Global Video Analytics Market Research Report: Forecast (2024-2030)

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 & Analysis: Global Video Analytics Market (2024-30)

The Global Video Analytics Market is anticipated to witness around 23.3% CAGR during the forecast period, i.e., 2024-30. 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.

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 video analytics market growth during 2024-30.

Global Video Analytics Market Driver:

Snowballing Requirements for Real-Time Incident Detection - Video analytics software helps generate instantaneous warnings across numerous business sectors and improve situational awareness. It may assist in the detection, classification, & tracking of behavioral patterns and specified objects in live or recorded video streams. High-performance capabilities of such solutions can help transform standard surveillance networks into intelligent detection & alert systems for automobiles, people, & static objects.

Moreover, many private/public or government entities are establishing numerous network lines to compute critical videos for better analytics. Furthermore, real-time event detection has aided in reducing crimes, thefts, & other criminal activities, coupled with the overall social condition & international trade climate. Hence, all aspects cited above are projected to drive the market during 2024-30.

Global Video Analytics Market Growth Challenge:

Lack of Proper Infrastructure & Associated Security Threats - For comprehensive automated identification & tracking systems, large-scale video analytics solutions are combined with massive databases, infrastructures, & surveillance systems. Inadequate database architecture leads to sloppy data logs and, in turn, mistakes in video processing & tracking. The lack of well-designed database architecture for such solutions restricts the accuracy of image & video analysis when relying on sensors & software, along with their range of the optical spectrum. Such factors might act as challenge for the market in the coming years.

Global Video Analytics Market Latest Trend:

Increasing AI Integration in Video Analytics Solutions - The use of Artificial Intelligence (AI)-powered VA solutions is rapidly growing worldwide. The AI Global Surveillance (AIGS) Index is being actively used by government agencies to monitor traffic congestion and oversee smart energy metering by utilizing AI-based camera systems. AI & Deep Learning remain the essential technologies for video analytics, successfully converting live or recorded video into structured data that can provide meaningful & quantifiable insights.

Ongoing algorithm research & development will continue to make data extraction & analysis more efficient & accurate, and innovation in this field will continue. AI-enabled VA offers a wide range of solutions, such as Human Action Recognition, Anomaly Detection, Contextual Understanding, Emotion Recognition, Wide Area Surveillance, Video Search & Summarization, etc.

Global Video Analytics Market (2024-30): Segmentation Analysis

The Global Video Analytics Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024–2030 at the global, regional, and national levels. Based on the analysis, the market has been further classified as:

Based on Application:

• Incident Detection
• Intrusion Management
• People/Crowd Counting
• Traffic Monitoring
• ANPR
• Facial Recognition
• Others (AR and Ego-Motion Estimation)

Of them all, People/Crowd Counting is projected to hold the largest share of the Video Analytics Market during 2024-30. Crowd counting & management is a tedious task for police departments or government agencies at any event. In such situations, the combination of cutting-edge surveillance systems with video processing capabilities provides end-users with real-time situational alerts. Video Analytics is highly beneficial for identifying suspicious actions, prominent statistics & trends in the crowd, and estimating crowd size. Hence, it plays a significant role in crowd management.

Furthermore, facial recognition is anticipated to experience the fastest market growth over the forecast years, owing prominently to the increasing demand for video analytics technology for fraud detection in visas & passports, attendance tracking & management, and criminal identification.

Based on Vertical:

• Banking, Financial Services, & Insurance (BFSI)
• City Surveillance
• Critical Infrastructure
• Education
• Hospitality & Entertainment
• Manufacturing
• Defense and Border Security
• Retail
• Traffic Management
• Transportation and Logistics
• Others (Healthcare & Life Sciences, Construction)

Here, the retail sector holds the largest market share, owing to the mounting need for tracking consumer behavior, buying & selecting habits, and time spent by each customer. Moreover, the retail sector is focusing actively on deploying innovative solutions to enhance security & customer experience. Hence, most retail businesses are implementing VA technology since it is highly beneficial for several applications, including security & advertisements in retail. Moreover, it also plays a crucial role in sending customized ads to identified shoppers, which further helps them attract more customers & increase their revenue.

On the other hand, the demand for such solutions in the transport & logistics sector is also rising at a notable pace. In this vertical, video analytics offers various benefits like behavior analysis, improved safety measures, blind spot detection, & incident recording. It can contribute significantly to the enhancement & betterment of the transport & logistics sector for commuters while providing improved safety benefits. It offer various features, such as facial recognition, object tracking, unidentified object detection, cargo & train carriage recognition, and intelligent traffic monitoring. These features can help transportation & logistics companies prevent disasters & detect potential threats.

Global Video Analytics Market Regional Projection

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

Of all regions globally, North America is likely to acquire the largest share of the Video Analytics Market during 2024-30. The emergence of cutting-edge technologies, the extensive presence of leading market players like Honeywell International Inc., IBM Corporation, Cisco Systems, and others, and the excessive adoption of CCTV cameras in several settings like street corners, universities, schools, private homes, etc., especially across the US & Canada, are the prime aspects expected to drive the regional market in the forecast years.

In the region, most sites have multiple cameras that generate a massive volume of footage. The US has an extremely high penetration of surveillance cameras, where private-sector retail & commercial establishments like hotels, restaurants, & office complexes are the major end-users. After the unfortunate 9/11 incident, the entire region has been witnessing a substantial deployment of advanced IP cameras.

Additionally, most law enforcement agencies are leveraging those for real-time response & post-event investigation, and the collected data is also being utilized extensively for urban planning & traffic optimization. Furthermore, remarkable advances in AI-based solutions with enhanced efficiencies have led to the mounting adoption of smart home security cameras by businesses to gather non-security-related insights, especially in smart city applications. Hence, these aspects are boding well for the North American market and creating lucrative prospects for the leading industry players.

On the other hand, Asia-Pacific is expected to register the fastest market growth in the coming years. Smart city initiatives financed by governments of different countries in the region and advanced surveillance programs for national security are likely to augment the adoption of VA technologies and boost the regional market. The rapidly expanding retail industry, combined with significant changes projected in the ICT sector of countries like China & India in the future, are other crucial aspects expected to drive the Video Analytics Market in Asia-Pacific over the forecast years.

Global Video Analytics Industry Recent Developments 

• On 5 January 2023, Bosch added Flexidome 5100i fixed cameras integrated with Deep Learning video analytics and designed for building security using IVA Pro (Intelligent Video Analytics Pro) Buildings Pack. They support reliable intrusion detection and accurate people counting in crowded areas, especially in & around buildings.
• In September 2022, Honeywell launched the latest iteration of its Pro-Watch Integrated Security Suite, Pro-Watch 6.0 & Pro-Watch Video Management System (VMS) R750, along with the 35 Series cameras that provide a greater emphasis on cybersecurity & compliance. These higher-resolution IR cameras can cover larger areas, both day & night, with smart human & vehicle motion detection to reduce false alarms.

Gain a Competitive Edge with Our Global Video Analytics Market Report

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