Market Definition
Video analytics is the automated processing & analysis of video material generated, acquired, or monitored by computers during surveillance. Through analytics of monitored surroundings, the computer distinguishes traits, events, patterns, and attributes of individuals or objects, while ignoring irrelevant behaviors. Industry monitoring, city surveillance, and social media generate large amounts of unstructured video data. Moreover, this software can also be used for analyzing, organizing, & communicating video data insights to help in decision-making.
Market Insights
The Global Video Analytics Market is anticipated to witness around 23.3% CAGR during the forecast period, i.e., 2023-28. The security & surveillance sector is crucial in a variety of application areas. With the introduction of smarter & more powerful IP/network cameras, the surveillance business has undergone a paradigm shift in the previous few years. The rising adoption of VA technology is driven principally by various government initiatives across different regions worldwide for establishing a reliable infrastructure to prevent crimes & boost security awareness.
When combined with recognition or detection software, video analytics technology proves to be highly beneficial in improving safety, operations, and security. This aspect has pushed the adoption of such software for several applications, including facial recognition, motion detection, traffic control, and intrusion detection. Among the different types of software used in the market, detection holds the largest share due to its extensive use in both government & non-government applications.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 23.3% |
| Regions Covered | North America: US, Canada, Mexico |
| Europe: Germany, The UK, France, Spain, Italy, Rest of Europe | |
| Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific | |
| South America: Brazil | |
| Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA | |
| Key Companies Profiled | Avigilon, Cisco, Axis Communications, Agent VI, AllGoVision, Aventura Systems, Genetec, i2V, IntelliVision, intuVision, PureTech Systems, Qognify, Honeywell, IBM, iOmniscient, BriefCam, Digital Barriers, IPSOTEK, Gorilla Technology, Bosch Security |
| Unit Denominations | USD Million/Billion |
Moreover, the global market is also being accelerated with the increasing demand for real-time event detection. Video analytics software helps deliver instant alerts and improve situational awareness across various business domains. It can also help categorize and track behavior patterns & pre-defined objects in recorded video streams. Hence, these aspects, coupled with the mounting adoption of AI-enabled video analytics systems, are projected to boost the global market in the coming years.
The adoption of AI technology in VA systems is quickly rising worldwide. For improving video clarity, government agencies are actively opting for AI-based video systems to monitor traffic congestion and using the AI Global Surveillance (AIGS) index to monitor smart energy metering. Furthermore, massive investments by governments worldwide & their increased focus on public safety has enabled them to use & analyze unstructured video surveillance data in real-time. It has resulted in a significant reduction in crimes caused by surveillance cameras, which, in turn, is likely to augment the overall market growth during 2023-28.
