Video Analytics Market Size and Share Report by Offering (Software, Services), Application (Incident Detection, Intrusion Management, People/Crowd Management, Traffic Monitoring, Automatic Number Plate Recognition, Facial Recognition), Deployment (Cloud, On-Premises), Vertical (BFSI, Critical Infrastructure, Education, Hospitality and Entertainment, Manufacturing, Government and Defense, Retail, Transportation and Logistics) - Global Industry Demand Forecast to 2030

Video Analytics Market Size & Share

The video analytics market generated revenue of USD 10,074.3 million in 2023, which is expected to witness a CAGR of 23.2% during 2024–2030, reaching USD 42,747.3 million by 2030. This is due to the rising security concerns, continuously advancing artificial intelligence and machine learning technologies, and growing demand for business intelligence, integration with IoT, and cloud computing, cost reduction, and efficiency. The adoption of video analytics is also increasing to detect real-time activities and behavior, which helps customers with insights and alerts.

Growing Demand for Video Surveillance Is Driving Market

• There is a high demand for video surveillance systems since they protect and monitor different environments, such as transportation hubs, public spaces, and commercial and residential areas.
• These systems offer numerous functionalities, such as wide-angle lenses, high-definition cameras, night vision capabilities, and remote monitoring.
• The number plates of vehicles or faces of culprits can be found with this technology, which is important in preventing crimes, identifying criminals, and providing situational awareness and overall security.

Presently, organizations are searching for upgraded features to effectively handle security concerns, for example, object following, facial recognition, and conducting examinations. High-level video surveillance frameworks offer remote observing abilities, which assist clients in getting live feeds from any area for investigational purposes.

The multiplication of IoT gadgets and smart cities drives the interest in improved video observation to oversee metropolitan development and wellbeing. For instance, AI-based surveillance can identify questionable behavior and alert the authorities to take appropriate action. Additionally, the extra benefits of these systems, including upgraded quality, higher precision, and cost-efficiency make them popular. Further, these arrangements are comprehensively used to secure information on customer conduct, traffic, and the footfall of people in public spaces, such as road crossings and major markets.

• Certain industries, such as banking, medical insurance, and transportation, have severe rules with respect to security and observation.
• This augments the adoption of video surveillance frameworks to meet the administrative requirements and guarantee that security rules are observed and implemented.
• Furthermore, this approach is fundamental in law enforcement since videos are utilized as proof during litigation and court cases.

A wider coverage, higher resolutions, ability to work in low light, and improved connectivity in camera systems are improving the efficiency of video surveillance systems. The rising requirement for more-intelligent, proactive, and proficient security arrangements among public agencies has pushed up the interest in video surveillance frameworks with analytics features.

Facial Recognition Is Rapidly Growing

Based on application, facial recognition is expected to showcase a CAGR of 25% from 2024 to 2030.

• Facial recognition is widely used for identifying users by comparing live images with those stored in the database.
• By using facial recognition, loyal consumers are identified and given special priority during their next visits, which results in increased satisfaction for customers.
• Further, this functionality can spot and monitor culprits within stores, which leads to enhanced operational performance and monitoring, without increasing the size of the staff.

Further, numerous industries, including healthcare, BFSI, government, and corporate, have adopted the facial recognition technology for secure access and verification processes. It eliminates the risk of the loss or misuse of stolen ID cards. The old technology of passwords or PINs is not reliable, and modern technology has replaced it as it provides a suitable and secure method for user authentication. In the healthcare sector, the identification of patients, monitoring of medication, and access control to sensitive areas are being done by facial recognition. Additionally, it facilitates contactless check-ins, thus lowering the likelihood of infection transmission in healthcare facilities.

• The integration of facial recognition into cell phones and other consumer electronics has also expanded.
• People use it to unlock gadgets, install software, and access different applications.
• The entertainment industry uses this technology for personalized content recommendations and audience analysis.
• Understanding viewer engagement and adapting the content accordingly are made easier by this tool.
• The pandemic sped up the utilization of contactless approaches, including facial acknowledgment, in different areas to limit actual contact and keep up with the cleanliness principles.

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People/Crowd Management Is Dominating Market

Based on application, people and crowd management dominated the market, with a share of 40%, in 2023. This is because analyzing videos can provide insights for different industries, such as transportation, retail, events, and healthcare, on the number of people in a specific area. For instance, it is utilized in the retail sector to quantify footfall, grasp client conduct, and upgrade store tasks. In transportation, it assists screen travelers with streaming, advance timetables, and manage congestion. In entertainment and events, it ensures crowd control, optimizes operations, and improves safety. In healthcare, it helps oversee patient flow and maintain a safe environment.

Transportation and Logistics Category Is Growing Rapidly

Based on vertical, the transportation and logistics category will have a CAGR of 23% during the forecast period.

• The transportation and logistics industry utilizes video analytics in ships, airports, trains and train stations, bus terminals and bus stops, and warehouses.
• It helps automate the goods loading and unloading processes, which enhances productivity and reduces cost.
• In transportation, video examination aids in traffic maintenance, opening blockages, and enhancing overall road safety.
• It assists in analyzing with creating traffic plans, perceiving bottlenecks, and managing traffic growth, which helps in making the transportation system more accommodating.
• It tracks and monitors goods inside trucks, trains, containers, and other enclosed spaces.
• It also helps assess the real-time condition of the goods, which facilitates better inventory management and reduces the risk of loss or damage.

Video examination assumes a fundamental role in supply chain operations to recognize issues and increase inventory management efficiency. Similarly, in logistics, video examination upgrades client experiences by offering instantaneous updates on the shipment status, which are also useful in timely deliveries and overall service quality improvement.

• Video analytics technology also helps in the prediction of maintenance requirements.
• By analyzing the video data from transportation assets, such as trains, ships, and vehicles, a predictive maintenance model can be developed.
• This model can predict the failure of equipment and the requirement for maintenance, which allows for prompt action and downtime minimization.

North America Holds Largest Market Share

North America held the largest market share, of 45%, in 2023. This is credited to high investments in ICT and camera technologies and a strong focus on IT security. Several organizations use video analytics for increasing safety, quick decision-making processes, and operational efficiency.

• Modern technologies, such as artificial intelligence and machine learning, which are vital in video analytics, are gaining increasing funding in the region.
• Organizations are integrating video analytics into their overall workflow to obtain actionable insights from visual data.
• The National Defense Authorization Act (NDAA) has encouraged organizations to make investments in security cameras that fulfill all regulatory standards.

APAC Is Set To Have High Growth Rate

The APAC region will have the highest CAGR, of 28%, during 2024–2030 in the market. This will be due to the smart city projects backed by governments and the initiation of advanced surveillance projects for national security. In addition, many countries in APAC are experiencing strong economic growth, such as India, Japan, China, and South Korea. Therefore, the region offers bright opportunities and attracts high investments.

• The fast urbanization is leading to an increase in middle-class and urban populations in the region.
• This will necessitate technological advancements and the development of infrastructure.
• The pace of technological innovations is especially high in the areas of robotics, AI, ML, and IT.

Additionally, life in the region is characterized by massive mobile phone usage, extensive internet access, and adoption of digital platforms and services. Several sectors are being driven by this digital transformation, such as healthcare, fintech, and e-commerce. Combined with this, the positive socioeconomics, expanding customer markets, and a strong business climate have added to the market growth in the region.

Competitive Analysis

The major players in the video analytics market are developing enhanced hardware and software solutions to fulfill consumer demands and improve their market position. These players have extensive product portfolios, strong R&D capabilities, and a wide global reach, which positions them as market leaders.

Recent Developments

• In May 2023, VinAI collaborated with Qualcomm Technologies Inc. and launched GuardPro, an AI-powered safety and compliance solution for smart cities. This solution enables the real-time monitoring of commercial and residential buildings to increase safety and ensure compliance with regulatory guidelines.
• In May 2023, Claro Enterprise Solutions launched an AI video analytics product powered by Iveda. This product aims to offer a new tool for surveillance in public areas, such as schools and campuses.
• In April 2023, Megh Computing collaborated with Shabodi and launched video analytics solutions (VAS) for advanced networks, such as 5G, Wi-Fi, and 6G.
• In March 2023, Irisity AB collaborated with Axis Communications to introduce an advanced surveillance camera with AI.
• In March 2023, Motorola Solutions introduced the Avigilon Physical Security suite, for providing reliable, secure, and flexible video security and access control solutions. This suite has been developed with three strategic acquisitions—Avigilon, Openpath, and Ava Security—under the Avigilon Brand.
• In March 2022, Cisco Meraki released IoT and LAN solutions for global hybrid workforces, ensuring more-intelligent and secure workplace settings. This way, Cisco Meraki helps in integrating high-quality networking, security, and IoT capabilities.
• In October 2022, IBM introduced new video analysis features to easily examine, categorize, and organize the contents of captured videos in real time, to get valuable insights, recognize patterns, and identify issues.
• In April 2021, Axis Communications sold its subsidiary Citilog to TagMaster.

Top Providers in Video Analytics Market Are:

• Avigilon
• Axis Communications AB
• Cisco Systems Inc.
• Honeywell International Inc.
• IBM Corporation
• AllGoVision Technologies Pvt. Ltd.
• Agent Video Intelligence Ltd.
• Gorilla Technology Group
• Dahua Technology Co. Ltd.
• Huawei Technology Co. Ltd.
• NEC Corporation
• Verint Systems Inc.
• Intuvision
• Eagle Eye Networks
• ADT

Market Breakdown

This report offers deep insights into the video analytics market, with size estimation for 2017 to 2030, the major drivers, restraints, trends and opportunities, and competitor analysis.

Segment Analysis, By Offering

• Software
• Services

Segment Analysis, By Application

• Incident Detection
• Intrusion Management
• People/Crowd Management
• Traffic Monitoring
• Automatic Number Plate Recognition
• Facial Recognition

Segment Analysis, By Deployment

• Cloud
• On-Premises

Segment Analysis, By Vertical

• BFSI
• Critical Infrastructure
• Education
• Hospitality and Entertainment
• Manufacturing
• Government and Defense
• Retail
• Transportation and Logistics

Region/Countries Reviewed for this Report

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • U.A.E.