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Video Analytics Market 2024: Size, Share, and Trends Analysis

06-13-2024 02:21 PM CET | IT, New Media & Software

Press release from: Market digits

Video analytics refers to the use of advanced algorithms and software to analyze video data from surveillance cameras or other sources. It enables automated monitoring, extraction of meaningful insights, and real-time decision-making across various industries. The market for video analytics has been expanding rapidly due to advancements in artificial intelligence (AI), machine learning (ML), and computer vision technologies.

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Market Size and Growth

The global video analytics market has experienced robust growth and is expected to continue expanding significantly. In 2023, the market size was estimated at approximately $5.8 billion and is projected to grow at a compound annual growth rate (CAGR) of around 22% from 2024 to 2030. This growth is driven by increasing security concerns, demand for operational efficiency, and the integration of video analytics with IoT (Internet of Things) and cloud computing platforms.

Major players in Video Analytics Market 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., Quognify, MobotixAG, i2V Systems Pvt. Ltd., Huawei Technologies Co. Ltd., Hangzhou Hikvision Digital Technology Co., Ltd., Gorilla Technology Group, Inc., Genetec, Inc., Zhejiang Dahua Technology Co., Ltd., Robert Bosch GmbH and ADT, Inc. among others.

Key Trends

AI and Deep Learning Integration: Advances in AI and deep learning have revolutionized video analytics by enabling more accurate object detection, behavior analysis, and anomaly detection. These technologies enhance the capabilities of video surveillance systems to automatically detect and respond to security threats in real-time.

Edge Computing: The adoption of edge computing architectures allows video analytics to process data closer to the source (e.g., cameras), reducing latency and bandwidth requirements. This trend is crucial for applications requiring real-time responses, such as smart cities and autonomous vehicles.

Cloud-Based Solutions: Cloud-based video analytics platforms offer scalability, remote access, and integration with other IoT devices and systems. They are increasingly preferred for their flexibility and ability to handle large volumes of video data efficiently.

Applications in Retail and Marketing: Video analytics is extensively used in retail environments for customer behavior analysis, queue management, and personalized marketing strategies. It helps retailers optimize store layouts, improve customer service, and enhance operational efficiency.

Smart Cities and Public Safety: Governments and urban planners are deploying video analytics to enhance public safety, traffic management, and urban infrastructure monitoring. AI-powered video surveillance systems can detect incidents, manage traffic flow, and ensure rapid response to emergencies.

Major Classifications are as follows:

By Component

Software
Services

By Deployment Mode

On-premises
Cloud

By Application

Incident Detection
Intrusion Management
People/Crowd Counting
Traffic Monitoring
ANPR
Facial Recognition
Others (AR and Ego-Motion Estimation)

By Type

Edged-Based
Server-Based

By Organization Size

SME's
Large Enterprises

By Vertical

BFSI
City Surveillance
Critical Infrastructure
Education
Hospitality and Entertainment
Manufacturing
Defense and Border Security
Retail
Traffic Management
Transportation & Logistics
Others (Healthcare and Life Sciences and Construction)

Key Players and Competitive Landscape

The video analytics market features a diverse range of companies offering specialized solutions. Key players include Axis Communications, Avigilon (a Motorola Solutions company), Bosch Security Systems, Honeywell International Inc., and IBM Corporation. These companies dominate the market by leveraging their expertise in AI, software development, and hardware integration. Strategic initiatives include:

Axis Communications: Known for its network cameras and video management software, Axis integrates video analytics capabilities to enhance security and operational efficiency.

Avigilon (Motorola Solutions): Provides AI-powered video analytics solutions for security, surveillance, and business intelligence applications, focusing on high-definition video quality and advanced analytics.

Bosch Security Systems: Offers a wide range of video surveillance products integrated with advanced video analytics features, including facial recognition, object tracking, and crowd management.

Honeywell International Inc.: Provides video analytics solutions for industrial and commercial applications, emphasizing safety, compliance, and operational efficiency.

IBM Corporation: Leverages its AI and cloud computing expertise to deliver scalable video analytics solutions for diverse sectors, including healthcare, transportation, and smart cities.

Recent Industry News

Advancements in AI Algorithms: Recent developments include AI algorithms capable of detecting complex events and anomalies, such as unauthorized access, crowd disturbances, and abnormal behavior patterns.

Partnerships and Collaborations: Companies are forming strategic partnerships to integrate video analytics with complementary technologies, such as IoT platforms, to offer comprehensive solutions for smart cities and industrial automation.

Regulatory Developments: With increasing concerns over data privacy and security, regulatory frameworks governing the use of video analytics are evolving. Compliance with regulations is becoming a priority for market players.

Expansion in Emerging Markets: The adoption of video analytics is growing in emerging economies due to urbanization, infrastructure development, and increasing investments in security and public safety.

Investments in R&D: Significant investments are being made in research and development to enhance the accuracy, scalability, and real-time capabilities of video analytics systems. Startups and established companies alike are focusing on innovation to gain a competitive edge.

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Challenges and Future Outlook
Despite its rapid growth, the video analytics market faces challenges such as concerns over data privacy, interoperability issues between different systems, and the complexity of integrating AI into existing infrastructures. Overcoming these challenges requires industry collaboration, technological innovation, and adherence to regulatory standards.

Looking ahead, the video analytics market is poised for continued expansion driven by advancements in AI, cloud computing, and IoT. As organizations across various sectors increasingly recognize the value of actionable insights derived from video data, the adoption of sophisticated video analytics solutions is expected to become more widespread, transforming how businesses and governments utilize surveillance and monitoring technologies.

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MarketDigits is one of the leading business research and consulting companies that helps clients to tap new and emerging opportunities and revenue areas, thereby assisting them in operational and strategic decision-making. We at MarketDigits believe that a market is a small place and an interface between the supplier and the consumer, thus our focus remains mainly on business research that includes the entire value chain and not only the markets.

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