Video Analytics Market Growth Fueled by Cloud-Based and Edge Computing Solutions

► Video Analytics Market to Reach USD 40.02 Billion by 2030, Growing at a CAGR of 22.7%

The global video analytics market is poised for significant growth, with projections indicating an increase from USD 9.55 billion in 2023 to nearly USD 40.02 billion by 2030, at a compound annual growth rate (CAGR) of 22.7%. This surge is driven by the increasing demand for real-time event detection, the integration of artificial intelligence (AI) in video analytics solutions, and the growing need for enhanced security and surveillance systems across various sectors.

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► Competitive Landscape

Key players in the video analytics market are focusing on strategic collaborations, product innovations, and mergers and acquisitions to strengthen their market position. Prominent companies such as Avigilon Corporation (Motorola Solutions, Inc.), Canon Inc., Cisco Systems, Inc., Claro Enterprise Solutions, Honeywell International Inc., Huawei Technologies Co Ltd., IBM Corporation, Irisity AB, Qualcomm Technologies, Inc., and Robert Bosch GmbH are actively involved in developing advanced video analytics solutions to meet the evolving needs of various industries.

► Regional Insights

• United States: Growth and Consolidation

The United States continues to lead in the adoption of video analytics, driven by significant investments in smart surveillance systems and the integration of AI technologies. The government's initiatives to enhance security and substantial investments are expected to fuel the growth of the analytics market. For instance, Motorola Solutions unveiled its new Avigilon Security Suite, integrating the Alta Cloud and Unity on-premise solutions to enhance security operations.

• Asia Pacific: Opportunity and Trends

Asia Pacific is emerging as the fastest-growing region in the video analytics market, attributed to rapid urbanization, increasing safety concerns, and government initiatives promoting smart cities. Countries like China and India are investing heavily in video analytics solutions to enhance public safety and infrastructure. For example, the government of Delhi launched its flagship scheme to install 140,000 CCTV cameras in public locations to increase security and monitoring.

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• Middle East and Africa: Trends and Updation

The Middle East and Africa are witnessing a gradual adoption of video analytics, driven by the need to optimize security and surveillance systems. Governments in the region are investing in advanced surveillance technologies to enhance public safety and infrastructure security. The focus on diversifying security measures and improving surveillance capabilities is expected to boost the demand for video analytics solutions.

• Europe: Consolidation and Growth

Europe is experiencing consolidation in the video analytics sector, with significant mergers and acquisitions shaping the market landscape. The region's commitment to enhancing security infrastructure and adopting advanced surveillance technologies is driving the adoption of video analytics solutions. Companies are focusing on integrating AI and cloud technologies to offer innovative solutions for various applications, including transportation, retail, and public safety.

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► Market Segmentation: In-Depth Analysis:

• by Deployment

Cloud
On-Premise

In 2023, the on-premise sector had the biggest market share. Applications involving the processing of large amounts of private and sensitive data frequently employ this strategy. These data volumes contain video feeds of corporate operations, including confidential information and important insights, as well as internal and external surveillance footage. For on-premises deployment, businesses must install the required hardware, such as servers, storage devices, operating systems, cameras, routers, and video analytics software. On-premises video analytics are being used by a number of large organizations due to privacy and security concerns around personal data.

• by Component

Software
Services

• by Application

Facial Recognition & Detection
Incident Detection
Perimeter Intrusion Detection
Crowd Detection & Management
Traffic & Parking Management
Others

• by Verticals

Transportation/logistic
BFSI
Retail
Government
Manufacturing
Others

In 2023, the biggest market share was held by the transport and logistics segment. The elimination of crowding, improved security, event recording, behavior analysis, and blind-spot detection are just a few advantages that video analytics provide the transportation and logistics industry. Video analysis offers greater security benefits while strengthening and enhancing this vertical area for commuters. Transportation and logistics companies can prevent disasters and identify new threats or vehicle collisions that could cause infrastructure damage and fatalities by using a variety of video analytics features, including facial recognition, object tracking, unknown object detection, cargo and train car recognition, and intelligent traffic monitoring.

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► Learn about the top players driving innovation in the Market :

1. Avigilon
2. Axis Communications
3. Cisco
4. Honeywell
5. Agent Vi
6. Allgovision
7. Aventura Systems
8. Genetec
9. Intellivision
10. Intuvision
11. Puretech Systems
12. Hikvision
13. Dahua
14. Iomniscient
15. Huawei
16. Gorilla Technology
17. Intelligent Security Systems
18. Verint
19. Viseum
20. NEC
21. Briefcam
22. Bosch Security
23. i2V
24. Digital Barrier

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