Video Analytics Market

Video Analytics Market Size:

The global video analytics market size reached US$ 7.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 29.1 Billion by 2032, exhibiting a growth rate (CAGR) of 16.1% during 2024-2032. The market is experiencing steady growth driven by the growing need for enhanced surveillance across various industries to prevent unauthorized access, advancements in artificial intelligence (AI) and machine learning (ML) technologies, and increasing focus on cost-effective solutions.

Video Analytics Market Analysis:

• Market Growth and Size: The market is witnessing robust growth, driven by the increasing focus on data security and privacy, along with the rising need for affordable surveillance solutions.
• Technological Advancements: Innovations in artificial intelligence (AI) and machine learning (ML) enable more accurate detection of anomalies. Moreover, edge computing reduces latency and allows for real-time processing in remote or bandwidth-constrained locations.
• Industry Applications: Video analytics finds applications in various sectors, including retail, transportation, healthcare, and manufacturing.
• Geographical Trends: North America leads the market on account of the rising awareness about security and safety. However, Asia Pacific is emerging as a fast-growing market due to the stringent regulatory framework and standards for surveillance and data protection.
• Competitive Landscape: Key players are investing in research and development (R&D) activities to innovate and improve their video analytics algorithms, features, and capabilities.
• Challenges and Opportunities: While the market faces challenges, such as addressing privacy concerns, it also encounters opportunities in enhancing AI-capabilities.       
• Future Outlook: The future of the video analytics market looks promising, with the increasing focus on operational efficiency in various industries. In addition, the rising need for enhanced security in numerous sectors is projected to propel the market growth.

Video Analytics Market Trends:

Rising Need for surveillance

The growing demand for video analytics due to the increasing need for enhanced surveillance across various industries is offering a positive market outlook. In line with this, organizations across sectors like retail, transportation, and healthcare are facing security challenges, thereby necessitating advanced surveillance solutions. Moreover, rising incidents of theft, vandalism, and security breaches are impelling the growth of the market. Apart from this, the escalating demand for more effective monitoring systems among organizations is propelling the market growth. Furthermore, video analytics offers a solution by providing real-time monitoring and analysis of video feeds. It can detect unusual activities, unauthorized access, or suspicious behavior promptly, enhancing overall security. In addition, it enables automated alerts and notifications and enables quick responses to potential threats, which is supporting the market growth. Furthermore, there is an increase in the need for advanced video analytics tools that ensure that organizations can proactively address security issues, protect their assets, and provide a safer environment for their stakeholders.

Advancements in AI and ML

Advancements in artificial intelligence (AI) and machine learning (ML) technologies benefit in enhancing the capabilities of video analytics. These technologies allow video analytics systems to recognize and analyze complex patterns, objects, and behaviors with improved accuracy. Additionally, these advanced solutions enable video analytics to distinguish between ordinary activities and potential security breaches more effectively. Apart from this, facial recognition and object tracking algorithms can identify individuals and objects of interest, helping security personnel take necessary actions. Moreover, AI-powered anomaly detection can automatically trigger alerts in real-time, reducing response times while enhancing overall security. In line with this, continuous improvements in AI and ML algorithms in video analytics solutions are contributing significantly to their adoption across various industries. Furthermore, organizations are seeking to leverage the benefits of enhanced accuracy and efficiency in surveillance and monitoring tasks. Besides this, ML algorithms benefit in predicting future events based on historical video data.

Increasing focus on cost-effective solutions

The increasing focus on cost-effective video analytics solutions is contributing to the growth of the market. In line with this, advancements in technology, particularly the introduction of cloud-based solutions, make these tools more affordable and accessible. Moreover, cloud-based video analytics solutions eliminate the need for extensive on-premises infrastructure and maintenance, reducing upfront capital costs. Apart from this, they offer scalability, allowing organizations to adjust their surveillance capabilities as needed. This cost-effectiveness assists in expanding the user base of video analytics beyond large enterprises to include small and medium-sized businesses, educational institutions, and even residential applications. Furthermore, the rising adoption of video analytics due to its affordability is supporting the market growth. Besides this, organizations are recognizing the value of enhanced security and operational insights without straining their budgets. In addition, several video analytics providers offer subscription-based pricing models, allowing organizations to pay for services on a monthly or annual basis. This can be more cost-effective as compared to traditional licensing models.    

Video Analytics Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on component, deployment type, application, architecture type, organization size, and end user.  

Breakup by Component:

• Software
• Services
   

Software accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the component. This includes software and services. According to the report, software represented the largest segment.

Software includes the actual video analytics applications, platforms, and algorithms that enable the processing, analysis, and interpretation of video data. Video analytics software includes features, such as object detection, facial recognition, anomaly detection, and real-time monitoring. Various software providers offer specialized solutions tailored to different industry needs.

Services encompass a wide range of offerings that support the implementation, deployment, maintenance, and optimization of video analytics solutions. Services, including consulting, system integration, support, and training, complement the software segment. Service providers assist organizations in customizing and integrating video analytics into their existing infrastructure, ensuring seamless operation and maximizing value.

Breakup by Deployment Type:

• On-Premises
• Cloud
   

On-premises holds the largest market share

A detailed breakup and analysis of the market based on the deployment type have also been provided in the report. This includes on-premises and cloud. According to the report, on-premises accounted for the largest market share.

On-premises deployment is the installation and operation of video analytics solutions within the physical infrastructure of the organization. The software and hardware components are typically located on-site. The rising adoption of on-premises deployment solutions, particularly in sectors with stringent security and data control requirements, is propelling the market growth. On-premises solutions offer complete control over data and infrastructure, making them suitable for organizations with sensitive data or regulatory compliance needs.

Cloud deployment involves hosting video analytics solutions on remote servers, accessible via the internet. Users can access and manage these solutions from anywhere with an internet connection. Cloud-based deployment offers enhanced scalability, flexibility, and cost-effectiveness. It is usually preferred by small and medium-sized enterprises and industries seeking agile solutions. It also offers automatic updates and reduces hardware maintenance, making it attractive for organizations looking for quick deployment and scalability.

Breakup by Application:

• Incident Detection
• Intrusion Management
• People/Crowd Counting
• Traffic Monitoring
• Automatic Number Plate Recognition
• Facial Recognition
• Others
   

Intrusion management represents the leading market segment

The report has provided a detailed breakup and analysis of the market based on the application. This includes incident detection, intrusion management, people/crowd counting, traffic monitoring, automatic number plate recognition, facial recognition, and others. According to the report, intrusion management represented the largest segment.

Intrusion management involves using video analytics to detect unauthorized access or security breaches in restricted areas. It is a crucial application for enhancing security in facilities, such as office buildings, data centers, and critical infrastructure sites. The rising focus on real-time threat detection and response is bolstering the market growth.

Incident detection utilizes video analytics to identify unusual events or activities that may pose a threat or require immediate attention. It is vital for public safety, transportation, and critical infrastructure monitoring. Incident detection is widely adopted by sectors where timely response to emergencies is critical.

People/crowd counting applications involve tracking the number of individuals within a defined area. This is valuable for retail stores, event management, and public spaces to optimize operations and ensure safety compliance. People/crowd counting is utilized for retail analytics and social distancing monitoring.

Traffic monitoring utilizes video analytics to manage and optimize traffic flow on roads and highways. It includes functions like vehicle detection, congestion management, and incident detection. Traffic monitoring benefits in enhancing road safety and efficient transportation systems.

Automatic number plate recognition (ANPR) is a specialized application that uses video analytics to recognize and record license plates on vehicles. It has applications in law enforcement, toll collection, and parking management. In addition, ANPR is particularly used in the transportation and security industries.

Facial recognition technology is employed to identify and authenticate individuals based on their facial features. It is used in access control, surveillance, and security applications. Facial recognition is used in various applications like security, identity verification, and customer experience enhancement.

Breakup by Architecture Type:

• Edge-Based
• Server-Based
   

Edge-based holds the biggest market share

The report has provided a detailed breakup and analysis of the market based on the architecture type. This includes edge-based and server-based. According to the report, edge-based represented the largest segment.

Edge-based video analytics solutions process and analyze video data directly on edge devices, such as cameras or network video recorders (NVRs). This architecture reduces the need for extensive data transmission to centralized servers for processing. Edge-based solutions have real-time processing capabilities, making them suitable for scenarios where low latency and quick decision-making are crucial. Edge-based solutions offer advantages, such as reduced bandwidth usage, faster response times, and enhanced privacy, as data can be processed locally.

Server-based video analytics solutions rely on centralized servers or data centers for processing and analyzing video data. These solutions often involve cloud-based or on-premises servers to handle video analytics tasks. Server-based architectures are used in large-scale deployments and industries with complex data processing requirements. Server-based solutions offer scalability, centralized management, and can handle a high volume of video feeds concurrently.

Breakup by Organization Size:

• Small and Medium Enterprise
• Large Enterprise
   

Large enterprise exhibits a clear dominance in the market

The report has provided a detailed breakup and analysis of the market based on the organization size. This includes small and medium enterprise and large enterprise. According to the report, large enterprise represented the largest segment.

Large enterprise is characterized by extensive operations, substantial resources, and complex infrastructure. It has multiple locations and a high volume of video data to manage. Large enterprise requires scalable and customizable video analytics solutions that can handle a diverse range of use cases, including security, business intelligence, and operational efficiency.

Small and medium enterprise (SME) encompass a wide range of businesses with varying sizes and resources. It has a limited budget and operate from a single location. SME is increasingly adopting video analytics solutions due to the availability of cost-effective options, cloud-based services, and simplified implementations. It is seeking video analytics solutions that are easy to deploy and provide essential security and operational insights to help them make informed decisions.

Breakup by End User:

• BFSI
• Retail
• Critical Infrastructure
• Traffic Management
• Transportation and Logistics
• Hospitality and Entertainment
• Defense and Security
• Others
   

Retail represents the largest market share

The report has provided a detailed breakup and analysis of the market based on the end user. This includes BFSI, retail, critical infrastructure, traffic management, transportation and logistics, hospitality and entertainment, defense and security, and others. According to the report, retail represented the largest segment.

Retail utilizes video analytics for a variety of purposes, including behavior analysis of individuals, theft prevention, inventory management, and store optimization. In addition, the increasing need to enhance the experiences of individuals and improve operational efficiency is supporting the market growth.      

BFSI sector employs video analytics for security and fraud detection, automated teller machine (ATM) monitoring, branch security, and service enhancement. BFSI organizations are investing in video analytics to safeguard their assets, protect sensitive financial information, and improve the safety of individuals.

Critical infrastructure includes facilities, such as power plants, dams, and nuclear facilities. Video analytics is crucial for monitoring and securing these sites against threats and intrusions. The critical infrastructure segment requires robust video analytics solutions to ensure the safety and integrity of essential facilities.

Video analytics is essential in traffic management for functions like congestion monitoring, traffic flow optimization, and violation detection. Traffic management applications are vital in urban areas and contribute to improved road safety and reduced traffic congestion.

The transportation and logistics sector utilizes video analytics for monitoring vehicle fleets, cargo tracking, driver behavior analysis, and ensuring the security of goods in transit. Video analytics plays a crucial role in optimizing transportation and logistics operations, leading to cost savings and improved efficiency.

The hospitality and entertainment industry leverages video analytics for guest safety, access control, crowd management, and enhancing guest experiences. Video analytics enhances security in hotels, resorts, amusement parks, and entertainment venues while also improving operational efficiency.

The defense and security sector relies on video analytics for perimeter security, border control, surveillance, and threat detection. Defense and security applications require advanced video analytics capabilities to protect national interests and ensure public safety.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest video analytics market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include 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. According to the report, North America accounted for the largest market share due to the presence of numerous software developers. In line with this, the rising awareness about security and safety is supporting the growth of the market. Furthermore, the increasing focus on safeguarding critical infrastructure, enhancing public safety, and addressing privacy and compliance issues is bolstering the market growth.

Asia Pacific stands as another key region in the market on account of the escalating demand for video analytics for traffic management, fleet monitoring, and cargo security. In addition, stringent regulatory frameworks and standards for surveillance and data protection are impelling the market growth. 

Europe maintains a strong presence in the market, with the rising focus on developing advanced video analytics solutions. Apart from this, smart city initiatives are contributing to the growth of the market in the region.

Latin America exhibits growing potential in the video analytics market on account of the increasing need for improved operational efficiency. In line with this, rising security concerns in several sectors are propelling the market growth.

The Middle East and Africa region shows a developing market for video analytics, primarily driven by the rising utilization of video analytics for traffic management, public safety, and environmental monitoring. Furthermore, escalating demand for video analytics for urban planning, public safety, and improved quality of life is impelling the market growth.

Leading Key Players in the Video Analytics Industry:

Key players are investing in research and development (R&D) activities to innovate and improve their video analytics algorithms, features, and capabilities. They are working on creating user-friendly interfaces, scalability, and customization options. In line with this, companies are engaging in collaboration with technology partners, system integrators, and other industry stakeholders. These partnerships help in expanding the reach of video analytics solutions and providing comprehensive offerings to people across the globe. Furthermore, several companies are integrating video analytics with other technologies like the Internet of Things (IoT) and artificial intelligence (AI) to offer more comprehensive and advanced solutions. In addition, they are offering cloud-based video analytics solutions to cater to organizations looking for scalability, flexibility, and cost-effective options.

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market 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.
• Verint Systems, Inc.
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Latest News:

• September, 2022: Honeywell International Inc. launched the latest iteration of its pro-watch integrated security suite, including pro-watch 6.0 and pro-watch video management system (VMS) R750, along with the 35 Series cameras. These cameras focus more on cyber security and compliance.       
• February 12, 2020: Avigilon Corporation (Motorola Solutions) launched the newest addition to its video security portfolio, the Avigilon H5M camera. The new H5M camera line will provide individuals with a cost-effective solution for budget-conscious video security projects that require a small-footprint camera for outdoor use.              
• June 21, 2023: IBM and The All England Lawn Tennis Club announced new features for the Wimbledon digital fan experience. A new artificial intelligence (AI) feature, leveraging generative AI technology from IBM watsonx, will produce tennis commentary for all video highlights packages during Wimbledon.

Video Analytics Market Report Scope:

Key Questions Answered in This Report:

• How has the global video analytics market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global video analytics market?
• What is the impact of each driver, restraint, and opportunity on the global video analytics market?
• What are the key regional markets?
• Which countries represent the most attractive video analytics market?
• What is the breakup of the market based on the component?
• Which is the most attractive component in the video analytics market?
• What is the breakup of the market based on the deployment type?
• Which is the most attractive deployment type in the video analytics market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the video analytics market?
• What is the breakup of the market based on the architecture type?
• Which is the most attractive architecture type in the video analytics market?
• What is the breakup of the market based on the organization size?
• Which is the most attractive organization size in the video analytics market?
• What is the breakup of the market based on the end user?
• Which is the most attractive end user in the video analytics market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global video analytics market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the video analytics market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global video analytics market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the video analytics industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.