Asia-Pacific is expected to witness highest growth rate during the forecast period. Industry participants have realized the importance of strengthening the overall video analytics to ensure optimizations of video data for enhancing business processes. Moreover, numerous global and domestic players are operating in the Asia-Pacific market, owing to the emerging trend of adopting video analytics in various industries such as retail and public, as well as the transportation sector. For instance, China applied Social Credit System, which uses extensive facial recognition of its citizen. This facial recognition system is being applied throughout the country, thus the need of cameras for this project is anticipated to drive the growth of the video analytics market.
Rachita Rake Research Analyst, ICT at Allied Market Research
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According to a recent report published by Allied Market Research, titled, “Video analytics Market By Component, Deployment Mode, Organization Size, Application, and Region: Global Opportunity Analysis and Industry Forecast, 2020-2027,” The global video analytics market size was valued at $4,102.0 million in 2019, and is projected to reach at $21,778.0 million by 2027, growing at a CAGR of 22.7% from 2020 to 2027.
Rise in demand for automation of video tracking and management drives the demand for video analytics across various industries such as banking, financial services, retail, airports, manufacturing, and others. In addition, demand for IP-based security cameras, and growth in concern over safety and security pertaining to life & assets are expected to fuel the market growth during the forecast period. However, increase in number of false alarms during bad weather or poor lightning conditions and the high cost of initial installment are anticipated to restrict the market growth. Furthermore, use of advanced technologies such as AI, machine learning with video analytics, rise in requirement of business intelligence and insights, and increase in need of edge-based analytics to recognize and profile applications are the major factors expected to provide opportunities for the video analytics market growth.
In 2019, the software segment was the highest revenue contributor in the video analytics market. This was attributed to growth in need to monitor premises or any facility from any kind of physical threats or suspicious activities. In addition, precise image analysis, real-time processing, multiple visual inputs, and enhanced accuracy are the factors that foster demand for video analytics software. However, the service segment is expected to exhibit highest growth rate during the forecast period, owing to increase in adoption of digital technologies across various industries and need to provide enhanced services. Thus, video analytics services help organizations in project consultation, configuration, installation, security monitoring, and other essential security services, which boosts the growth of the video analytics services market.
By deployment mode, the on-premise segment dominated the overall video analytics market in 2019, and is expected to continue this trend during the forecast period. This is attributed to adoption of on-premise deployment model by industries such as banking, financial services & insurance (BFSI), education, and healthcare, which are vulnerable to cyber-attacks or data breaching due to critical information.
Post COVID-19, the size of the video analytics industry 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%. The current estimation of 2027 is projected to be higher than pre-COVID-19 estimates. With the emergence of the global health crisis, various business systems have been facing unprecedented challenges right from product development to sales and services, thereby leading to closure of companies. However, video analytics and surveillance technology has gained a double fold growth to support government lockdowns and social distancing measures, which plays a significant role in containing the pandemic.
In addition, the outbreak of COVID-19 is anticipated to offer lucrative opportunities for key players operating in the global video analytics market. Although the market is gaining significant heights due to the COVID scenario, companies within the market are focusing on improving overall quality of services, in terms of better throughput, negligible delay, and effective recognition technology. Hence, to achieve this, companies are integrating 5G and AI technology, thereby gaining a viable solution for issues such as latency and bandwidth. One of the most common use cases that is gaining popularity is its ability to extract information such as number of people who visited the place, age, demographic, and popularity.
Key Findings Of The Study
By component, in 2019 the software segment dominated the video analytics market size. However, the services segment is expected to exhibit significant growth during the forecast period.
Depending on deployment mode, the on-premise generated the highest revenue in 2019. However, the cloud segment is expected to witness highest growth rate in the near future.
On the basis of organization size, the large enterprises segment accounted for the highest revenue in 2019, however, the SME's segment is expected to witness highest growth rate in the forecasted period.
On the basis of application, the retail segment accounted for the highest revenue in 2019, however, the defense & security segment is expected to witness highest growth rate in the forecasted period.
Region wise, the video analytics market was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
Some of the key video analytics industry players 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. This study includes market trends, video analytics market analysis, and future estimations to determine the imminent investment pockets.
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Video Analytics Market by Component (Software and Services), Deployment Mode (On-Premise and Cloud), Organization Size (Large Enterprises and Small & Medium Enterprises), Application (Retail, Critical Infrastructure, Airports, Public Transport, Police, Defense & Security, Smart Cities, Hospitality, Healthcare, BFSI, Transportation & Logistics, Manufacturing, Mining, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027
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