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).
Video analytics is also known as intelligent video analysis or video content analytics is an ability to automatically detect and discover temporal and spatial events in real-time. The video is analyzed based on various advancements in deep learning. Video analytics is applied in numerous industries such as healthcare, transportation, retail, and e-commerce and in building smart cities among others, as it provides advantages such as accelerated investigation, achieve situational awareness, drive real-time alerting, and scheduling business intelligent dashboards among others.
The Global Video Analytics Market Dynamics:
The global video analytics market is accounted to grow with a significant CAGR during the forecast period. The growth is majorly attributed to the growing demand for video analytics solutions in various aspects of smart city development projects. According to Consumer Technology Association, the demand for smart cities infrastructure is witnessing significant growth across the world and is expected to increase the spending to more than 34.35 billion during the forecast period.
The video analytics market leaders such as Bosch, IBM, Cisco, and Honeywell International operating in the video analytics market are observed to increasingly invest in advancements of the existing video analytics tools. For instance, in October 2018, the IBM Intelligent Video Analytics V3.0 announced new features to the video analytics capabilities. The new version of the software is expected to allow full support to IBM POWER9 infrastructure and provide cognitive analytics and integration with visual recognition model creation software.
Furthermore, the increasing penetration of numerous start-ups in providing video analytics solutions across the globe is anticipated to propel the global video analytics market during the forecast period. Startups are observed to enhance technological advancement in the global video analytics market. For instance, in September 2021, Graymatics, a Singapore-based company involved in providing CCTV-based video analytics solutions to enhance security and surveillance systems launched a new AI-based video analytics solution that can be installed with existing CCTV infrastructure to draw analytics from the CCTV video and ensure monitoring and surveillance.
The Global Video Analytics Market Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the video analytics market are:
Based on deployment model, the cloud-based deployment segment is expanding at a highest growth rate during the forecast period in video analytics market analysis owing to increasing advantages provided by the cloud deployment model
The Cloud-based deployment segment is accounted to grow with the highest CAGR in the global video analytics market during the forecast period. The growth is primarily attributed to the benefits and convenience provided by cloud services over on-premises deployment models. According to the article published by Forbes in March 2021, the edge to cloud transformation had been observed to increase with the launch of IBMs Cloud Satellite. The IBM Cloud Satellite is expected to enable IBM's hybrid cloud services to access from anywhere across the globe and use any cloud services or on-premises or edge-based servers.
Additionally, the video analytics solution is extensively being used in enhancing security across various industries such as retail, healthcare, and the education industry. For instance, according to the article written by Education Technology in September 2021, the adoption of cloud-based Video-Surveillance-as-a-Service (VSaaS) in schools and colleges is enhancing safety and security and building a safe education environment across the globe. Cloud video analytics solution provides advanced, affordable, and versatile surveillance systems which offer industry organizations to improve security, efficiency, and streamline operations.
Based on the end-user industry, the retail end-user industry segment accounted for the majority of market share in the year 2020 for overall video analytics market size owing to accelerating demand from retail stores to avail various benefits of video analytics solution, followed by the convenience stores
The retail end-user industry held the largest market share in the year 2020 and is expected to witness prominent growth for the global video analytics market during the forecast period. Retail stores are increasingly adopting AI-based video analytics solutions to improve security and enhance operational practices. The adoption of deep learning and artificial intelligence for video analytics benefits the retail stores to detect and classify objects such as people, vehicles, and retail products in the video and categorize the video for quick access to the video content. The advanced video analytics solution also enables the quantifiable and actionable information analysis beneficial for the retail sector and helps operations and security staff in understanding trends, developing strategies, and making decisions.
For instance, in 2019, Kroger, the US-based retail company announced a strategic partnership with Microsoft Corporation to transform the stores and operations with the adoption of Microsoft Azure-powered video analytics to help stores to maintain the product stock in the stores. The video analytics solution also helped the company to improve store associates' productivity and enhance the customer experience.
Based on regions, the North America region accounted for the largest share in 2020 for the video analytics market
Geographically, the North American region held the maximum video analytics market shares in the year 2020. The dominance of the region on the market is attributed to the well-established technological infrastructure present in the region along with the increasing investments in the security, and surveillance sector in the region. For instance, in March 2021, International Airport based in San Diego, California, the US announced a partnership project with Honeywell Building Technologies, Atlanta-based diversified manufacturing, and technology company. The project is expected to help diversified manufacturing and technology companies to test the usage of advanced video analytics technology to enhance airport health and safety. Companies, organizations, and government institutions present in the region are extensively investing in the adoption and advancements of video analytics solutions for various industries.
The Asia Pacific region is also expected to gain significant growth in global video analytics market during the forecast period. Asia Pacific video analytics market is witnessing an increasing demand from various industries such as the public sector, retail, and transportation sector. For instance, in China, government utilizes a mass surveillance system that uses facial recognition, artificial intelligence, and big data analytics to monitor the Chinese population. In the year 2019, the monitoring CCTVs network consisted of approximately 200 million monitoring CCTV cameras of the "Skynet" system.
The report also provides an in-depth analysis of video analytics market dynamics such as drivers, restraints opportunities and challenges
Note: Challenges along with in-depth market dynamics analysis is mentioned in the report. Get Sample Copy
COVID-19 Impact on the Video Analytics Market Analysis
The outbreak of the COVID-19 pandemic has shifted the focus of organizations towards the safety and security of human lives. The covid-19 caused profound consequences on public health leading to restrictions on usage of public spaces, public gatherings, and workspaces. Governments and public authorities across the globe faced severe challenges in monitoring and enforcing public adherence during the lockdowns. Numerous leading companies across the globe provided artificial-intelligence-driven covid video analytics solutions that can help organizations, enterprises, authorities, and medical centers to monitor people and better impose necessary restrictions. For instance, in June 2020, a Noida-based online video analytics organization, Vidooly launched an AI-enabled surveillance solution, named ‘COVIDSHIELD’ that is expected to help organizations and authorities with the ability to detect a person with or without a mask, crowd gatherings, the person in distress, person to person proximity and occupancy analytics to track Covid-19 violations as a preventive measure. The company incorporated video analytics solutions to detect and classify the person’s activity and appearance in real-time.
The report also provides an in-depth analysis of key trends in the video analytics market
|1||The increasing adoption of Artificial Intelligence in the surveillance and security industry to maintain public safety and order is propelling the global video analytics market||Positive|
|2||Usage of video analytics tools to detect and analyze the public gatherings, queue and person proximity is observed to grow during the forecast period for global video analytics market||Positive|
|3||Increasing technological advancements such as usage of drone-based video analytics and emergence of edge technologies and devices is anticipated to boost the video analytics market during the forecast period||Positive|
The report also provides an in-depth analysis of recent news developments and investments
The unique insight provided by this report also includes the following:
Ask for free product review call with the author
Share your specific research requirements for a customized report
Request for due diligence and consumer centric studies
Request for study updates, segment specific and country level reports