Video Analytics Market by Component (Software, Services) by Deployment Model (On-premises, Cloud based) by Application (Incident Detection, Intrusion Management, People/Crowd Counting, Traffic Monitoring, Automatic Number Plate Recognition, Facial Recognition, Others) by Vertical- Growth, Future Prospects, And Competitive Analysis, 2017 -2025
The automated monitoring, processing, and analysis of video feed in real-time to detect spatial occurrences are known as video analytics. It frequently involves the use of software programs, a large number of cameras, and AI-based systems to analyze videos to learn about attributes, events, and human behavioural patterns. Drones have grown in popularity in recent years, with the aerospace and defense industries leading the way. According to FAA data, the US has 1,563,263 registered drones, 441,709 of which are commercial drones. Drones have been used to inspect difficult-to-reach areas in a variety of locations. One of the most important applications of drones is the creation of a 3600 time-lapse video of a location. Drones fly over a location at regular intervals to collect high-resolution images from all angles. With their 360-degree capture area, drones overcome the limitations of traditional cameras. The market for video analytics is expected to be worth $ 17.6 billion by 2027, up from $ 4.3 billion in 2020. Over the forecast period, the market is expected to grow at a CAGR of 22.2%.
Interesting Facts of Video Analytics Market
With aid of advanced technology, video analytics can identify, detect and track people or subject and can generate alarm
Video analytics has brought the paradigm shift in safety of organizations
In 2019, the software segment accounted for the largest share of video analytics market sales
During the forecast period, the on-premises sector accounted for a larger share of the video analytics market
Transportation and logistics will be one of the fastest-growing industries throughout the forecast period
North America, which has the most advanced technology adoption and infrastructure, will lead the global video analytics market
COVID-19 Impact on Video Analytics Market
The most recent COVID-19 incident has focused attention on human life safety and security. With the development of intuitive technologies, particularly AI-based surveillance systems based on deep learning and computer vision, companies in a variety of industries are using video analytics solutions for various reasons, including dynamically achieving situational awareness, proactively driving real-time alerts, and scheduling BI dashboards.
In 2020, the on-premises segment will have the largest market share
The video analytics market is divided into two segments based on deployment type: on-premises and cloud. Over the forecast period, the on-premises segment will account for a larger share of the video analytics market. This approach is commonly used in applications that handle large amounts of sensitive or confidential data. Internal and external surveillance footage, as well as video feeds of company operations containing private information and vital insights, are included in these data volumes. Companies must install the necessary hardware components, such as the operating system, storage devices, servers, cameras, and routers, as well as video analytics software, for on-premises installation. Due to privacy and security concerns about personal data, some major corporations are utilizing on-premises video analytics.
Global Video Analytics Market Key Players:
Some of the key companies are Agent VI, Allgovision, Aventura Systems, Genetec, Intellivision, Intuvision, Puretech Systems, Hikvision, Dahua, Iomniscient, NEC, Huawei, Gorilla Technology, Intelligent Security Systems, Verint, Viseum, Briefcam, Bosch Security, I2V, Digital Barrier, Senstar, Qognify, Identiv, Cisco. To stay ahead of the competition, industry participants have implemented a variety of strategic measures. Collaborations, new product development, investments in expanding capabilities, partnerships and agreements, and R&D investments are some examples. Cisco announced the acquisition of Kenna Security in June 2021 to address cybersecurity threat prediction, detection, prioritization, and remediation concerns. Avigilon will launch an artificial intelligence network video recorder in February 2021, combining classic Avigilon NVR features with the Avigilon AI appliance to provide organizations with a solution to meet analytics, storage, and cybersecurity needs. Because the solution is linked to Avigilon cloud services, software upgrades and application downloads are a breeze.
Frequently asked questions about the global video analytics market
The video analytics market is expected to grow from US$ 4.3 billion in 2020 to US$ 17.6 billion by 2027, with a CAGR of 22.2% from 2020 to 2027.
Drone-based video analytics, the introduction of edge technologies and devices to magnify the use of video analytics, and predictive data using video analytics are some of the market's primary opportunities.
Increased government investment and emphasis on public safety are some of the market's driving forces, as is the need to access and analyze unstructured video surveillance data in real-time, and a significant decrease in crime rate due to surveillance cameras.
North America is the most developed market for video analytics, with a large number of major organizations providing advanced video analytics solutions.
During the forecast period, the on-premises segment will account for a larger share of the video analytics market.
