The market for video analytics is expected to grow from US$ 4.3 billion in 2020 to US$ 17.6 billion by 2027 with a CAGR of over 22.2% during the forecast period from 2020 to 2027.
Global Video Analytics Market, 2020 – 2027 (USD Million)
The automated processing and analysis of video footage generated, gathered, or monitored by computers during video surveillance is known as video analytics. The program recognizes traits, events, patterns, and characteristics of people or objects through visual analysis of monitored surroundings, while discarding irrelevant actions. Unstructured video data is generated in significant quantities by industry monitoring, city surveillance, and social media. Users can also use video analytics software to evaluate, organize, and share video data insights to aid in decision-making.
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During the projection period, the Transport and Logistics vertical will increase at a faster CAGR.
Over the forecast period, transportation and logistics will be one of the fastest-growing verticals. Video monitoring is becoming increasingly important in the transportation and logistics industries. Congestion reduction, behavior analysis, improved safety measures, incident recording, and blind spot detection are just a few of the benefits of video analytics in transportation and logistics. Commuters can benefit from video analytics by strengthening and improving this vertical while also providing increased safety benefits. The various features of video analytics, such as
cargo and train carriage recognition, facial recognition, intelligent traffic monitoring, object tracking and unidentified object detection, can assist transportation and logistics companies in preventing disasters and detecting emerging threats that could lead to infrastructure destruction or fatal vehicle crashes.
During the predicted period, Asia Pacific will expand at the fastest CAGR.
In terms of the number of security providers and the frequency of security breaches, North America leads the world. As a result, North America dominates the global video analytics industry, as it has the most advanced technical adoption and infrastructure. Growing concerns about the security of critical infrastructure and national borders have resulted in increased government involvement in recent years. Because of specific budget allocations, such as the Department of Homeland Security budget, and mandated security laws, North America is expected to be the most profitable market for suppliers from various verticals. In the North American market, the United States and Canada are examined. For both administrations, the most pressing economic and national security issue is the protection of critical infrastructure. Several governments and law enforcement agencies in the United States and Canada are working to improve their security infrastructure. The governments of the United States and Canada are constantly coordinating with law enforcement officials to combat violent extremism and terrorism-related activities.
Global Video Analytics Market key Players:
Some of the market’s major players include Agent Vi, Allgovision, Aventura Systems, Genetec, Intellivision, Intuvision, Puretech Systems, Hikvision, Dahua, Iomniscient, NEC, Huawei, Gorilla Technology, Intelligent Security Systems, Verint, Viseum, Briefcam, Bosch Security, i2V, Digital Barrier, Senstar, and Qognify. To expand their market offerings, video analytics software providers have used a variety of organic and inorganic development techniques, such as new product launches, product upgrades, partnerships and agreements, business expansions, and mergers and acquisitions. Axis Communications joined forces with Genetec’s security centre in March 2019. This integration caters to the needs of medium and large businesses with multiple locations. In March 2021, Honeywell agreed to purchase a majority stake in Fiplex Communications in order to expand its in-building connectivity and communications offerings. Fiplex’s wireless solutions will be compatible with Honeywell’s.
Market Segmentation
Global Video Analytics Market by Component, 2015 – 2027
Global Video Analytics Market by Deployment Model, 2015 – 2027
Global Video Analytics Market by Application, 2015 – 2027
Global Video Analytics Market by Vertical, 2015 – 2027
Global Video Analytics Market by Company
Blog: Target Market Size
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