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2021
Video Analytics Market

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
Update Available On-Demand

Report Code: A03275
Pages: 395
Apr 2021 | 31228 Views
Author(s) : Vikas G
Tables: 147
Charts: 86
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Video Analytics Market Statistics: 2027

The global video analytics market size was valued at $4,102.0 million in 2019, and is projected to reach $21,778.0 million by 2027, registering a CAGR of 22.7% from 2020 to 2027. Video analytics is a computerized processing and automatic analysis of video content generated, collected, or monitored during video surveillance. While monitoring videos, the software identifies attributes, events, or patterns and characteristics of people or objects while ignoring irrelevant activities via video analysis of monitored environments. A large volume of unstructured video data is produced through video surveillance in industries, city surveillance, and through social media. Video analytics software also enables users to analyze, organize, and share insights gained from video data to help in making better decisions.

With disrupting effects of coronavirus in 2020 on various sectors, many video analytics vendors are adopting various business and marketing strategies, including innovating their product portfolio and trying to come up with more advanced & suitable solutions as per client needs. For instance, in August 2020, AllGoVision launched AllSafe Video Analytics, aimed to enhance the safety of people in office buildings, public areas, industries, and other public & private facilities amid the COVID-19 pandemic. Moreover, in July 2020, one of the leading players in the video analytics market, Cisco Meraki announced acquisition of Modcam to expand its capabilities in video analytics field.

On the basis of component, the software segment was the highest revenue contributor in the video analytics market share in 2019. 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 factors that propel 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 video analytics market growth.

Video-Analytics-Market-2020-2027

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.

North America is the leading market for video analytics and has a large number of major players who offer advanced video analytics solutions. Honeywell International, Inc., is one of the major players in the video analytics market in North America, which exhibits high investment in the solutions segment. Growth in demand for business intelligence and increase in demand for technologically enhanced public safety infrastructure drives the market in North America. For instance, in 2017, largest smart camera project for traffic data collection on the basis of video analytics was introduced by Citilog on the highway of Colombia. However, Asia-Pacific is expected to observe highest growth rate during the video analytics market forecast period, owing to emerging trend of adopting video analytics in various sectors including retail and public sector, as well as the transportation industry. For instance, China applied Social Credit System, which uses extensive facial recognition of its citizen.

The report focuses on growth prospects, restraints, and video analytics market analysis. The study provides Porter’s five forces analysis of the video analytics industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the video analytics market trends.

Segment review

The global video analytics market is segmented on the basis of component, deployment, organization size, application, and region. By component, the market is classified into software and services. By deployment, the market is categorized into on-premise and cloud. On the basis of organization size, the market is bifurcated into large enterprises and small & medium enterprises. By application, the market is divided into retail, critical infrastructure, airports, public transport, police, defense and security, smart cities, hospitality, healthcare, BFSI, transportation & logistics, manufacturing, mining, and others. By region, the video analytics industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

Video Analytics Market
By Component

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Service segment is projected as one of the most lucrative segments.

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COVID Impact Analysis

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%. 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 content analysis 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, 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, owing to the COVID scenario, companies within the market are focused 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 a place, age, demographic, and popularity.

Video Analytics Market
By Organization Size

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SMEs segment is projected as one of the most lucrative segments.

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Top impacting factors    

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 market growth.

Increase in demand for IP-based security cameras 

In the recent years, video management system is experiencing an augmented trend of IP-based surveillance systems, high-resolution IP cameras, and network video recorder (NVR). Increase in IP infrastructure, rise in tele density, and the demand for remote access drive the growth of IP-based security. Thus, market vendors are expanding their product portfolios offering integrated video analytics features with IP-based security cameras. For instance, in October 2019, Bosch launched “IP 3000i Cameras” with built-in essential video analytics solution. The benefits of IP-based security cameras along with video analytics include remote accessibility, smart data capture, detecting blocked emergency exits or queue notifications, intrusion detection, crowd management, and facial recognition. Nowadays, the retail industry has implemented IP-based security cameras to capture behavior analytics with demographics. Thus, increase in deployment of IP-based security cameras across various business sectors propel the demand for video analytics solutions.

Video Analytics Market
By Application

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Defense & Security segment is one of the most significant segments.

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Use of advanced technologies such as AI, machine learning with video analytics 

Key players in the market are continuously enhancing their product offerings to get a competitive edge and cater to changes in requirement of end users. Hence, they are utilizing advanced technologies such as AI, deep learning, and machine learning integrated with video analytics software. 

In addition, players in the video analytics market are introducing advanced AI-based video analytics solutions to provide autonomous way to monitor and enhance analysis of video content in real-time. For instance, in August 2019, Sprint launched “Curiosity Smart Video Analytics,” together with technologies from Hitachi Vantara and Ericsson. Furthermore, such use of these advanced technologies in video analytics can offer a dramatic increase in accuracy along with a significant reduction in false alarms, which has been a vulnerable point of video analytics applications in surveillance. Machine learning can also help in accurate classification of images and different types of objects. 

Video Analytics Market
By Region

2027
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific region is projected as one of the most significant segments.

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Key Benefits For Stakeholders

  • This study includes the video analytics market analysis, trends, and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and video analytics market opportunity.
  • The video analytics market size is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the industry.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in video analytics market.

Video Analytics Market Report Highlights

Aspects Details
By Component
  • Software
  • Services
By Deployment
  • On-premise
  • Cloud
By Organization Size
  • Small & Medium Enterprises
  • Large Enterprises
By Application
  • Retail
  • Critical Infrastructure
  • Airports
  • Public Transport
  • Police
  • Defense and Security
  • Smart cities
  • Hospitality
  • Healthcare
  • BFSI
  • Transportation & Logistics
  • Manufacturing
  • Mining
  • Others
By Region
  • North America  (U.S., Canada)
  • Europe  (UK, Germany, France, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (Japan, China, Australia, India, South Korea, Hong Kong, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, United Arab Emirates, Chile, Nigeria, Rest of LAMEA)
Key Market Players ALLGOVISION TECHNOLOGIES PVT. LTD., AVENTURA TECHNOLOGIES, INC., AXIS COMMUNICATIONS AB, CISCO SYSTEMS, INC., HONEYWELL INTERNATIONAL INC., INTELLIVISION TECHNOLOGIES CORP., INTERNATIONAL BUSINESS MACHINES CORPORATION, PURETECH SYSTEMS INC., QOGNIFY, VERINT SYSTEMS INC.
 

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In accordance with the insights by CXOs of the leading companies, the video analytics market is expected to witness significant growth in the coming years. In the current scenario, businesses are using video management system to effectively monitor and track the process and progresses. The video surveillance is adopted in almost all types of industries including small & medium enterprise (SMEs), large enterprises, and residential buildings to meet safety & security demand, and keep a track of events. Some of the crucial applications of video analytics include facial recognition, incident detection, motion detection, perimeter intrusion detection, crowd detection & management, traffic & parking management, and others (number plate reading, dwell time counting, object recognition, and camera tampering detection). This enables effective traffic management, city surveillance, and observe processes, assets, and business operations. 

Post COVID-19 outbreak, emerging use cases of video analytics solutions to help combat COVID-19 is anticipated to provide lucrative opportunities for the expansion of the global video analytics market. Moreover, owing to the upgradation of technology, analytics solutions are more reliable and require less maintenance, thus driving the market growth. Furthermore, advancements in self-driving cars, robotics, and industrial automation are expected to boost the demand for this video analytics solutions in the long run.

Public safety and security have always been a matter of concern in several developed and developing regions. Rise in number of terrorist attacks and rapid urbanization are the major reasons for increasing concern over safety and security to life and assets, leading to the growth of this market. 

Video analytics software can be used on server-based as well as edge-based architecture. The demand for edge-based architecture is expected to be higher than server-based architecture. This high growth is driven by improved image capturing quality, faster analysis, and lower storage space requirements. Implementation services ensure comprehensive planning, installing, and configuration of the software. Video analytics services are expected to experience the highest growth rate as they are for long-term use and continue even after the deployment of the software. There is a huge investment made by the U.S. government to develop smart city solutions such as smart surveillance cameras integrated with AI based video analytics, automatic number plate recognition, vehicle fleet communication, and broadband infrastructure, which is expected to boost the growth of the video analytics market. Europe and Asia-Pacific are expected to grow at significant rates owing to lucrative opportunities offered by countries such as China, Germany, France, and India.

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