Meticulous Research®—a leading global market research company, published a research report titled, ‘Video Analytics Market by Component (Software and Services), Application (Facial Recognition, People Counting, ANPR, Video Telematics), and End-use Industry (BFSI, Education, Healthcare, Retail, Manufacturing, Government)—Global Forecast to 2029’.
According to this latest publication from Meticulous Research®, the global video analytics market is expected to reach $19.3 billion by 2029 at a CAGR of 21% during the forecast period 2022–2029. The concern for security & surveillance for the safety of the public & property is constantly growing. To address this concern, several governments are adopting advanced technologies with improved efficiency for the surveillance of the demarcated areas.
The COVID-19 pandemic has accelerated the demand for video analytics software for face mask recognition and monitoring of the crowd with required social distancing. Also, healthcare facilities are adopting new video analytics solutions to manage their hospitals more efficiently. Furthermore, with the growing development of smart cities across the world, where there is added focus on security & surveillance, the demand for video analytics is expected to grow in the coming years.
The technological advancement in the field of artificial intelligence, deep learning, and machine learning has enabled video analytics to offer more accurate results, thereby improving the efficiency of the end-use industries. The advancement in computer vision technology has increased the demand for real-time video analytics and facial recognition system at military units, law enforcement agencies, and enterprises due to quick, assertive decision-making.
Considering the growth of the video analytics market, major players are increasing their market presence with expansion, investment, and technological upgradation. For instance, in June 2021, AllGoVision Technologies Pvt. Ltd. announced that GMR Hyderabad International Airport Limited (India) has started using its advanced queue management solution that uses artificial intelligence to determine queue count, waiting, and service time to enhance passenger safety.
The video analytics market is segmented based on component, application, deployment mode, end-use industry, and geography. This study also evaluates industry competitors and analyzes the market based on countries.
Based on component, the video analytics market is segmented into software and services. In 2022, the software segment is expected to account for the largest share of the video analytics market. The growth in the adoption of video analytics during the lockdown has positively impacted the demand for video analytics software in the healthcare, government, and education sectors. In addition, video analytics software help minimizes glitches pertaining to object identification, face/mask recognition, remote monitoring, etc.
Based on application, the video analytics market is segmented into facial recognition, intrusion & access control, object & pattern detection, people counting, crowding & flow management, automatic number plate recognition (ANPR) system, video telematics, and vehicle counting. The people counting segment is expected to account for the largest market share in 2022. The use of video analytics for people counting has been widely adopted during the pandemic.
For maintaining social distancing, end-use industries such as healthcare, banking, financial services, & insurance (BFSI), retail, and government offices have widely adopted video analytics to keep track of the number of people entering the premises at one point in time. However, video telematics is expected to become the fastest growing segment during the forecast period. The high market growth of this segment is attributed to factors such as driver’s behavior, in-fleet monitoring, vehicle usage, and reduction in accident-related costs.
Based on deployment mode, the video analytics market is segmented into on-premise and cloud-based. In 2022, the cloud-based deployment segment is expected to account for the largest share of the video analytics market due to factors such as easy deployment, management, and use.
Cloud technology offers lower upfront capital expenditure, broad network access, flexibility, scalability & technology evolution, cyber security, and remote access & reliability. In comparison to the on-premise servers, cloud-based servers are highly economical and secured with the latest firewalls. Due to these factors, the cloud-based deployment segment is projected to grow at the fastest CAGR during the forecast period.
Based on end-use industry, the video analytics market is segmented into BFSI, education, healthcare, government, aerospace & defense, manufacturing, retail, automotive, transportation & logistics, and agriculture. In 2022, the BFSI segment is estimated to account for the largest market share due to the growing adoption of video analytics in banks, financial institutes, and insurance companies. This sector has adopted video analytics for crowd management, people counting, facial recognition, and intrusion & access control.
However, the healthcare segment is slated to become the fastest growing segment during the forecast period. In the healthcare sector, video analytics provides quick response to threats, improved monitoring of facilities, increased security, situational awareness, and operational efficiency.
Based on geography, the video analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is estimated to account for the largest market share due to large adoptions of video analytics in regional industries such as healthcare, government, retail, and manufacturing. However, the Asia-Pacific region is slated to register the fastest CAGR during the forecast period. The growing number of smart cities in countries such as China, India, South Korea, Singapore, and Japan is driving the adoption of video analytics for surveillance & security. These factors are expected to drive the growth of the video analytics market during the forecast period.
The key players operating in the video analytics software market include AllGoVision Technologies Pvt. Ltd (India), Axis Communications AB (Sweden), Cisco Systems, Inc. (U.S.), Honeywell International, Inc. (U.S.), IBM Corporation (U.S.), IntelliVision (U.S.), Verint Systems, Inc. (U.S.), Huawei Technologies Co., Ltd. (China), Gorilla Technology Group, Inc. (R.O.C.), i2v Systems Pvt. Ltd. (India), ADT, Inc. (U.S.), Agent Video Intelligence Ltd. (U.S.), IntuVision, Inc. (U.S.), Avigilon Corporation (Canada), Stanley Convergent Security Solutions, Inc. (U.S.), Eagle Eye Networks (U.S.), and Milestone Systems A/S (Denmark).
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