The video analytics market has experienced exponential growth, rising from $6.88 billion in 2023 to $8.25 billion in 2024, with a CAGR of 20.0%. This remarkable increase is driven by heightened security concerns, the need for retail optimization, traffic management solutions, public safety, and operational efficiencies across industries. The market is projected to expand further, reaching $17.14 billion by 2028, with a CAGR of 20.0%. Growth factors include the integration of video analytics in smart cities, retail enhancement, and compliance with health and safety standards. Notable trends to watch include emotion and sentiment analysis, IoT sensor integration, automated license plate recognition, real-time crowd monitoring, and customizable open architecture solutions.
Major Driver In The Video Analytics Market
The anticipated decline in crime rates attributed to the widespread use of surveillance cameras is expected to drive the growth of the video analytics market. Surveillance cameras play a crucial role in securing infrastructure by generating a substantial volume of videos. Video analytics aids in crime reduction by automatically tracking and extracting reliable insights from video frames, minimizing the risk of negligence or human errors. A 2021 systematic review of rigorous studies in the US and UK on the crime prevention impact of CCTV highlighted significant reductions in crimes, particularly thefts and robberies, in focal areas. Notably, public transport schemes witnessed a 23% reduction, and car parks experienced a remarkable 50% or more decrease. Therefore, the expected drop in crime rates facilitated by surveillance cameras is poised to propel the growth of the video analytics market, with market sizes for 2023, 2024, and 2028 playing a crucial role in understanding the market's trajectory.
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Video Analytics Market Competitive Landscape
Huawei Technologies Co Ltd., Intell Vision Technologies Corp, IBM Corporation, Cisco Inc., Honeywell Inc., Hangzhou Hikvision Digital Technology Co Ltd., Motorola Solutions Inc., Dahua Technology Co Ltd., Axis Communications AB, Avigilon Corporation, Verint Systems Inc., Calipsa Ltd., Genetec Inc., Vivotek Inc., Bosch Security and Safety Systems I Global, Synectics plc, Qognify Inc., BriefCam Ltd., Gorilla Technology Group Inc., PureTech Systems Inc., Aventura Technologies Inc., Kairos Technologies Inc., Camio Inc., KiwiSecurity Services Ltd., Sighthound Inc., Citilog Inc., Agent Video Intelligence Inc., Solink Corporation, AllGoVision Technologies Pvt Ltd., Viseum Limited
Key Video Analytics Market Trend
Technological advancements are a key trend gaining popularity in the video analytics market. Major players in the market are focusing on advanced technologies to lead the market. For instance, in September 2022, Dallmeier Electronic GmbH & Co. KG, a Germany-based manufacturer of video security technology, introduced Sedor AI, artificial intelligence-based video analytics for maritime applications. Sedor AI software is designed to detect watercraft on open water surfaces in normal conditions as well as difficult environmental conditions such as waves and water reflections. The software application helps port operators and refineries to protect against unauthorized access from the waterside and associated risks such as terrorist attacks and piracy and it also complies with legal regulations such as the ISPS (International Ship and Port Facility SecurityCode).
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Video Analytics Market Segmentation
The video analytics market covered in this report is segmented –
1) By Component: Software, Services
2) By Organization Size: Small And Medium Enterprises, Large enterprise
3) By Deployment Model: On-Premise, Cloud
4) By End User: BFSI, Retail, Critical Infrastructure, Transportation And Logistics, Hospitality And Entertainment, Defense And Security, Other End-users
By Geography:The regions covered in the video analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the video analytics market in 2023.
The Video Analytics Global Market Report 2024 furnishes information about the global video analytics market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
