Global Video Analytics Market

Global Video Analytics Market Size, Share, Growth Analysis, By Component(Software, Services), By Deployment(On-premise, Cloud), By Application(Crowd Management, Facial Recognition), By Industry(BFSI, Government (Smart cities) - Industry Forecast 2024-2031

Report ID: SQSG45I2014 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 125 | Figures: 77

Global Video Analytics Market Dynamics

Video Analytics Market Driver

Rising Demand for Real-Time Event Detection

  • The ability of analytics-integrated video software to analyze life or previously recorded video streams in order to find, categorize, and follow behavior patterns and preset objects has become a major industry driving force. Standard surveillance networks may be transformed with the use of intelligent detection and alarm systems for cars, stationary objects, or people using real-time video analytics with high-performance capabilities. Real-time event detection has contributed to a decline in thefts, crimes, and other criminal activity while also enhancing social conditions and the environment for international trade, which has fueled the expansion of the global video analytics market.

Video Analytics Market Restraint

Lack of Necessary Database Infrastructure and Rising Cybercrimes

  • Extensive database infrastructure is drained during the economic collapse in the I.T. industry of both developed and emerging nations as emerging businesses look for efficiency and boost operating costs and security standards. Due to a lack of well-designed database architecture for video analytics, the accuracy of analytics produced from image and video data is constrained in the global video analytics market. During the forecast period, these factors are anticipated to constrain the expansion of the global video analytics market. The proliferation of cyberattacks and data breaches on mobile devices, IoT devices, and video security cameras limits industry expansion. Videos kept in open cloud storage may be handled improperly by cloud service providers, causing the original video content to leak. The growing number of data breaches in the cloud will probably restrict industry expansion.
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FAQs

Global Video Analytics Market size was valued at USD 4.46 billion in 2019 and is poised to grow from USD 5.5 billion in 2023 to USD 35.6 billion by 2031, growing at a CAGR of 23.1% in the forecast period (2024-2031).

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. 'IBM Corporation', 'Cisco Systems, Inc.', 'Honeywell International Inc.', 'Avigilon Corporation', 'Axis Communications AB', 'Agent Vi Ltd.', 'Aventura Technologies, Inc.', 'Intellivision Technologies Corporation', 'Milestone Systems A/S', 'PureTech Systems, Inc.', 'Qognify, Inc.', 'Verint Systems Inc.', 'Viseum International Ltd.', 'BriefCam Ltd.', 'iOmniscient Pty Ltd.', 'Ipsotek Ltd.', 'KiwiSecurity Software GmbH', 'Digital Barriers Plc.', 'Genetec Inc.', 'AllGoVision Technologies Pvt Ltd.'

The ability of analytics-integrated video software to analyze life or previously recorded video streams in order to find, categorize, and follow behavior patterns and preset objects has become a major industry driving force. Standard surveillance networks may be transformed with the use of intelligent detection and alarm systems for cars, stationary objects, or people using real-time video analytics with high-performance capabilities. Real-time event detection has contributed to a decline in thefts, crimes, and other criminal activity while also enhancing social conditions and the environment for international trade, which has fueled the expansion of the global video analytics market.

Organizations may obtain precise and complex analyses of films due to the rising accessibility of high-resolution cameras, such as 4K or 8K. High-resolution films make it easier to recognize and analyze objects and people in crowds, set off alerts when specific criteria are fulfilled, filter and search movies, and more correctly derive information from video metadata. In the next years, the market is projected to be driven by the launch of high-definition cameras by industry participants with improved capabilities.

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.

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