Dublin, April 04, 2024 (GLOBE NEWSWIRE) -- The "Global Video Analytics Market by Offering, Application (Intrusion Management, Incident Detection, and Traffic Monitoring), Deployment Model, Type, Vertical (Critical Infrastructure, Government & Defense, and Manufacturing) and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The video analytics market size is expected to grow from USD 8.3 billion in 2023 to USD 22.6 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 22.3%
The market study covers the video analytics market across segments. It aims to estimate the market size and the growth potential of this market across different market segments, such as offering, application, deployment model, type, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Growing concerns about security and the need for adequate surveillance in public spaces, critical infrastructure, and commercial establishments drive the demand for the video analytics market. False alarms and lack of reliability are significant challenges for the growth of the video analytics market.
European countries have adopted video analytics as essential to their overall ICT strategies. These countries use it to improve security, streamline operations, and gain valuable insights from visual data. For instance, cities such as London and Amsterdam have invested significantly in ICT to deploy intelligent video analytics for public safety, traffic management, and event monitoring. By integrating these systems with security surveillance cameras, authorities can efficiently monitor public spaces and respond promptly to security incidents.
Europe has been a target for terror attacks in recent years and will witness more in the coming years. To counter these attacks, governments in European countries are adopting advanced security technologies like video analytics. The region is estimated to have the second-largest share in the video analytics market in 2021 after North America. Countries such as the UK, Germany, and France play a significant role in the European video analytics market, and the trend of adopting video analytics solutions will grow in the coming years.
Some of the significant vendors offering video analytics software across the globe include Avigilion (Canada), Axis Communications (Sweden), Cisco (US), Honeywell International Inc. (US), IBM (US), AllGoVision Technologies (India), Genetec Inc. (Canada), IntelliVision (US), Gorilla Technology (UK), Eagle Eye Networks (US), ADT (US), intuVision (US), and Securitas AB (Sweden).
As per the offering, the services segment is expected to grow at a higher CAGR during the forecast period.
Video analytics services are becoming increasingly important as the demand for enhanced customer services and market reputation grows. With the rise in surveillance cameras, real-time data capture and video stream analysis have become complex tasks. Businesses require customized video analytics solutions for specific security purposes at certain locations. Training and consulting services help customers understand and use the software with ease.
Services are integral to designing, developing, and deploying video analytics systems according to customers' requirements. Integrating video analytics software with pre-existing hardware at the customers' premises requires specialized services. Video analytics providers offer end-to-end services to ensure customer satisfaction and deliver value for money. The services segment includes professional and managed services, such as security design, project management, business continuity planning, and implementation.
As per vertical, the critical infrastructure vertical to hold second largest market share in 2023
Critical infrastructure refers to facilities such as oil & gas plants, nuclear power plants, chemical industry sites, and other hazardous locations. These sites can face several issues, such as limited network access, low labor availability, and high-security risks, particularly in remote areas. Video analytics enables continuous monitoring of critical infrastructure. With the increasing demand for highly secure environments and cost-effective video surveillance systems, the adoption of video analytics for critical infrastructure security has significantly increased.
At critical sites of infrastructure, continuous monitoring through cameras is necessary. The deployment of high-quality video devices, improved internet bandwidth, and centralized monitoring of multiple cameras have made video analytics software an effective solution for security purposes. Video analytics offers several benefits, including improved perimeter protection and operational efficiency, lower operating expenses, and reduced data storage needs. However, monitoring multiple cameras to detect anomalies such as suspicious behavior and abandoned objects requires a significant workforce.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 300 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $8.3 Billion |
| Forecasted Market Value (USD) by 2028 | $22.6 Billion |
| Compound Annual Growth Rate | 22.3% |
| Regions Covered | Global |
Premium Insights
- Rising Need for City Surveillance and Implementation of Smart City Initiatives to Drive Market
- Software Segment to Account for Larger Market Share During Forecast Period
- Intrusion Management to Account for Largest Market Share During Forecast Period
- Server-based Segment to Account for Larger Market Share During Forecast Period
- On-Premises Segment to Account for Larger Market Share During Forecast Period
- Banking, Financial Services & Insurance (Bfsi) Vertical to Account for Largest Market Share in 2023
- Asia-Pacific to Emerge as Best Market for Investment in Next Five Years
Case Study Analysis
- Taitung County Increased Policing and Investigation Efficiency with Briefcam Video Analytics Platform
- Sephora Beauty Offered Real-Time Visitor Statistics by Deploying Allgovision Video Analytics
- Lincoln Center Improved Incident Response, Enhanced Guest Experience, and Boosted Law Enforcement with Genetec Security Center
- Bharat Oman Refineries Limited Overcame Security Challenges in Oil & Gas Sector with Allgovision Video Analytics Solution
- Education Institute Augmented Video Searchability Deploying Identiv's Solutions
Market Overview and Industry Trends
Drivers
- Increasing Investments and Focus of Governing Institutions on Public Safety
- Need to Utilize and Examine Unstructured Video Surveillance Data in Real Time
- Significant Decrease in Crime Rate due to Surveillance Cameras
- Growing Need to Leverage Bi and Actionable Insights for Advanced Operations
- Limitations of Manual Video Analysis
- Government Initiatives to Enhance Public Safety Infrastructure
- Reduced Cost of Video Surveillance Equipment and Long-Term ROI
- Demand for Enhanced Video Surveillance
Restraints
- Increasing Cyberattacks and Data Theft Incidents
- Government Regulations Related to Cctv Surveillance
- Investments in Existing Legacy Surveillance Systems to Prevent Adoption of New Advanced Solutions
- Privacy Concerns Among Citizens
Opportunities
- Use of Drone-based Video Analytics
- Emergence of Edge Technologies and Devices to Increase Use of Video Analytics
- Predictive Information Using Video Analytics
- Integration of AI and Cloud Technologies with Video Analytics
- Surging Demand for Video Analytics Solutions in Non-Government Sectors
- Growing Use of Facial Recognition
Challenges
- High Initial Costs of Investment, Installation, and Maintenance
- Interoperability Complexities
- Adverse Weather Conditions
- Connectivity Issues in Isolated and Remote Locations
- False Alarms and Lack of Reliability
Technology Analysis
Key Technologies
- Cybersecurity
- Edge Computing
- Complementary Technologies
- Big Data & Analytics
- IoT
- 5G
Adjacent Technologies
- Cloud Computing
- AI/ML
Company Profiles
Major Players
- Avigilon
- Axis Communications
- Cisco
- Honeywell
- IBM
- Allgovision
- Genetec
- Intellivision
- Gorilla Technology
- Eagle Eye Networks
- Adt
- Intuvision
- Securitas
Other Players
- Puretech Systems
- Hikvision
- Dahua Technology
- Iomniscient
- Nec
- Huawei
- Intelligent Security Systems
- Verint Systems
- Viseum
- Briefcam
- Bosch Security Systems
- I2V
- Digital Barriers
- Senstar
- Qognify
- Identiv
- Ipsotek
- Delopt
SMEs/Start-Ups
- Drishti
- Natix
- Deep North
- Cronj
- Miovision
- Actuate
- Calipsa
- Corsight AI
- Arcules
- Cawamo
- Kogniz
For more information about this report visit https://www.researchandmarkets.com/r/c0juzq
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