Video Analytics Market is projected to reach $24.34 billion by 2027, growing at a CAGR of 25.1% from 2020 to 2027

According to a recent report published by Report Ocean, titled, “Video Analytics Market by Component, Deployment, Organization Size, and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global video analytics market size was valued at $4.10 billion in 2019, and is projected to reach $24.34 billion by 2027, growing at a CAGR of 25.1% from 2020 to 2027.

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Video analytics is a computerized processing and automatic analysis of the video content generated, collected, or monitored during video surveillance. Rise in need for video surveillance drives the demand for video analytics across numerous industries such as government & public sector, BFSI, retail, airports, manufacturing, and others. In addition, infeasibility of surveillance professionals to manually track & detect suspicious incidents from large number of video data produced, rise in concerns over safety & security, and need to obtain actionable insights from huge volume of video data generated from multiple video sources are the factors that fuel the video analytics market growth during the forecast period.

Moreover, utilization of advanced technologies such as machine learning, deep learning, and artificial intelligence with video analytics software are expected to provide major opportunities for the market growth in near future. In addition, emerging video analytics market trends including integration of video analytics with location as well as identity based systems such as real-time location system (RTLS) and RFID are further expected to boost the growth of the market. Micro expression analysis is further gaining traction in the market, as it is applicable for people management, behavior monitoring, and vehicle management.

Furthermore, owing to the emergence of COVID-19 pandemic, the demand for video analytics software is expected to surge in short term as well as long term. This is attributed to increase in number of emerging use cases across various industries to combat COVID-19. These use cases include AI-powered video analytics to detect & track the entry of people in any confined space or establishment, monitor social distancing efforts, detect individuals not following healthcare guidelines regarding the use of protective face masks, crowd classification, and occupancy analytics for real-time occupancy tracking in an easy-to-view dashboard.

Furthermore, rise in requirement of business intelligence and insights and increase in need of edge-based analytics to recognize and profile application are the major factors expected to provide opportunities for the video analytics market growth in the upcoming years.

Depending on component, the software segment dominated the overall video analytics market size in 2019, and is expected to remain dominant during the forecast period. However, the services segment is expected to exhibit significant growth rate, due to increase in adoption of digital technologies across various industries and need to provide enhanced services.

North America dominated the overall video analytics market share in 2019, and is expected to remain dominant during the forecast period, due to growth in demand for public safety and increase in needs of actionable insights. For instance, the U.S. Government is heavily investing in video analytics technology to develop smart city solutions such as waste management sensors, smart logistics, vehicle fleet communication, and broadband infrastructure. Furthermore, Asia-Pacific is expected to exhibit the highest growth rate throughout the video analytics market forecast period.

Key Findings Of The Study

Depending on deployment type, the cloud segment is expected to exhibit significant growth rate in the global video analytics market during the forecast period. The growth of this segment is mainly attributed to low investment, ease of use, and low maintenance cost.
By organization size, the large enterprises segment generated the highest revenue in 2019. This is attributed to rise in need to safeguard data along with increase in awareness of security events in large enterprises.
On the basis of application, the retail sector dominated the overall video analytics market in 2019, and is expected to exhibit significant growth during the forecast period. The growth of this sector is attributed to increase in need to monitor consumer behavior, buying criteria, the pattern of product selection, and time spending on particular sections in the retail industry. In addition, increase in requirement of solutions for customer engagement, queue management, loss prevention, and store optimization is driving the need for video analytics in the retail industry.
Some of the key players in the video analytics market analysis that are profiled in the report include AllGoVision Technologies Pvt. Ltd, Aventura Technologies, Inc., Axis Communications AB, Cisco Systems, Inc., Honeywell International, Inc., IBM Corporation, Intellivision, PureTech Systems, Inc., Verint Systems, Inc., and Quognify.

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This release was published on openPR.