USD 5.12 billion
Report ID: SQSG45I2014 | Region: Global | Published Date: October, 2022 | Pages: 157
Global Video Analytics Market was valued at USD 5.12 billion in 2021, and it is expected to reach a value of USD 20.7 billion by 2028, at a CAGR of 21.05% over the forecast period (2022 -2028).
Several major international competitors are present in the industry, which is causing the global video analytics market to expand. Due to widespread acceptance of cloud services and security infrastructure, the main factors influencing the adoption of video analytics solutions among companies and SMEs in a variety of industries, such as BFSI, city surveillance, critical infrastructure, education, hospitality and entertainment, manufacturing, defense and border protection, retail, traffic management, transportation and logistics, and others, are the use of cloud services and security infrastructure. It is anticipated that developing nations in APAC and MEA would present more prospects for market suppliers. The current economic downturn caused by COVID-19 highlights the necessity for alternative business methods. For increased safety, it is crucial for organizations to use cloud computing and use video analytics technologies in the global video analytics market.
Global Market Size
USD 5.12 billion
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The Global Video Analytics Market is segmented based on the Component, Deployment, and region. Based on the Component, the Global Video Analytics Market is segmented as Software and Services. Based on the Deployment, the Global Video Analytics Market is segmented as On-premise and Cloud. Based on the Application, the Global Video Analytics Market is segmented as Crowd Management, Facial Recognition, Intrusion Detection, License Plate Recognition, Motion Detection, and Others. Based on the Industry, the Global Video Analytics Market is segmented as BFSI, Government (Smart cities, law enforcement), Critical Infrastructure, Education, Retail, Healthcare, Travel and Transportation, and Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Application
Crowd management is anticipated to have a significant market share throughout the forecasted period. During major events, governments, police, and defense services must handle and monitor enormous crowds of people. In these circumstances, end-users receive situational warnings in real-time thanks to the integration of cutting-edge surveillance systems with video analysis capabilities.
The fastest growth rate is projected for facial recognition. Applications include criminal identification, passport, and visa fraud detection, attendance tracking, and management, as well as these, are anticipated to have a positive impact on the industry. Additionally, market growth is anticipated to be fueled by solutions' growing acceptance in programs like intrusion detection, motion detection, license plate recognition, and others.
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During the projected period, North America is anticipated to have the greatest share of the market. The demand for video content analytics solutions in the United States and Canada is anticipated to rise as a result of the introduction of new technologies and the presence of important players like IBM Corporation, Honeywell International Inc., Cisco Systems, and Motorola Solutions (Avigilon), and others. End customers in the United States and Canada are actively pursuing the use of video analytics combined with cutting-edge technology.
The Asia Pacific is expected to grow at an exponential pace. It is anticipated that government-funded smart city initiatives and sophisticated surveillance programs for national security would increase the use of video analytics throughout the area. Global Video Analytics Market expansion in nations like China and India, as well as the huge changes anticipated in the ICT sector in the next years, are both being driven by the retail business.
Since there are so many vendors offering video content analytics solutions and services, Europe is expected to grow rapidly. In order to create sustainable technology, European nations are focused their efforts on fusing ICT, transportation, and energy. Key market participants in this space are concentrating on new product launch tactics in order to increase their product portfolios.
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Rising Demand for Real-Time Event Detection
Lack of Necessary Database Infrastructure and Rising Cybercrimes
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The Global Video Analytics market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability.
Top Player's Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Video Analytics Market Analysis, In the upcoming years, the market is likely to be shaped by the emergence of BI and analytics, AI and cloud-enabled solutions, ML, and computer vision that greatly improve the global video analytics market. One of the key factors driving the market is the expansion of smart city development. The advent of smart cities is predicted to increase the demand for linked devices and video monitoring in municipal structures.
|Market size value in 2021||USD 5.12 billion|
|Market size value in 2028||USD 20.7 billion|
|Forecast period||2022 -2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Video Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Video Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Video Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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