The Video Analytics market size was valued at USD 4.55 billion in 2019, and is projected to reach USD 37.72 billion by 2030, growing at a CAGR of 21.2% from 2020 to 2030.
Growing concerns over safety & security, and need to obtain actionable insights from vast amount of video data generated from several video sources are the major factors driving the video analytics market growth.
Video analytics enable processing large amount of digital video signals using special algorithms to perform security-related functions. Video analytics solutions can capture and identify various types of events, including detection of traffic and queue, counting of crowd and vehicles, monitoring dwell time in shopping aisles and more using motion detection, facial recognition, and heatmap among others. Increasing demand of video surveillance in airports, manufacturing facilities, government & public sector institutions, and others for processing large amount of data generated through video surveillance is the major factor driving the growth of video analytics market. However, lack of necessary database infrastructure and latent security threats impedes the global video analytics market growth to some extent.
Based on component, the market is classified into software and services. By deployment, the market is categorized into on-premise and cloud. By organization size, the market is bifurcated into large enterprises and small & medium enterprises. By application, the market is divided into retail, healthcare, BFSI, transportation & logistics, government, manufacturing, mining, and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and RoW.
Geographically, North America is dominant and holds lion share of the global video analytics market. This is advent due to the presence of key players and the new strategies adopted by them in order to uplift their businesses. However, Asia Pacific is anticipated to witness steady rise in the growth in global video analytics market. This is due to the presence of emerging economies and expanding population. Video analytics plays a crucial role in ensuring the safety and security of this growing population and provides better crowd management in public gatherings.
Browse Key Industry Insights from the Report, “Video Analytics Market by Component (Software and Services), Deployment (Cloud and On-Premises), Organization Size (Small & Medium Enterprises and Large Enterprises), and Application (Retail, Healthcare, BFSI, Transportation & Logistics, Government, Manufacturing, Mining, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2030.”
According to the report, the global video analytics market is dominated by the key players such as AllGoVision Technologies Pvt. Ltd, Aventura Technologies, Inc., Axis Communications AB, Cisco Systems, Inc., Honeywell International, Inc., IBM Corporation, Intellivision, PureTech Systems, Inc., Verint Systems, Inc., and Quognify.
- This study presents the analytical depiction of the global video analytics market trends and future estimations to determine the imminent investment pockets.
- A detailed analysis of the video analytics market size and segments measures the potential of the market. These segments outline the favorable conditions for the market.
The report Video Analytics market- segmented by component, organization, application and geography
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