PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1409034
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1409034
Scope of the Report | |
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Years Considered for the Study | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | Value (USD Million/Billion) |
Segments | By Offering, Application, Deployment Model, Type, and Vertical |
Regions covered | North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America |
The video analytics market size is expected to grow from USD 8.3 billion in 2023 to USD 22.6 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period. Growing concerns about security and the need for adequate surveillance in public spaces, critical infrastructure, and commercial establishments drive the demand for the video analytics market. False alarms and lack of reliability are significant challenges for the growth of the video analytics market.
"As per the offering, the services segment is expected to grow at a higher CAGR during the forecast period. "
Video analytics services are becoming increasingly important as the demand for enhanced customer services and market reputation grows. With the rise in surveillance cameras, real-time data capture and video stream analysis have become complex tasks. Businesses require customized video analytics solutions for specific security purposes at certain locations. Training and consulting services help customers understand and use the software with ease. Services are integral to designing, developing, and deploying video analytics systems according to customers' requirements. Integrating video analytics software with pre-existing hardware at the customers' premises requires specialized services. Video analytics providers offer end-to-end services to ensure customer satisfaction and deliver value for money. The services segment includes professional and managed services, such as security design, project management, business continuity planning, and implementation.
"As per vertical, the critical infrastructure vertical to hold second largest market share in 2023."
Critical infrastructure refers to facilities such as oil & gas plants, nuclear power plants, chemical industry sites, and other hazardous locations. These sites can face several issues, such as limited network access, low labor availability, and high-security risks, particularly in remote areas. Video analytics enables continuous monitoring of critical infrastructure. With the increasing demand for highly secure environments and cost-effective video surveillance systems, the adoption of video analytics for critical infrastructure security has significantly increased. At critical sites of infrastructure, continuous monitoring through cameras is necessary. The deployment of high-quality video devices, improved internet bandwidth, and centralized monitoring of multiple cameras have made video analytics software an effective solution for security purposes. Video analytics offers several benefits, including improved perimeter protection and operational efficiency, lower operating expenses, and reduced data storage needs. However, monitoring multiple cameras to detect anomalies such as suspicious behavior and abandoned objects requires a significant workforce.
As per region, Europe is anticipated to witness the second-largest market share during the forecast period.
European countries have adopted video analytics as essential to their overall ICT strategies. These countries use it to improve security, streamline operations, and gain valuable insights from visual data. For instance, cities such as London and Amsterdam have invested significantly in ICT to deploy intelligent video analytics for public safety, traffic management, and event monitoring. By integrating these systems with security surveillance cameras, authorities can efficiently monitor public spaces and respond promptly to security incidents.
Europe has been a target for terror attacks in recent years and will witness more in the coming years. To counter these attacks, governments in European countries are adopting advanced security technologies like video analytics. The region is estimated to have the second-largest share in the video analytics market in 2021 after North America. Countries such as the UK, Germany, and France play a significant role in the European video analytics market, and the trend of adopting video analytics solutions will grow in the coming years.
Note: Others include sales managers, marketing managers, and product managers
Note: The rest of the World consists of the Middle East & Africa, and Latin America
Note: Tier 1 companies have revenues of more than USD 100 million; tier 2 companies' revenue ranges from USD 10 million to USD 100 million; and tier 3 companies' revenue is less than 10 million
Source: Secondary Literature, Expert Interviews, and MarketsandMarkets Analysis
Some of the significant vendors offering video analytics software across the globe include Avigilion (Canada), Axis Communications (Sweden), Cisco (US), Honeywell International Inc.( US), IBM (US), AllGoVision Technologies (India), Genetec Inc. (Canada), IntelliVision (US), Gorilla Technology (UK), Eagle Eye Networks (US), ADT (US), intuVision (US), and Securitas AB (Sweden).
The market study covers the video analytics market across segments. It aims to estimate the market size and the growth potential of this market across different market segments, such as offering, application, deployment model, type, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall video analytics market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.