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Video Analytics Market : Global Opportunity Analysis and Industry Forecast, 2020-2027
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The rise in concerns related to the safety and security of life and assets is also contributing to the growth of the video analytics market.
Trends Influencing The Global Video Analytics Market
Safety And Security Concerns Aiding In Market Growth
CCTV software and advanced AI algorithms coupled with the immense processing power of modern computers have meant video analytics breaking down the visual data stream from network cameras and enabling real-time event detection and post-event analysis. Usage of such high-end technology has enabled quicker response time to critical events and crimes without the constant monitoring of a human. This has led to the rise in demand for video analytics, AI technology, and machine learning. This in turn is leading the growth of the Video Analytics Market and will continue to rise during the forecast period.
Retail, Healthcare, Banking Industry, And Other Service Sector Usage Is Increasing The Market Demand
Video analytics is used to enhance the efficiency of service sectors such as retail, healthcare, and banking, etc. Retail owners can now easily detect and prevent shoplifting, track customer experience, and visit duration, etc. Healthcare providers are using video analytics for ensuring the safety of their staff, doctors, patients, and visitors. It is also widely used for preventing theft of drugs, abduction of infants, monitoring of patient care, etc. In the same way, the banking industry is using video analytics for security and timely detection of frauds. The widespread usage of digital technology has spurred the growth of the video analytics market globally.
Increase In Government Spending On Public Safety And The Presence Of Key Market Players Accelerating The Market Growth
The rise in concerns and huge spending by various governments on public safety, traffic management, and footfall analysis, etc is further contributing towards the video analytics market growth. The presence of big market players such as Verint Systems, Mobotix AG, Intellivision, IBM Corporation, Huawei and Gorilla technology, etc is further influencing the rise in the video analytics market globally.
Covid 19 Impact On The Market Growth
Post COVID-19, the size of the video analytics market is estimated to grow from $5,186.0 million in 2020 and projected to reach $21,778.0 million by 2027, at a CAGR of 22.70%. Covid 19 has shifted the focus of various businesses to have an alternate and more stable business system in place. Adoption of business intelligence and AI-powered tools will ensure efficient business management as well as continued growth and expansion in the long run. Real-time tracking and alerts are just some of the many ways in which businesses are leveraging video analytics technology in order to stay relevant and competitive. This has led to the growth of the video analytics market and will continue further during the forecast period.
Global Video Analytics Market Share Analysis
Based on region, North America is expected to hold the largest video analytics market share due to the presence of key market leaders in the North American region and will continue to do so during the forecast period.
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Video Analytics Market Segments
Video Analytics Market by Component Type
Software
Services
Video Analytics Market by Deployment Mode
On-Premise
Cloud
Video Analytics Market by Organization Size
Small & Medium Enterprise
Large Enterprise
Video Analytics Market by Application
Retail
Queue Management
Staff Management
Store and Inventory Management
Aisle management
Product Placement Analysis
Customer Shopping and Buying Behavior Analysis
Intrusion detection
Others
Healthcare
Patient Monitoring
Staff Management
Emergency procedure management
Remote Monitoring
Security and Safety Management
Facility management
Access Control Management
Others
BFSI
Customer Management
Security and Safety Management
Queue Monitoring
Customer Behavior Analysis
Staff Management
Sales and Marketing Management
Access Control Management
Intrusion detection
Others
Transportation & Logistics
Traffic management
Security and Safety Management
Time management
Driver and Passenger Behavior Analysis
Crowd management
Parking Management
Vehicle/Number Plate recognition
Object recognition and tracking
Intrusion detection
Speeding Detection
Others
Government
Intrusion Detection
People/Face detection/recognition and tracking
Security and Safety Management
Incident Detection
Resource Management
Crowd Management
Object recognition and tracking
Others
Manufacturing
Intrusion detection
Security and Safety Management
Site Management
Remote Monitoring
Access Control Management
Post-incident investigation
Streamlining Operations
Inbound/Outbound Management
Others
Mining
Perimeter Security
Remote monitoring
Access Control Management
Object recognition and tracking
Employee Safety Management
Process Control Monitoring
Others
Others
Video Analytics Market by Region
North America
U.S.
Canada
Europe
UK
Germany
France
Russia
Rest of Europe
Asia-Pacific
China
India
Japan
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Major Players in the Video Analytics Market
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.
Quognify
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