Dublin, Nov. 10, 2022 (GLOBE NEWSWIRE) -- The "Video Analytics Market by Component (Software and Services), Application (Incident Detection, Intrusion Management, Traffic Monitoring), Deployment Model (Cloud and On-Premises), Type, Vertical and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global video analytics market is projected to grow from USD 7.1 billion in 2022 to USD 20.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 23.4% during the forecast period. Most organizations across the globe have years of stored video footage, but very few have a way to mine these videos using predictive attributes. Finding patterns across many videos requires a lot of effort and is a nearly impossible when analyzing real-time videos manually.
The emergence of video analytics handles all these tasks automatically, for both previously recorded videos and to gain real-time video data. Hence, organizations need to make smarter and faster decisions to obtain better insights from video footage. The increasing amount of unstructured data is expected to encourage the adoption of video analytics shortly.
By Component, the services segment is expected to grow at a higher CAGR during the forecast period.
The services segment is expected to grow at a higher growth rate during the forecast period. The segment has been broadly classified into professional and managed services. Services aim at training and developing expertise, providing timely upgrades to software solutions, and helping customers integrate these with other Information Technology (IT) solutions. The demand for services is growing rapidly due to the increasing need to provide enhanced customer services, ensure a better market reputation, and retain more customers.
By Type, the server-based segment is expected to account for a larger market share.
The server-based segment is expected to account for larger market size. The server-based implementation of video analytics systems involves IP cameras or encoders connected to the Ethernet or a server. In this approach, video analytics is embedded via a specific server that traces the video, analyzes it, and provides the output. Server-based video analytics provides more flexibility, as one can choose any camera and save cost, which is expected to be a major driver for server-based video analytics.
By vertical, the Transportation & Logistics segment is expected to grow at the highest CAGR during the forecast period.
The Transportation & Logistics segment is expected to grow at the highest CAGR during the forecast period. The transportation & logistics vertical covers all modes of transit, including airports, maritime, subways, railways, and other types of public transport. The various features offered by video analytics, such as facial recognition, object tracking, unidentified object detection, cargo and train carriage recognition, and intelligent traffic monitoring, can help transportation & logistics companies prevent disasters and detect emerging threats. This may lead to infrastructure destruction or vehicle crashing, resulting in the loss of life.
Market Dynamics
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 Among Enterprises 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
The following key video analytics vendors are profiled in the report:
- Avigilon (Canada)
- Axis Communications (Sweden)
- Cisco (US)
- Honeywell (US)
- IBM (US)
- AllGoVision (India)
- Genetec (Canada)
- IntelliVision (US)
- Gorilla Technology (Taiwan)
- intuVision (US)
- Puretech Systems (US)
- Hikvision (China)
- Dahua Technology (China)
- iOmniscient (Australia)
- NEC (Japan)
- Huawei (China)
- Intelligent Security Systems (US)
- Verint (US)
- Viseum (UK)
- BriefCam (US)
- Bosch Security Systems (Germany)
- i2V (India)
- Digital Barriers (UK)
- Senstar (Canada)
- Qognify (US)
- Identiv (US)
- Ipsotek (UK)
- DELOPT (India)
- Drishti (US)
- NATIX (Germany)
- Deep North (US)
- CronJ (India)
- Microtraffic (Canada)
- Actuate (US)
- Calipsa (UK)
- Corsight AI (Israel)
- Arcules (US)
- Cawamo (Israel)
- Kogniz (US)
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Video Analytics Market, by Component
7 Video Analytics Market, by Application
8 Video Analytics Market, by Deployment Model
9 Video Analytics Market, by Type
10 Video Analytics Market, by Vertical
11 Video Analytics Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Adjacent Markets
15 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/3np85n
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