Global Video Analytics Market Size, Share, Growth Analysis, By Component, By Deployment, By Application, By Industry(BFSI, Government - Industry Forecast 2022-2028

Global Video Analytics Market size was valued at USD 4.46 billion in 2021 and is poised to grow from USD 5.5 billion in 2022 to USD 35.6 billion by 2030, growing at a CAGR of 23.1% in the forecast period (2023-2030).

The industry is home to a number of significant global rivals, which is fueling the growth of the global market for video analytics. The use of cloud services and security infrastructure, which is widely accepted in a variety of industries, including BFSI, city surveillance, critical infrastructure, education, hospitality and entertainment, manufacturing, defence and border protection, retail, traffic management, transportation and logistics, and others, are the main factors influencing the adoption of video analytics solutions among businesses and SMEs. Growing economies in APAC and MEA are predicted to offer new opportunities for market vendors. The need for alternate business strategies is highlighted by the current economic slowdown brought on by COVID-19. Utilising cloud computing and video analytics technologies from the global video analytics industry is essential for organisations to boost security.

Top-down and bottom-up approaches were used to estimate and validate the size of global Video Analytics Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Segments covered in this report

The Global Video Analytics Market is segmented based on the Component, Deployment, and region. Based on the Component, the Global Video Analytics Market is segmented as Software and Services. Based on the Deployment, the Global Video Analytics Market is segmented as On-premise and Cloud. Based on the Application, the Global Video Analytics Market is segmented as Crowd Management, Facial Recognition, Intrusion Detection, License Plate Recognition, Motion Detection, and Others. Based on the Industry, the Global Video Analytics Market is segmented as BFSI, Government (Smart cities, law enforcement), Critical Infrastructure, Education, Retail, Healthcare, Travel and Transportation, and Others. Based on Region Video Analytics Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Driver

Demand for Real-Time Event Detection is increasing

A significant market driving force is the ability of analytics-integrated video software to examine real-time or previously recorded video streams in order to discover, classify, and follow behaviour patterns and predefined objects. Using real-time video analytics with high-performance capabilities, conventional surveillance networks may be converted to include intelligent detection and alarm systems for moving vehicles, stationary objects, or humans. Real-time event detection has improved social circumstances and the atmosphere for international trade while also helping to reduce thefts, crimes, and other criminal behaviour. This has spurred the growth of the worldwide video analytics industry.

Restraints

Growing cybercrimes and a lack of necessary database infrastructure

In the I.T. sector of both developed and developing countries, extensive database infrastructure is depleted as new enterprises seek efficiency and raise operational expenses and security standards. The global market for video analytics is hampered by a lack of well-designed database architecture, which limits the accuracy of analytics derived from picture and video data. These elements are projected to limit the global video analytics market's growth throughout the forecasted period. Industry growth is constrained by the prevalence of cyberattacks and data breaches on mobile devices, IoT devices, and video security cameras. The original video material of videos stored in open cloud storage may leak if cloud service providers handle them improperly. The expansion of the industry will likely be hampered by the increasing frequency of data breaches on the cloud.

Market Trends

Due to the increasing availability of high-resolution cameras, such as 4K or 8K, organisations may acquire exact and intricate assessments of films. High-resolution movies make it simpler to identify and analyse crowds of people and objects, trigger alarms when certain conditions are met, filter and search movies, and more accurately derive information from video metadata. The market is anticipated to be driven in the next years by the introduction of high-definition cameras by market players with enhanced capabilities