Video Analytics Market Size to grow by USD 16.86 billion between 2023-2027
According to a research report “ Video Analytics Market” by End-user (Government sector, Commercial sector, Banking and financial services, Traffic management sector, Others) Deployment (On-premise, Cloud) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 16.86 billion, at a CAGR of 22.54% during the forecast period. In today's business landscape, video analytics has become an indispensable tool for enhancing operational efficiency and ensuring the optimization of supply chains. By analyzing video footage in real-time, this technology assists system operators in making informed decisions and improving their effectiveness. Unusual activities are highlighted, enabling operators to respond swiftly and effectively. With an increasing number of surveillance cameras installed across various sectors, the integration of video analytics and camera systems reduces reaction time during emergencies and enhances overall security and productivity. Video analytics is a valuable investment for businesses seeking to streamline operations, minimize risks, and maximize returns..
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By End-user, the Government sector segment is projected to dominate the market size in 2024
In the government sector, video analytics technology plays a pivotal role in managing and analyzing data for enhanced security of facilities. This technology collects and processes data from various sources, including unstructured data and live feeds, to increase situational awareness in military bases and other government premises. Video analytics systems facilitate the integration and optimization of resources, enabling the efficient monitoring and securing of areas. By collating, filtering, and analyzing data, these systems provide valuable insights for improving overall security and operational efficiency.
By Deployment, On-premise segment is expected to hold the largest market size for the year 2024
The on-premise segment holds a significant market share in the global video analytics landscape in 2022. On-premise video analytics solutions are installed and operated on an organization's own systems, contrasting cloud-based alternatives. This setup allows businesses to maintain full ownership of their data and operations, as they are not reliant on external servers. The implementation of video analytics is increasingly prevalent in urban, retail, mobile, and workplace settings for data-driven decision-making. Additionally, the video surveillance industry leverages video analytics for risk mitigation, hazard assessment, and monitoring purposes.
North America is forecasted to hold the largest market size by region in 2024
The North American video analytics market is projected to experience substantial growth due to the region's advanced infrastructure, which has resulted in a mature market. The gap between the demand for and supply of video analytics infrastructure is relatively smaller compared to developing and emerging markets. However, the market is facing challenges from outdated cameras in various sectors, including residential, commercial, and banking, which use obsolete technologies. To address these challenges, the adoption of advanced video analytics-enabled cameras is increasing, offering benefits such as efficient crowd management and enhanced security on-premises.
The Video Analytics Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Video Analytics Market is experiencing significant growth due to the increasing demand for advanced security and business intelligence solutions. Post-analysis of video data is a key trend in this market, allowing retailers to identify shrinkage and improve loss prevention through heat mapping, tripwire counting, loitering detection, and camera tampering alerts. Ad spending in the video analytics market is driven by the adoption of facial recognition technology, access control, and perimeter defense systems. The market is also witnessing the rise of on-premise and edge computing devices, enabling real-time analysis and interoperability with IoT devices and AI capabilities. However, interoperability complexities and the need for edge technologies to handle large data volumes pose challenges. Macro-economic factors such as inflation and geopolitical tensions can also impact market growth. Intelligent cameras using deep learning and AI capabilities are becoming increasingly popular for applications such as crowd counting, aggression detection, and intrusion detection, contributing to the edge-based architecture of the video analytics market.
Market Research Overview
The Video Analytics Market is experiencing significant growth due to the increasing deployment of CCTV cameras and security cameras in public spaces, as part of smart city efforts. Advanced technologies like facial identification, image classification, and object classification are driving business intelligence in various sectors, including retail and transportation & logistics. International and domestic firms are investing heavily in video analytics solutions to gain actionable insights from petabytes of video data generated by IP-based security cameras. However, high setup costs, false alarms, and accuracy concerns are key market restraining factors. AI and machine learning capabilities are essential for reducing false alarms and improving accuracy. IT skills and infrastructure are necessary for implementing and managing these intelligent systems. Key market opportunities include real-time video analytics for event detection, motion detection, and incident detection. Small & medium enterprises and large enterprises are adopting video analytics for various applications, such as perimeter intrusion detection, access control, and forensic analysis. The retail sector is leveraging video analytics for shrinkage analysis, heat mapping, and ad spending. Facial recognition technology is improving customer experience, theft analysis, and loss prevention. Cloud and on-premise solutions offer flexibility, while access control and interoperability ensure security and seamless integration. The transportation & logistics industry is using video analytics for crowd density, people counting, human traffic flow, tripwire counting, loitering detection, and camera tampering. Government & defense and critical infrastructure sectors are utilizing video analytics for face indexing, audience profiling, and perimeter defense. Edge technologies, such as edge computing devices and IoT devices, are enabling advanced AI capabilities at the edge. Macro-economic factors, including inflation, geopolitical tensions, and rising interest rates, may impact market growth. Smart city projects are driving the adoption of video analytics for transportation, security, and public safety.
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Jesse Maida
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Email: media@technavio.com
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