The video analytics market is forecasted to grow at a high rate owing to the accelerating demand from enterprises to leverage business intelligence and actionable insights for advanced operation.
The Global Video Analytics Market was valued USD 1.6 Bn in 2020 and is expected to reach USD 7.5 Bn by 2027, with a growing CAGR of 24.4% during the forecast period (2021-2027).
The global video analytics market is estimated to witness significant growth owing to the increasing technological advancements in the video analytics sector specifically in the safety and surveillance industry. According to the article published by Security Magazine in September 2021, the adoption of the Internet of Things and other smart technologies is accelerating across the globe and is anticipated to transform the video analytics and video surveillance sector during the forecast period. The intelligent monitors and sensors of the IoT coupled with emerging high-speed network solutions are benefiting the surveillance organizations and authorities with improved performance, enhanced capabilities of video surveillance systems, and overall improvement in the working efficiency of the organizations.
Advancements and feature improvements are undertaken in the video analytics systems significantly during the forecast period. For instance, the Security magazine Michigan, the US-based security and surveillance magazine in September 2021 stated that the advancements such as seat detection, flood monitoring, and aggressive behavior analytics are extensively used by the companies to lessen the manual workings and increase efficiency. App developers have created promising surveillance technology as part of Security and Safety Things GmbH's App Challenge, a contest to spur creative development in video analytic applications.
Additionally, the growing demand from the retail industry for advanced video analytics systems is expected to drive the global video analytics market size throughout the forecast period. For instance, in September 2021, Agent Video Intelligence Ltd., the US-based key provider of innovative AI-powered video analytics software solutions for improved security & safety announced a launch of innoVi Enterprise. The new version of innoVi is an innovative deep learning-powered video analytics software specially designed to cover the high-end security and safety needs of multiple vertical sectors.
Global Video Analytics Market by Region Outlook (Revenue, USD Billion, 2021-2027)
In terms of geography, the North American region is accounted to dominate the market throughout the forecast period. The dominance is majorly attributed to the high adoption of CCTV cameras in various surveillance settings. The US is accounted to hold the major share in the video analytics market analysis for the North American region during the forecast period. Furthermore, the United States possesses more than 70 million surveillance cameras installed, which works out to 4.6 people per installed camera. Various industrial organizations across the region such as retail, healthcare, restaurants, and entertainment zones like stadiums and turfs are installed with high-end surveillance cameras, which generates a huge amount of video footage. Video analytics solutions are adopted to analyze the footage and provide real-time actionable information.
The Global Video Analytics Market Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the global video analytics market are: