Global Video Analytics Market to Reach US$ 29.1 Billion by 2032, Impelled by Growing Need for Improved Security Systems

May 16, 2022 | Technology & Media

According to the latest report by IMARC Group, titled "Video Analytics Market Report by Component (Software, Services), Deployment Type (On-Premises, Cloud), Application (Incident Detection, Intrusion Management, People/Crowd Counting, Traffic Monitoring, Automatic Number Plate Recognition, Facial Recognition, and Others), Architecture Type (Edge-Based, Server-Based), Organization Size (Small and Medium Enterprise, Large Enterprise), End User (BFSI, Retail, Critical Infrastructure, Traffic Management, Transportation and Logistics, Hospitality and Entertainment, Defense and Security, and Others), and Region 2024-2032," the global video analytics market reached a value of US$ 7.3 Billion in 2023. Video analytics refers to a computerized solution that is generally used by multiple businesses for obtaining quantifiable data from recorded or live video content. It utilizes an algorithm to perform a security-related function via a digital video signal, detects and extracts objects in video and classifies each object to enable intelligent video analysis. It provides enhanced security function to critical infrastructures while automating access control, minimizing staffing requirements and collecting data on customer behavior. There has been a considerable rise in the deployment of video analytics solutions for effectively managing the flow of traffic and detecting fraudulent activities.

Global Video Analytics Market Trends:

The global market is primarily driven by the increasing need for an improved security and surveillance system across multiple sectors due to the rising occurrences of cyber-attacks and security breaches. Besides this, growing investments in the deployment of advanced video analytics systems for analyzing the visual data and detecting post- and real-time events are providing a boost to the market. Along with this, continual technological advancements and the integration of artificial intelligence with video analytics solutions to aid in increasing the accuracy results of the analysis are favorably impacting the market. Moreover, the rising adoption of video surveillance systems and connected devices on account of the development of smart cities is expected to further drive the market. Other factors, including rapid urbanization, continuous improvements in the information technology (IT) infrastructure, and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 29.1 Billion by 2032, exhibiting a CAGR of 16.1% during 2024-2032.

Market Summary:

On the basis of the component, the market has been bifurcated into software and services.
Based on the deployment type, the market has been segmented into on-premises and cloud.
On the basis of the application, the market has been categorized into incident detection, intrusion management, people/crowd counting, traffic monitoring, automatic number plate recognition, facial recognition and others.
Based on the architecture type, the market has been classified into edge- and server-based.
On the basis of the organization size, the market has been segregated into small and medium and large enterprises.
Based on the end-user, the market has been segmented into BFSI, retail, critical infrastructure, traffic management, transportation and logistics, hospitality and entertainment, defense and security, and others.
On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Agent Video Intelligence Ltd., AllGoVision Technologies Pvt. Ltd., Aventura Technologies, Inc., Avigilon Corporation (Motorola Solutions), Axis Communications AB (Canon Inc.), Cisco Systems Inc., Gorilla Technology Inc. (Gorilla Science & Technology Holding, Inc.), Honeywell International Inc., IBM, IntelliVision Technologies Corp. (Nortek Security & Control LLC), Intelligent Security Systems Corporation, KiwiSecurity Software GmbH, PureTech Systems Inc. (FLIR Systems), Qognify Inc. and Verint Systems Inc.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Component, Deployment Type, Application, Architecture Type, Organization Size, End User, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Agent Video Intelligence Ltd., AllGoVision Technologies Pvt. Ltd., Aventura Technologies, Inc., Avigilon Corporation (Motorola Solutions), Axis Communications AB (Canon Inc.), Cisco Systems Inc., Gorilla Technology Inc. (Gorilla Science & Technology Holding, Inc.), Honeywell International Inc., IBM, IntelliVision Technologies Corp. (Nortek Security & Control LLC), Intelligent Security Systems Corporation, KiwiSecurity Software GmbH, PureTech Systems Inc. (FLIR Systems), Qognify Inc. and Verint Systems Inc.
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Global Video Analytics Market to Reach US$ 29.1 Billion by 2032, Impelled by Growing Need for Improved Security Systems

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