Video Analytics Market (Updated Version Available)
Video Analytics Market Size, Share & Trends Analysis, By Component (Software and Services), Deployment (On-Premise and Cloud), Enterprise Size (Small and Medium Size Enterprise and Large Enterprise), Application (Automatic License-Plate Recognition (ALPR), Face recognition, Crowd Detection, People Tracking, Left and Removed Item Detection, Motion Tracking, Object Tracking, and Others), End-User (BFSI, Government, Education, Healthcare, Retail, Transportation, and Others), By Region, Forecast Period 2023 - 2030.
Report ID : RI_670976 | Date : April 2023 |
Format : 
Key Market Overview:
The estimated value of the video analytics market is expected to increase from USD 6.68 billion in 2022 to over USD 31.86 billion by 2030. This indicates a remarkable compound annual growth rate (CAGR) of 21.56% from 2023 to 2030.
Video analytics, also known as video content analysis (VCA), refers to the automated analysis of video footage using computer algorithms and machine learning techniques. Video analytics software is typically used to extract valuable information from video data, such as detecting and tracking objects or people, recognizing faces, analyzing behavior, and identifying anomalies or potential threats. Additionally, video analytics is used in a variety of industries and applications, including surveillance and security, retail and marketing, traffic and transportation, and sports and entertainment. For instance, in a retail setting, video analytics is used to track customer behavior, measure foot traffic, and monitor product placement and inventory levels.
The increasing adoption of high-resolution cameras is driving the growth of the video analytics market to capture more detailed and clearer images, providing better accuracy for video analytics algorithms. A high-resolution camera enables better detection and identification of objects, people, and events in video footage that is essential for effective video surveillance. Moreover, the cameras capture fine details, such as license plates or facial features, crucial for accurate identification and recognition. Video analytics algorithms use the data to provide more accurate alerts and notifications, reducing false positives and improving response times. For instance, in September 2020, Amazon introduced high-definition (HD) home security cameras, Blink Outdoor and Blink Indoor in Canada and the U.S. The cameras are designed to offer 1080-pixel HD video resolution, IR night vision, two-way audio, and extended battery life. Thus, HD cameras help in monitoring the security of homes accurately with clear pixels and are expected to drive the growth of the market in the upcoming years.
Video Analytics Report Coverage:
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Video Analytics Market Dynamics:
Driver:
The rising demand for real-time event detection is a key driver for the growth of the video analytics market. Real-time event detection refers to the ability of video analytics systems to quickly and accurately identify and alert users to specific events or anomalies in the video footage. Real-time event detection also helps to improve security by quickly alerting security personnel to potential threats or suspicious activities and driving the growth of the video analytics market. Moreover, detection in real-time also helps organizations to improve operational efficiency by automating processes and reducing the need for manual monitoring and driving the growth of video analytics market. For instance, in February 2023, Axis Communications launched AXIS Object Analytics software to improve the accuracy and efficiency of video surveillance systems by providing real-time insights into object detection and tracking. The key feature of AXIS Object Analytics is crossline counting that enables more effective monitoring of people and objects crossing a designated line or boundary. Crossline counting is a powerful tool for traffic monitoring, crowd management, and retail analytics, among other applications. Therefore, the addition of crossline counting to the AXIS Object Analytics software enables more effective monitoring and analysis of object movement and behavior in real-time.
Restraint:
The lack of necessary database infrastructure serves as a significant restraint to the growth of the video analytics market. Video analytics require large amounts of data to be stored and processed, which is a storage-intensive process. The lack of necessary database infrastructure leads to limited storage capacity, hindering the ability to store large amounts of video data for long periods. In addition, video analytics algorithms require fast data processing capabilities to provide real-time insights and alerts. The unavailability of adequate database infrastructure, slows down the data processing capacity, reducing the accuracy and effectiveness of video analytics. Hence, the unavailability of necessary database infrastructure is among the primary factors restraining the growth of the global video analytics market.
Opportunities:
The integration of video analytics with other technologies, such as access control systems, alarm systems, and IoT devices, is anticipated to create numerous opportunities for the video analytics market. The integration of video analytics with IoT devices is projected to improve operational efficiency by providing insights into operational processes and identifying opportunities for improvement. Additionally, the integration of video analytics with technologies including access control systems enables predictive analytics, allowing businesses to predict potential issues and take proactive measures to prevent threats. For instance, video analytics is expected to identify patterns in customer behavior and predict future demand for products or services.
Video Analytics Competitive Landscape:
The video analytics market is highly competitive, with many players offering a wide range of products and solutions. Each company offers its own unique set of products and solutions, and the market is constantly evolving as new technologies and capabilities are developed. Crucial players are:-
• BriefCam Ltd.
• Motorola Solutions, Inc.
• Openpath, Inc.
• AllGoVision Technologies
• Amazon.com, Inc.
• Cisco Meraki
• Axis Communications AB
• Remark AI UK Limited
• Robert Bosch GmbH
• Calipsa
Recent Developments:
• In April 2022, Motorola Solutions acquired Calipsa, a leader in cloud-native advanced video analytics. The acquisition will enable Motorola Solutions to expand its AI-powered video security and analytics portfolio and offer customers more advanced solutions for safety and security needs.
• In February 2021, Openpath announced the partnership with Cisco Meraki to create a new Video Management System (VMS). Cisco Merakis cloud-based technology is combined with Openpaths access control capabilities and smart camera surveillance that provides data to make better business decisions. Integrating security would be easier due to an all-in-one security platform to handle both video and access management.
Video Analytics Market Segmentation:
By Component
The component segment is bifurcated into software and services. Software dominates the market as video analytics software is highly flexible and easily customized to meet the specific needs of a business or organization. Additionally, the advancement in video management software and video surveillance systems with artificial intelligence and machine learning is fueling market growth. Furthermore, real-time processing, enhanced accuracy, and precise image analysis increase the demand for advanced software in enterprises, propelling the growth of the market. For instance, in March 2023, BriefCam announced the release of the latest version of BriefCam\'s software, version 2023 M1 software, of its video analytics platform. The new software incorporates updated AI and machine learning algorithms to improve the accuracy of object and event detection. Moreover, the addition of the Custom ClassifID allows organizations to analyze and extract insights from large amounts of footage in a shorter amount of time.
Services are expected to register the fastest Compound Annual Growth Rate (CAGR) in the video analytics market. The growing adoption of video analytics in businesses and organizations increases the demand for services such as consulting, installation, training, and support. The services help organizations to effectively implement and use video analytics solutions and are expected to drive the growth of the market. Moreover, businesses are opting for managed services namely monitoring and incident response services, to streamline business operations and reduce costs and hence, is expected to increase the demand for video analytics services during the forecast period.
By Deployment
Based on deployment, the video analytics market is bifurcated into on-premise and cloud. On-premise deployment dominates the video analytics market as on-premise deployment provides security to businesses and organizations to protect the data from external threats. Additionally, on-premise deployment provides businesses and organizations with greater flexibility and customization options. On-premise deployment allows businesses to customize video analytics solutions to meet specific needs and requirements, and also to integrate the solution with the existing IT infrastructure. Furthermore, on-premise provides better performance and faster data processing speeds, as the hardware and software infrastructure is optimized for the specific video analytics solution hence, contributing to the growth of video analytics market.
Cloud deployment is anticipated to witness the fastest CAGR in the video analytics market as cloud-based solutions are highly scalable and easily accommodate increasing data volumes and processing. Additionally, cloud-based solutions are flexible and are accessed from anywhere, using any device with an internet connection. The flexibility allows businesses and organizations to analyze the video footage and make real-time decisions based on the insights.
Furthermore, cloud-based solutions easily integrate with other cloud services, such as storage, computing, and analytics. The integration provides businesses with a more comprehensive cloud-based solution to enhance operations and is expected to accelerate the growth of video analytics market. For instance, in October 2022, March Networks acquired a cloud-based data analytics platform from DoIT Software to improve operational efficiency, prevent losses, and gain business intelligence insights. March Networks acquisition of a cloud-based data analytics platform is a strategic decision made by March Network to offer more scalable, flexible, and cost-effective video analytics solutions to customers.
By Enterprise Size
The enterprise size segment is classified into small and medium enterprises and large enterprises. Large enterprises dominate the market as the enterprises have larger operations to generate more video data, increasing the demand for advanced video analytics solutions. In addition, large enterprises have the resources to invest in sophisticated video analytics systems to manage and analyze large volumes of video footage. Moreover, the enterprises have large sizes and diversity of operations that raise the demand for cameras and sensors, and advanced analytics such as facial recognition or object tracking, propelling the growth video analytics market. For instance, in March 2021, Bosch introduced Inteox open camera platform to meet the modern needs of the security and safety market. Inteox is a customizable open camera platform with built-in Bosch intelligent analytics technologies to integrate algorithms and software applications with Bosch cameras. The platform also allows for greater customization and innovation in the development of video analytics software, potentially leading to more effective and efficient solutions for a wide range of use cases.
Small and medium-sized enterprises are expected to witness the fastest CAGR in the video analytics market during the forecast period. SMEs are also becoming more aware of the importance of security and are seeking ways to enhance security measures. Video analytics solutions provide a powerful tool for enhancing security and help SMEs to better protect the assets and employees and are expected to fuel the growth of the market. Moreover, video analytics solutions provide SMEs with a competitive advantage by improving operational efficiency, reducing costs, and enhancing the customer experience. Therefore, the rising adoption of video analytics solutions by SMEs is expected to drive the growth of the market in the coming years.
By Application
The application segment is categorized into automatic license-plate recognition (ALPR), face recognition, crowd detection, people tracking, left and removed item detection, motion tracking, object tracking, and others. Face recognition dominates the market as face recognition technology is used to enhance security and surveillance in a variety of settings, such as airports, government buildings, and banks. The technology helps to identify known criminals, track suspects, and prevent unauthorized access to secure areas.
Additionally, face recognition technology is used to track employee attendance and streamline the time and attendance management process, promoting the growth of face recognition segment. Therefore, the growing application of face recognition technology to enhance security and surveillance in commercial sector is driving the growth of video analytics market. For instance, in August 2020, AllGoVision launched AllSafeTM Video Analytics that leverages face recognition to enable enterprises to reopen the facilities safely and efficiently post the Covid19 lockdowns. AllSafeTM Video Analytics uses algorithms to analyze video footage and identify individuals based on the facial features to enforce social distancing measures, monitor mask-wearing compliance, and track the movement of people within a facility.
Crowd detection is predicted to witness the fastest CAGR and refers to the use of video analytics algorithms to detect, track, and analyze crowds in a given area. Video analytics algorithms are projected to count the number of people in a crowd and track the movements that are useful for event management, crowd control, and security purposes.
Additionally, video analytics algorithms are expected to analyze the behavior of people in a crowd, such as identifying potential threats or detecting suspicious behavior. Therefore, the application of video analytics algorithms in crowd detection to track, analyze, and manage the crowd, is projected to boost the demand of crowd detection segment. For instance, in February 2023, Remark Holdings Smart Safety Platform introduced AI-powered video analytics to manage crowd traffic during the Hogmanay Festivities in Edinburgh. The platform uses advanced AI algorithms to analyze video feeds from surveillance cameras in real time, detecting and tracking crowds and identifying potential safety risks.
By End-User
Based on end-user, the market is divided into BFSI, government, education, healthcare, retail, transportation, and others. BFSI dominates the market as video analytics technology is used to monitor security cameras in bank branches and ATMs, detecting any suspicious behavior or transactions. Additionally, video analytics is used to identify and track potential fraudsters and helps to prevent financial crimes, driving the growth of the market.
Moreover, video analytics is used to monitor the movement of people and vehicles in and around bank branches and ATMs, helping to identify potential security risks or hazards and contributing to the growth of video analytics market. For instance, in July 2022, the Bank of Baroda launched Hackathon in collaboration with Microsoft. Microsofts expertise in data management and analysis helps the Bank of Baroda to develop more advanced video analytics solutions to detect and prevent security breaches, ensuring the safety of customers and their assets. Therefore, the wide application of video analytics in BFSI to identify and track potential fraudsters is bolstering the growth of global video analytics market.
The government sector is predicted to witness the fastest CAGR as video analytics are used to monitor and detect potential security threats, such as suspicious behavior, unattended bags, or people loitering in government buildings. Additionally, video analytics are expected to identify and track individuals crossing national borders, detecting any suspicious behavior or illegal activity. Furthermore, video analytics are projected to monitor emergencies such as natural disasters or terrorist attacks, allowing the government to quickly and accurately assess the situation and respond accordingly. Therefore, the use of video analytics in the government sector to improve safety, strengthen border control and immigration, and improve emergency response is expected to drive the growth of the market.
By Region:
North America dominates the market as the region has a strong focus on security and public safety, which raises the demand for video analytics solutions that helps to monitor and detect potential security threats. Additionally, the presence of key players such as IBM Corporation, Honeywell International Inc., Cisco Systems, and Motorola Solutions (Avigilon) constantly apply innovative technologies, driving the growth of the market in North America. Key players in the market are engaged in partnership and collaboration to strengthen the business and increase the customer base. For instance, in February 2020, Motorola Solutions introduced the H5M Camera to its video security product line to provide AI-powered Unusual Motion Detection (UMD) for outdoor security. The H5M camera has 2-megapixel and 5-megapixel capabilities for tamper detection and line-crossing detection to capture clear and detailed images in both bright and low-light conditions.
Asia-Pacific is projected to witness the fastest CAGR in the video analytics market owing to the rising number of cyber threats, terrorism, and crime in Asia Pacific countries including India and Bangladesh. The rising crime rates is anticipated to propel the demand for video analytics solutions to monitor and detect potential security threats. Additionally, the region receives monetary funding from the government sector for national security including the installation of cameras for border control and immigration is also bolstering the growth of the market.
The estimated value of the video analytics market is expected to increase from USD 6.68 billion in 2022 to over USD 31.86 billion by 2030. This indicates a remarkable compound annual growth rate (CAGR) of 21.56% from 2023 to 2030.
Video analytics, also known as video content analysis (VCA), refers to the automated analysis of video footage using computer algorithms and machine learning techniques. Video analytics software is typically used to extract valuable information from video data, such as detecting and tracking objects or people, recognizing faces, analyzing behavior, and identifying anomalies or potential threats. Additionally, video analytics is used in a variety of industries and applications, including surveillance and security, retail and marketing, traffic and transportation, and sports and entertainment. For instance, in a retail setting, video analytics is used to track customer behavior, measure foot traffic, and monitor product placement and inventory levels.
The increasing adoption of high-resolution cameras is driving the growth of the video analytics market to capture more detailed and clearer images, providing better accuracy for video analytics algorithms. A high-resolution camera enables better detection and identification of objects, people, and events in video footage that is essential for effective video surveillance. Moreover, the cameras capture fine details, such as license plates or facial features, crucial for accurate identification and recognition. Video analytics algorithms use the data to provide more accurate alerts and notifications, reducing false positives and improving response times. For instance, in September 2020, Amazon introduced high-definition (HD) home security cameras, Blink Outdoor and Blink Indoor in Canada and the U.S. The cameras are designed to offer 1080-pixel HD video resolution, IR night vision, two-way audio, and extended battery life. Thus, HD cameras help in monitoring the security of homes accurately with clear pixels and are expected to drive the growth of the market in the upcoming years.
Video Analytics Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | USD 31.86 Billion |
| CAGR (2023-2030) | 21.56 % |
| Base Year | 2022 |
| By Component | Software and Services |
| By Deployment | On-Premise and Cloud |
| By Enterprise Size | Small and Medium Size Enterprise and Large Enterprise |
| By Application | Automatic License-Plate Recognition (ALPR), Face recognition, Crowd Detection, People Tracking, Left and Removed Item Detection, Motion Tracking, Object Tracking, and Others |
| By End-User | BFSI, Government, Education, Healthcare, Retail, Transportation, and Others |
| By Geography |
|
| Key Players | Briefcam Lmt., Motorola Solutions, Inc., Openpath, Inc., AllGoVision Technologies, Amazon.com, Inc., Cisco Meraki, Axis Communications AB, Remark AI UK Limited, Robert Bosch GmbH, Calipsa |
Video Analytics Market Dynamics:
Driver:
The rising demand for real-time event detection is a key driver for the growth of the video analytics market. Real-time event detection refers to the ability of video analytics systems to quickly and accurately identify and alert users to specific events or anomalies in the video footage. Real-time event detection also helps to improve security by quickly alerting security personnel to potential threats or suspicious activities and driving the growth of the video analytics market. Moreover, detection in real-time also helps organizations to improve operational efficiency by automating processes and reducing the need for manual monitoring and driving the growth of video analytics market. For instance, in February 2023, Axis Communications launched AXIS Object Analytics software to improve the accuracy and efficiency of video surveillance systems by providing real-time insights into object detection and tracking. The key feature of AXIS Object Analytics is crossline counting that enables more effective monitoring of people and objects crossing a designated line or boundary. Crossline counting is a powerful tool for traffic monitoring, crowd management, and retail analytics, among other applications. Therefore, the addition of crossline counting to the AXIS Object Analytics software enables more effective monitoring and analysis of object movement and behavior in real-time.
Restraint:
The lack of necessary database infrastructure serves as a significant restraint to the growth of the video analytics market. Video analytics require large amounts of data to be stored and processed, which is a storage-intensive process. The lack of necessary database infrastructure leads to limited storage capacity, hindering the ability to store large amounts of video data for long periods. In addition, video analytics algorithms require fast data processing capabilities to provide real-time insights and alerts. The unavailability of adequate database infrastructure, slows down the data processing capacity, reducing the accuracy and effectiveness of video analytics. Hence, the unavailability of necessary database infrastructure is among the primary factors restraining the growth of the global video analytics market.
Opportunities:
The integration of video analytics with other technologies, such as access control systems, alarm systems, and IoT devices, is anticipated to create numerous opportunities for the video analytics market. The integration of video analytics with IoT devices is projected to improve operational efficiency by providing insights into operational processes and identifying opportunities for improvement. Additionally, the integration of video analytics with technologies including access control systems enables predictive analytics, allowing businesses to predict potential issues and take proactive measures to prevent threats. For instance, video analytics is expected to identify patterns in customer behavior and predict future demand for products or services.
Video Analytics Competitive Landscape:
The video analytics market is highly competitive, with many players offering a wide range of products and solutions. Each company offers its own unique set of products and solutions, and the market is constantly evolving as new technologies and capabilities are developed. Crucial players are:-
• BriefCam Ltd.
• Motorola Solutions, Inc.
• Openpath, Inc.
• AllGoVision Technologies
• Amazon.com, Inc.
• Cisco Meraki
• Axis Communications AB
• Remark AI UK Limited
• Robert Bosch GmbH
• Calipsa
Recent Developments:
• In April 2022, Motorola Solutions acquired Calipsa, a leader in cloud-native advanced video analytics. The acquisition will enable Motorola Solutions to expand its AI-powered video security and analytics portfolio and offer customers more advanced solutions for safety and security needs.
• In February 2021, Openpath announced the partnership with Cisco Meraki to create a new Video Management System (VMS). Cisco Merakis cloud-based technology is combined with Openpaths access control capabilities and smart camera surveillance that provides data to make better business decisions. Integrating security would be easier due to an all-in-one security platform to handle both video and access management.
Video Analytics Market Segmentation:
By Component
The component segment is bifurcated into software and services. Software dominates the market as video analytics software is highly flexible and easily customized to meet the specific needs of a business or organization. Additionally, the advancement in video management software and video surveillance systems with artificial intelligence and machine learning is fueling market growth. Furthermore, real-time processing, enhanced accuracy, and precise image analysis increase the demand for advanced software in enterprises, propelling the growth of the market. For instance, in March 2023, BriefCam announced the release of the latest version of BriefCam\'s software, version 2023 M1 software, of its video analytics platform. The new software incorporates updated AI and machine learning algorithms to improve the accuracy of object and event detection. Moreover, the addition of the Custom ClassifID allows organizations to analyze and extract insights from large amounts of footage in a shorter amount of time.
Services are expected to register the fastest Compound Annual Growth Rate (CAGR) in the video analytics market. The growing adoption of video analytics in businesses and organizations increases the demand for services such as consulting, installation, training, and support. The services help organizations to effectively implement and use video analytics solutions and are expected to drive the growth of the market. Moreover, businesses are opting for managed services namely monitoring and incident response services, to streamline business operations and reduce costs and hence, is expected to increase the demand for video analytics services during the forecast period.
By Deployment
Based on deployment, the video analytics market is bifurcated into on-premise and cloud. On-premise deployment dominates the video analytics market as on-premise deployment provides security to businesses and organizations to protect the data from external threats. Additionally, on-premise deployment provides businesses and organizations with greater flexibility and customization options. On-premise deployment allows businesses to customize video analytics solutions to meet specific needs and requirements, and also to integrate the solution with the existing IT infrastructure. Furthermore, on-premise provides better performance and faster data processing speeds, as the hardware and software infrastructure is optimized for the specific video analytics solution hence, contributing to the growth of video analytics market.
Cloud deployment is anticipated to witness the fastest CAGR in the video analytics market as cloud-based solutions are highly scalable and easily accommodate increasing data volumes and processing. Additionally, cloud-based solutions are flexible and are accessed from anywhere, using any device with an internet connection. The flexibility allows businesses and organizations to analyze the video footage and make real-time decisions based on the insights.
Furthermore, cloud-based solutions easily integrate with other cloud services, such as storage, computing, and analytics. The integration provides businesses with a more comprehensive cloud-based solution to enhance operations and is expected to accelerate the growth of video analytics market. For instance, in October 2022, March Networks acquired a cloud-based data analytics platform from DoIT Software to improve operational efficiency, prevent losses, and gain business intelligence insights. March Networks acquisition of a cloud-based data analytics platform is a strategic decision made by March Network to offer more scalable, flexible, and cost-effective video analytics solutions to customers.
By Enterprise Size
The enterprise size segment is classified into small and medium enterprises and large enterprises. Large enterprises dominate the market as the enterprises have larger operations to generate more video data, increasing the demand for advanced video analytics solutions. In addition, large enterprises have the resources to invest in sophisticated video analytics systems to manage and analyze large volumes of video footage. Moreover, the enterprises have large sizes and diversity of operations that raise the demand for cameras and sensors, and advanced analytics such as facial recognition or object tracking, propelling the growth video analytics market. For instance, in March 2021, Bosch introduced Inteox open camera platform to meet the modern needs of the security and safety market. Inteox is a customizable open camera platform with built-in Bosch intelligent analytics technologies to integrate algorithms and software applications with Bosch cameras. The platform also allows for greater customization and innovation in the development of video analytics software, potentially leading to more effective and efficient solutions for a wide range of use cases.
Small and medium-sized enterprises are expected to witness the fastest CAGR in the video analytics market during the forecast period. SMEs are also becoming more aware of the importance of security and are seeking ways to enhance security measures. Video analytics solutions provide a powerful tool for enhancing security and help SMEs to better protect the assets and employees and are expected to fuel the growth of the market. Moreover, video analytics solutions provide SMEs with a competitive advantage by improving operational efficiency, reducing costs, and enhancing the customer experience. Therefore, the rising adoption of video analytics solutions by SMEs is expected to drive the growth of the market in the coming years.
By Application
The application segment is categorized into automatic license-plate recognition (ALPR), face recognition, crowd detection, people tracking, left and removed item detection, motion tracking, object tracking, and others. Face recognition dominates the market as face recognition technology is used to enhance security and surveillance in a variety of settings, such as airports, government buildings, and banks. The technology helps to identify known criminals, track suspects, and prevent unauthorized access to secure areas.
Additionally, face recognition technology is used to track employee attendance and streamline the time and attendance management process, promoting the growth of face recognition segment. Therefore, the growing application of face recognition technology to enhance security and surveillance in commercial sector is driving the growth of video analytics market. For instance, in August 2020, AllGoVision launched AllSafeTM Video Analytics that leverages face recognition to enable enterprises to reopen the facilities safely and efficiently post the Covid19 lockdowns. AllSafeTM Video Analytics uses algorithms to analyze video footage and identify individuals based on the facial features to enforce social distancing measures, monitor mask-wearing compliance, and track the movement of people within a facility.
Crowd detection is predicted to witness the fastest CAGR and refers to the use of video analytics algorithms to detect, track, and analyze crowds in a given area. Video analytics algorithms are projected to count the number of people in a crowd and track the movements that are useful for event management, crowd control, and security purposes.
Additionally, video analytics algorithms are expected to analyze the behavior of people in a crowd, such as identifying potential threats or detecting suspicious behavior. Therefore, the application of video analytics algorithms in crowd detection to track, analyze, and manage the crowd, is projected to boost the demand of crowd detection segment. For instance, in February 2023, Remark Holdings Smart Safety Platform introduced AI-powered video analytics to manage crowd traffic during the Hogmanay Festivities in Edinburgh. The platform uses advanced AI algorithms to analyze video feeds from surveillance cameras in real time, detecting and tracking crowds and identifying potential safety risks.
By End-User
Based on end-user, the market is divided into BFSI, government, education, healthcare, retail, transportation, and others. BFSI dominates the market as video analytics technology is used to monitor security cameras in bank branches and ATMs, detecting any suspicious behavior or transactions. Additionally, video analytics is used to identify and track potential fraudsters and helps to prevent financial crimes, driving the growth of the market.
Moreover, video analytics is used to monitor the movement of people and vehicles in and around bank branches and ATMs, helping to identify potential security risks or hazards and contributing to the growth of video analytics market. For instance, in July 2022, the Bank of Baroda launched Hackathon in collaboration with Microsoft. Microsofts expertise in data management and analysis helps the Bank of Baroda to develop more advanced video analytics solutions to detect and prevent security breaches, ensuring the safety of customers and their assets. Therefore, the wide application of video analytics in BFSI to identify and track potential fraudsters is bolstering the growth of global video analytics market.
The government sector is predicted to witness the fastest CAGR as video analytics are used to monitor and detect potential security threats, such as suspicious behavior, unattended bags, or people loitering in government buildings. Additionally, video analytics are expected to identify and track individuals crossing national borders, detecting any suspicious behavior or illegal activity. Furthermore, video analytics are projected to monitor emergencies such as natural disasters or terrorist attacks, allowing the government to quickly and accurately assess the situation and respond accordingly. Therefore, the use of video analytics in the government sector to improve safety, strengthen border control and immigration, and improve emergency response is expected to drive the growth of the market.
By Region:
North America dominates the market as the region has a strong focus on security and public safety, which raises the demand for video analytics solutions that helps to monitor and detect potential security threats. Additionally, the presence of key players such as IBM Corporation, Honeywell International Inc., Cisco Systems, and Motorola Solutions (Avigilon) constantly apply innovative technologies, driving the growth of the market in North America. Key players in the market are engaged in partnership and collaboration to strengthen the business and increase the customer base. For instance, in February 2020, Motorola Solutions introduced the H5M Camera to its video security product line to provide AI-powered Unusual Motion Detection (UMD) for outdoor security. The H5M camera has 2-megapixel and 5-megapixel capabilities for tamper detection and line-crossing detection to capture clear and detailed images in both bright and low-light conditions.
Asia-Pacific is projected to witness the fastest CAGR in the video analytics market owing to the rising number of cyber threats, terrorism, and crime in Asia Pacific countries including India and Bangladesh. The rising crime rates is anticipated to propel the demand for video analytics solutions to monitor and detect potential security threats. Additionally, the region receives monetary funding from the government sector for national security including the installation of cameras for border control and immigration is also bolstering the growth of the market.
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