Video Analytics Market: Current Analysis and Forecast (2022-2028)

Video analytics refers to the use of computer algorithms and software tools to analyze video footage and extract useful information from it. This technology is used in a wide range of industries, including security, retail, transportation, and sports. Moreover, the increasing demand for video surveillance and security systems, the growing need for business intelligence and insights, and the increasing adoption of artificial intelligence and deep learning technologies will drive the video analytics market. For instance, on February 12, 2020, Motorola Solutions announced the launch of the newest addition to its video security portfolio, the Avigilon H5M camera. Avigilon H5M outdoor camera provides cost-effective security with AI-powered Unusual Motion Detection technology.

The Video Analytics Market is expected to grow at a strong CAGR of 24% during the forecast period owing to the rise of smart cities and the increasing use of video analytics in various applications, such as traffic management, crowd management, and retail analytics, are also expected to contribute to the growth of the video analytics market. The key players have rapidly adopted strategic alliances such as collaboration, partnership, and joint ventures to maintain a competitive edge in the global market. For instance, on February 3, 2021, Openpath, announced a new Video Management System (VMS) partnership integration with Cisco Meraki. Openpath's access control capabilities will be paired with Cisco Meraki's industry-leading cloud-based technology, including smart camera surveillance that delivers data and analytics providing insights that help users make smarter business decisions.

By component, the market is segmented into software, and services. Amongst these, the software segment dominated the video analytics market in 2021. This is mainly due to video analytics relying on advanced algorithms to extract useful information from video data. The video analytics software is designed to analyze and process video data in real-time for detection, tracking, and facial recognition.

On the basis of deployment, the market is bifurcated into on-premises, and cloud. The on-premises held a major share of the video analytics market in 2021. The growth of on-premises video analytics is driven by several factors, including increasing demand for real-time monitoring and surveillance, improved accuracy and reliability of video analytics algorithms, and the need for enhanced security and safety measures.

Based on the application, the market is segmented into crowd management, facial recognition, intrusion detection, license plate recognition, motion detection, and others. Facial recognition is expected to grow with a significant CAGR of the market during the forecast period. The wide implementation of facial recognition technology in security and surveillance systems is the major factor contributing to segmental growth. For instance, In August 2021, GAO reported its findings on facial recognition technology (FRT) activity which found that 18 out of 24 agencies reported using FRT for one or more purposes, with digital access and domestic law enforcement as the most common.

On the basis of industry, the market is segmented into banking, financial services and insurance (BFSI), government, critical infrastructure, education, retail & logistics, travel and transportation, healthcare, and others. Retail & logistics held a significant share of the video analytics market in 2021. With the growth of e-commerce and the increasing demand for fast and efficient delivery, retailers and logistics firms are turning to video analytics to improve their operations and enhance the customer experience. Additionally, video analytics can help retailers detect and prevent theft, identify VIP customers, and improve overall store security.

For a better understanding of the market adoption of the video analytics industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (U.K., Germany, France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Rest of World. North America dominated the video analytics market in 2021 due to the increased demand for video analytics due to technological advancements and overall consumer awareness. For instance, on 19 November 202, Axis Communications announced the launch of AXIS Object Analytics. This intelligent video analytics application offers detection and classification of humans and vehicles tailored to surveillance needs. The wide implementation of real-time video monitoring technology in security and surveillance systems is the major factor contributing to regional growth. Moreover, the increasing demand for advanced security solutions to protect critical infrastructure, public places, and assets in the United States is fueling the growth of the market in the region. For instance, on 21 March 2023, Kisi Inc., the pioneer in cloud-based access control solutions, announced two much-anticipated video-based additions to its suite of access control products.

Some of the major players operating in the market include: Cisco Systems, Inc., Honeywell International Inc., Avigilon Corporation, Huawei Technologies Co., Ltd., Canon Inc., Robert Bosch GmbH, IBM, Genetec Inc., AllGoVision Technologies Pvt. Ltd, intuVision, Inc.