued at USD 1.25 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 41% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in North America is experiencing substantial growth, driven by the region's advanced infrastructure and increasing demand for operational efficiency and security. Compared to other developing and emerging markets, the gap between demand and supply of video analytics infrastructure in North America is relatively smaller. However, the presence of obsolete cameras in various sectors, including residential, commercial, and banking, necessitates an upgrade to modern video analytics-enabled cameras. These advanced cameras offer significant benefits, such as efficient crowd management and enhanced on-premises security.
According to recent studies, the number of video analytics installations in North America is projected to increase by 30% in the next two years, indicating a clear trend towards the adoption of this technology. Additionally, video analytics solutions enable cost savings through reduced manpower requirements for surveillance and compliance with regulatory frameworks.
Customer Landscape of Video Analytics Industry
Companies are implementing various strategies, such as strategic alliances, video analytics market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Agent Video Intelligence Ltd. - This company specializes in AI-driven video analytics technology, providing both cloud-based Software-as-a-Service (SaaS) and individual software installation options. The advanced software enables comprehensive video data analysis for various industries.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Dive into Technavio’s robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Video Analytics Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
185 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 33.01% |
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Market growth 2024-2028 |
USD 37492.5 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
26.19 |
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Key countries |
US, China, Germany, Japan, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
"Leverage Technavio's unparalleled research methodology and expert analysis for accurate, actionable market intelligence."
The market is experiencing rapid growth, driven by the increasing demand for accurate facial recognition systems and robust object detection models. These advanced video analytics tools, powered by machine learning video classification and AI-powered video analytics, enable businesses to gain valuable insights from their video data. Efficient video stream processing is a crucial aspect of any video analytics platform, ensuring real-time video analytics dashboards can provide reliable video content moderation and anomaly detection video surveillance. High-performance video encoding and optimized video content delivery are essential for delivering low-latency video streaming solutions, enabling businesses to make informed decisions in real-time. Scalable video analytics infrastructure is necessary for handling large volumes of video data, making it an essential component of any comprehensive video analytics solution. Secure video analytics cloud solutions provide businesses with the peace of mind they need to protect their video data, ensuring video data privacy and security. Advanced video search capabilities and intelligent video summarization methods enable businesses to quickly and easily access and analyze their video data, improving operational planning and supply chain efficiency. Comprehensive video quality assessment is another important feature, ensuring high-resolution video processing pipelines deliver the best possible video quality. Compared to traditional video surveillance systems, modern video analytics solutions offer significant improvements in accuracy and efficiency. For instance, a leading video analytics provider can identify and alert on anomalous behavior with 95% accuracy, while a competitor's solution may only manage 85%. This level of precision can lead to significant cost savings and improved operational efficiency for businesses.
What is the expected growth of the Video Analytics Market between 2024 and 2028?
USD 37.49 billion, at a CAGR of 33.01%
What segmentation does the market report cover?
The report is segmented by End-user (Government sector, Commercial sector, Banking and financial services, Traffic management sector, and Others), Deployment (On-premises and Cloud), and Geography (North America, APAC, Europe, South America, and Middle East and Africa)
Which regions are analyzed in the report?
North America, APAC, Europe, South America, and Middle East and Africa
What are the key growth drivers and market challenges?
Enhanced decision-making capabilities of users, Shortage of skilled workers
Who are the major players in the Video Analytics Market?
Agent Video Intelligence Ltd., Alarm.com Holdings Inc., AllGoVision Technologies Pvt. Ltd., BriefCam Ltd., Canon Inc., Cisco Systems Inc., Dahua Technology Co. Ltd., Genetec Inc., Honeywell International Inc., Huawei Technologies Co. Ltd., i2V Systems Pvt. Ltd., Infinova Group, International Business Machines Corp., NEC Corp., NICE Ltd., PureTech Systems Inc., Qualcomm Inc., Robert Bosch GmbH, Verint Systems Inc., and Viseum UK Group
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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