Pune, India., Nov. 03, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Video Analytics Market Size and Forecast (2022–2028), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Component (Solution and Service), Deployment (On Premise and Cloud based), Application (Crowd Management, Facial Recognition, Intrusion Detection, License Plate Recognition, Motion Detection, and Others), and Vertical (BFSI, Education, Hospitality and Entertainment, Manufacturing, Defense and Border Security, Retail, Transportation and Logistics, and Others), and Geography” the market in terms of revenue was estimated to be worth $6.62 billion in 2022 and is poised to reach $21.99 billion by 2028, growing at a CAGR of 22.1% from 2022 to 2028.
The growth of the video analytics market is driven by growing adoption of IP-based security systems is public safety applications and development of advanced systems for precision monitoring. However, integration of real time technologies is emerging as a future trend in the industry.
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Global Video Analytics Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 6.62 Billion in 2022 |
| Market Size Value by | USD 21.99 Billion by 2028 |
| Growth rate | CAGR of 22.1% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| Segments covered | Component, Deployment, Application, Vertical, and Geography. |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Development of Advanced Systems for Precision Monitoring to Boost Global Video Analytics Market Growth:
The rising availability of cameras with high resolutions, such as 4K or 8K, allows businesses to perform more precise and sophisticated video analyses. High resolutions aid in correctly identifying and analyzing objects/people in crowds, triggering alerts when particular circumstances are ticked. These high-resolution cameras can filter and search videos, extracting insights from video information. Due to high resolution, improved vision angle, sustainability, and technology compatibility, high-definition (HD) cameras are increasingly used in the security business. Furthermore, higher pixel characteristics provide superior digital zoom capabilities to improve long-range vision, thereby favoring the detailed analysis of the behavior of people, crowds, and vehicles in the video analytics market growth.
Major companies in the video analytics market are continuously improving their offerings to gain a competitive advantage and meet the changing needs of end users. As a result, they are combining modern technologies such as artificial intelligence, deep learning, and machine learning with video analytics software. Furthermore, powerful AI-based video analytics solutions provided by market players provide an autonomous way to monitor and improve video content analysis in real-time. Sprint, for instance, released "Curiosity Smart Video Analytics" in August 2019, combining technologies from Hitachi Vantara and Ericsson. Furthermore, integrating these advanced technologies in video analytics can result in a considerable increase in accuracy and a significant reduction in false alarms, which has been a weakness of video analytics in surveillance. Machine learning may also assist in the proper classification of photos and various objects. Thus, the integration of advanced technologies is introducing new trends in the market
The current economic slowdown in Europe highlights the necessity for alternative business methods. Cloud computing, supporting migration to cloud-based video analytics solutions, has become critical for European enterprises, assisting them in maintaining a stable business situation in the short term while aiming for long-term growth and expansion. Due to the COVID-19 pandemic, enterprises started prioritizing employee wellness and security. Furthermore, intuitive technologies such as AI-based surveillance systems enabled with deep learning and computer vision capabilities emerged due to the COVID-19 pandemic. European organizations use video analytics solutions for different reasons, including dynamic situational awareness, proactive real-time alerts, and BI dashboard scheduling. Thus, the COVID-19 pandemic triggered developments in the European video analytics market, which created market growth during the COVID-19 pandemic.
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Global Video Analytics Market: Segmental Overview
The video analytics market analysis, based on vertical, is segmented into BFSI, hospitality and entertainment, education, manufacturing, defense and border security, retail, transportation and logistics, and others. The defense and border security segment led the market in 2021. Biometrics and border patrol cameras will play a key role as the US continues to beef up security at border crossings, airports, and other entry points. Fingerprints and other forms of direct touch will become the final identifiers of individuals. The efficiency of the fingerprint database is now restricted by the database's size and the difficulty of getting fingerprints in bulk. Consequently, customs officials do most of the identification using face recognition and photo matching. For instance, Thales specialized in border surveillance, integrating capturing technology, data transport and processing, and human organization. Thales’s solutions are tailored to each situation, maximizing resources for improved border protection, which leads to the growth of the market.
Global Video Analytics Market: Competitive Landscape
Avigilon Corporation; AXIS COMMUNICATIONS; Agent Video Intelligence Ltd.; Honeywell International Inc.; AllGoVision Technologies Pvt. Ltd; Hangzhou Hikvision Digital Technology Co., Ltd.; Dahua Technology Co., Ltd.; Huawei Technologies Co., Ltd.; NEC Corporation; and BriefCam are among the key players profiled during the video analytics market study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global video analytics market and its ecosystem.
Recent Developments:
- In 2021: Agent Vi partnered with Axis to offer end-to-end intelligent video surveillance solutions for real-time event detections and alerts, video investigation, and business intelligence applications.
- In 2022: Huawei Technologies (Thailand) Co., Ltd. has been chosen for the Special Prime Minister Award and recognized as “Digital International Corporation of the Year”. The award acknowledges Huawei Thailand for its valuable support and outstanding contributions to Thai society since its establishment in the country.
- In 2022: INSEC Security announced a new partnership agreement with BriefCam. Together, the two companies will support the integration of the BriefCam Video Content Analytics Platform for regional projects and will operate a training certification program to foster local video analysis expertise.
Go through further research published by The Insight Partners:
AI-powered Video Analytics Market - Global Analysis and Forecast to 2030
Intelligent Video Market - Global Analysis and Forecast to 2030
Video Surveillance Market - Global Analysis and Forecast to 2025
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