Pune, Jan. 18, 2021 (GLOBE NEWSWIRE) -- The global video analytics market size is projected to reach USD 13,001.7 million by 2027, exhibiting a CAGR of 21.3% during the forecast period. Development and introduction of video analytics to support the fight against the COVID-19 pandemic is emerging as a major game-changer for this market, observes Fortune Business Insights™ in its report, titled “Video Analytics Market Size, Share & COVID-19 Impact Analysis, By Component (Solutions, Services), By Application (Crowd Management, Facial Recognition, Intrusion Detection, License Plate Recognition, Motion Detection, and Others), By End-user (BFSI, City Surveillance, Critical Infrastructure, Education, Government, Retail, Transportation, and Others), and Regional Forecast, 2020-2027”.
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With coronavirus cases refusing to abate, several tech companies are seizing this opportunity to create and launch smart analytics solutions to augment governments’ capacities to battle the pandemic. For example, in August 2020, AllGoVision Technologies launched AllSafe, a video analytics suite developed by the company to enhance safety and security of people in offices and public areas, having features such as No-Mask Detection and Contact Tracing. Facial recognition specialists such as Herta are releasing advanced video analytics, especially for airlines, to identify people even when they are wearing masks. In December 2020, Johnson Controls and Microsoft announced the integration of the OpenBlue Digital Twin and the Azure Digital Twin platforms that will leverage video analytic technologies to enable companies to efficiently implement COVID safety measures and maximize digital space. These are a few examples of market players utilizing the innovation opportunities thrown up by the COVID-19 pandemic, which are benefiting this market.
As per the report, the global market value in 2019 stood at USD 2,896.0 million in 2019. The salient features of the report include:
- Microscopic assessment of the trends, drivers, and restraints influencing market growth;
- Comprehensive analysis of the regional developments impacting the market;
- Actionable research into the key players’ profiles and their strategies; and
- Holistic study of all market segments.
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Driving Factor
Expanding Utilization of AI-based Video Analytics by Governments to Feed Market Growth
The proliferation of artificial intelligence (AI) and related technologies in administrative, public safety, and law enforcement domains is emerging as a major driving force for the video analytics market growth. Governments in several countries are actively deploying AI-powered video analytics and facial recognition solutions to conduct efficient surveillance of citizens, public infrastructures and spaces, and improve the quality of governance. According to the Carnegie Endowment for International Peace’s AI Global Surveillance (AIGS) Index, 75 out of 176 countries worldwide are actively using AI for surveillance activities, including smart policing, facial recognition, and smart city development. The AIGS further reveals that 51% of the liberal advanced democracies and a large chunk of full democracies extensively utilize a wide range of surveillance technologies. Adoption of AI-based video analytics technologies by government agencies will prove highly beneficial for this market in the near future.
Regional Insights
North America to Spearhead the Market Backed by Rapid Uptake of Advanced Surveillance Systems
North America is envisaged to dominate the video analytics market share during the forecast period on account of the speedy adoption of AI-based video surveillance systems by government authorities in the US. Furthermore, major cities across the US have made heavy investments to deploy smart technologies such as drones and street sensors to augment safety and security of citizens. In 2019, the North America market size stood at USD 971.8 million.
In Asia Pacific, the market is expected to experience robust growth owing to the implementation of smart city projects, increasing focus on national security, and steady expansion of the retail industry. On the other hand, Europe is anticipated to generate lucrative opportunities as the advanced economies of the European Union (EU) are exploring options to develop technologies by blending analytics, energy, and mobility.
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Competitive Landscape
Product Enhancement to be the Principal Focus Area for Key Players
Leading companies in this market are concentrating on enhancing their products and services with advanced features and tools to deliver superior performance for their customers. These players are focusing on developing offerings that have a broad range of applicability and can cement their position in the market.
Industry Developments:
- November 2020: Axis Communications announced its plans to launch the Axis Object Analytics, its smart video analytics solution that can identify and classify humans and objects as per surveillance need. The product has been designed for application in diverse spaces such as car parks and warehouses.
- March 2020: Lanner Electronics and Gorilla Technology joined forces to release the next-gen Secure Edge AI solution that combines Gorilla’s real-time video analytics and Lanner’s intelligent edge computing platform. The solution offers AI-optimized video analytics and ensures cyber-security and data safety at the edge.
List of Key Companies Profiled in the Video Analytics Market Report:
- Viseum International (Potters Bar, England)
- AllGoVision (Karnataka, India)
- Huawei Technologies Co., Ltd. (Shenzhen, China)
- Agent VI (New York, United States)
- Gorilla Technology Group (Taipei, Taiwan)
- Cisco Systems, Inc. (California, United States)
- IBM Corporation (New York, United States)
- Kiwisecurity (Vienna, Austria)
- Axis Communications AB (Lund, Sweden)
- Robert Bosch GmbH (Stuttgart, Germany)
- Honeywell International Inc. (Charlotte, United States)
- Motorola Solutions, Inc. (Avigilon Corporation) (Illinois, United States)
- ULTINOUS Zrt. (Budapest, Hungary)
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Major Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- PESTLE Analysis
- Porter’s Five Force Analysis
- Supply chain Analysis
- Global Video Analytics Key Players Market Share Insights and Analysis, 2019
- Key Market Insights and Strategic Recommendations
- Primary Interviewee’s Key Responses
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure/Appendix
- Global Video Analytics Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Solutions
- Services
- Professional
- Consulting
- Training and Education
- Support and Maintenance
- Managed
- Professional
- By Application (Value)
- Crowd Management
- Facial Recognition
- Intrusion Detection
- License Plate Recognition
- Motion Detection
- Others
- By End-user (Value)
- BFSI
- City Surveillance
- Critical Infrastructure
- Education
- Government
- Retail
- Transportation
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
- Global Video Analytics Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
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