Chicago, Dec. 02, 2022 (GLOBE NEWSWIRE) -- The global Video Analytics Market is anticipated to grow at a CAGR of 23.4% to gain $20.3 billion by 2027, according to report by MarketsandMarkets. The growing need among enterprises to leverage BI and actionable insights for advanced operations is expected to drive market growth in the coming years.
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292 - Tables
61 - Figures
302 - Pages
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Scope of the Report:
| Report Metrics | Details |
| Market size available for years | 2018-2027 |
| Base year considered | 2021 |
| Forecast period | 2022-2027 |
| Forecast units | Value (USD Million/Billion) |
| Segments covered | Component, Application, Deployment Model, Type, Vertical, and Region |
| Regions covered | North America, Europe, Asia Pacific, Middle East and Africa, and Latin America |
| Companies covered | Avigilon (Canada), Axis Communications (Sweden), Cisco (US), Honeywell (US), and IBM (US) |
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Over the past few years, a rapid increase in disruptive and innovative technologies, such as Artificial Intelligence (AI), cloud computing, and edge computing in the video analytics landscape, has been observed. AI-based facial expression analysis helps to predict suspicious and abnormal activities. Along with predictive analytics, AI technology reduces false alarms by filtering out noises, such as tree movement, animal movement, and lighting changes. Cloud-based video analytics reduces the overall costs as the storage space, and computing efforts are distributed over the cloud server. Edge-based video analytics helps to process the data on-premises, thus reducing bandwidth and cloud loads while accelerating the analysis process.
By Component, the software segment is estimated to account for a larger market share in 2022. Video analytics software enables organizations to capture and analyze critical data and make business decisions using intelligently analyzed data. It has further eliminated the need for manual intervention and continuous human monitoring. Video analytics software also provides real-time alerts during emergencies.
By Type, the Edge-based segment is expected to grow at a higher CAGR during the forecast period. In the edge-based architecture, video analytics is embedded into the camera and the video there itself. Advancements in deep learning and its integration with the edge system are expected to drive its adoption in the coming years.
By Vertical, the government & defense segment is expected to account for the largest share in the market. The government & defense vertical, which includes city surveillance and border security, is a major concern for every country. Video analytics in city surveillance is used for controlling traffic on highways or freeways, tracking data from remote locations, managing the crowd flow, detecting motion for identifying over-speeding vehicles, facial recognition by law enforcement authorities, and identifying camera tampering. While in border security it helps governments to secure their borders against illegal immigrants, smuggling, and terrorist attacks.
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With the increasing demand for security and non-security applications, facial recognition is gaining traction in the video analytics market. Facial recognition enables the biometric authentication and identification of individuals by comparing their facial traits from a video feed stored in the database. Facial recognition applications are witnessing a high demand for deployment in devices, such as smartphones, laptops, tablets, and personal digital assistants, for security purposes. Various verticals such as retail, media, and entertainment are utilizing facial recognition-equipped CCTVs for inspection and survey purposes, thus contributing to the demand for facial recognition applications. For marketing purposes, billboards are designed with integrated software to identify potential customers' gender, age, and ethnicity for targeted advertising.
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