Fort Collins, Colorado, Sept. 21, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Video Analytics Market Size, Growth, Share, Statistics Report, By Type (Hardware & Software), By Deployment (Cloud & On-Premise), By Application (Crowd Management, Intrusion Detection, License Plate Recognition & Traffic Monitoring), Forecasts, 2023-2032."
According to DataHorizzon Research, The video analytics market was valued at USD 5.8 Billion in 2022 and is expected to reach USD 44.8 Billion by 2032 and is expected to have a CAGR of 22.7%. The report comprehensively analyzes the market conditions at global and regional levels in the communications sector. It also highlights the collaborative strategies between key players and their overall impact on the global market.
Video analytics can be used to enhance security. The motion sensors detect unusual movements caught by video surveillance cameras. Primarily, surveillance systems are used in banks, airports, and railway stations to monitor the activities of passengers passing through them. The increasing use has helped the video analytics market to grow. Also, video analytics can be used as evidence in legal matters. In logistics, a video surveillance system comes in handy to track the location and surroundings.
The introduction of smart city projects worldwide has mandated video surveillance. This can detect any theft and monitor the town population at common places within a control room. The outdoor cameras are used to monitor the activities and processes in order to maintain peace and safety. In sports, video analytics can add more insights to the team to understand the game scenario to strategize accordingly.
The rise in the sales of drones has led to an increase in video cameras; drones are mainly used for surveillance, entertainment, and emergencies. Video surveillance helps determine the targeted location and how to approach it during emergencies and shipments dropping. Besides, video analytics enable real-time event detection and empower proactive security measures.
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Report Snapshot:
| Report Title | Video Analytics Market |
| Market Size in 2022 | USD 5.8 Billion |
| Market Size by 2032 | USD 44.8 Billion |
| CAGR from 2023 to 2032 | 22.7% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors |
| By Type | Hardware & Software |
| By Deployment | Cloud & On-Premise, (Building & Construction, Heavy Industries, Consumer Goods & Others) |
| By Application | Crowd Management, Intrusion Detection, License Plate Recognition, Traffic Monitoring, etc. |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, Brazil, Mexico, UAE, South Korea, Saudi Arabia, and South Africa, among others |
| Major Market Players | Cisco Systems, Honeywell International, Intellivision, Huawei Technologies, ISS Corp, NEC Corp, Bosch, Hikvision Digital Technology Co., Ltd, Verint Systems, Puretech Systems etc. |
Segmentation Overview:
The global video analytics market has been segmented by type, deployment, application, and region. The video segment accounted for a significant market share attributed to the demand for customized components in end-users. By deployment, the cloud segment growth is anticipated to the rise in the use of business analytics and data processing.
North America is the leading region for the video analytics market, mainly due to the significance of security in transportation and logistics. Video analytics also deeply impacts airport security as a countermeasure against potential threats. Asia Pacific is a fast-growing market attributed to the significance of digitization for security. In addition, the market developments are highly influenced by the emergence of several startups in the video analytics market.
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Video Analytics Market Report Highlights:
- The global video analytics market growth is anticipated at USD 44.8 billion by 2032.
- The rise in video analytics integration with other technologies, such as cloud computing, blockchain, and IoT, significantly drives the video analytics market growth.
- Software is leading globally, accounting for a high revenue share in 2022. The demand for software-based video analytics will likely create growth opportunities in the forthcoming years.
- Cloud deployment is leading in the global scenario, attributed to the rising popularity of cloud technologies.
- North America is at the forefront of the video analytics market and is projected to dominate in the forthcoming years. The growing demand for security in the commercial sector is anticipated to contribute to the video analytics market growth.
- Some of the prominent players in the video analytics market report include Cisco Systems, Honeywell International, Intellivision, Huawei Technologies, ISS Corp, NEC Corp, Bosch, Hikvision Digital Technology Co., Ltd, Verint Systems, Puretech Systems, and Intellivision (U.S.).
Key Developments in the Industry:
- In 2023, viisights Inc., an Israel-based company, joined the ZeroNowCoalition movement to reduce school violence. The collaboration enables real-time monitoring through video intelligence specifically to monitor any assaults or any kind of violence at the school level.
- In 2023, Spotfire introduced generative AI capabilities that enable customers to interact with data via natural language.
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Video Analytics Market Report Segmentation:
Video Analytics Market, By Type (2023-2032)
- Hardware
- Software
Video Analytics Market, By Deployment (2023-2032)
- Cloud & On-Premise
- Building & Construction
- Heavy Industries
- Consumer Goods & Others
Video Analytics Market, By Application (2023-2032)
- Crowd Management
- Intrusion Detection
- License Plate Recognition
- Traffic Monitoring
Video Analytics Market, By Region (2023-2032)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
-
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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