Video analytics is beneficial for monitoring video streams in near real-time. While video monitoring, video analytics helps analyze the events or specific behavior patterns in a monitored environment, thereby enabling users to analyze insights obtained from the data and make smart and better decisions.
According to MarkNtel Advisors, the Global Video Analytics Market is likely to witness around 23.3% CAGR during the forecast period, i.e., 2021-26. The market growth primarily attributes to the surging adoption of Video Analytics, which owes to its ability to identify real-time actions, helping end-users get valuable insights & alerts, coupled with the burgeoning security & safety concerns.
Additionally, a burgeoning trend of constructing smart cities shall also lead to spur the installation of video analytics solutions, thereby propelling the market growth across the globe, further states the research report, “Global Video Analytics Market Analysis, 2021.”
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, The UK, France, Spain, Italy|
|Asia-Pacific: China, India, Japan, South Korea, Australia|
|South America: Brazil|
|Middle East & Africa: UAE, Saudi Arabia, South Africa|
|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|
Global Video Analytics Market Growth Spurred Amidst COVID-19
The COVID-19 crises have rapidly shifted consumers' focus on public safety & security. Hence, the demand for installing Video Analytics across hospitals, retail shops, & other public sites increased for contact tracing, physical distancing management, and face mask detection amid the pandemic.
Further, the need for installing video analytics in organizations is increasing significantly to adhere to the public safety norms relating to physical distancing, face masking, building occupancy, and sanitation. Hence, the demand for video analytics is likely to grow and fuel the overall market growth in the post COVID situation, too.
People/Crowd Counting to Dominate the Global Video Analytics Market During 2021-26
Based on the Application, the market bifurcates into Incident Detection, Intrusion Management, People/Crowd Counting, Traffic Monitoring, ANPR, Facial Recognition, and Others, including AR and Ego-Motion Estimation. Of them all, People/Crowd Counting is more likely to dominate the market during 2021-26. The counting & management of people is a tedious task for police departments or government at any event. In such cases, the integration of surveillance systems and video analytics provides real-time alerts in critical situations. Also, it helps identify suspicious activities & patterns of the crowd. Hence, these factors are likely to lead the segment to attain the dominant share and boost the market in the coming years, states MarkNtel Advisors in their research report, “Global Video Analytics Market Analysis, 2021.”
Software Segment Held the Largest Share of Global Video Analytics Market
Based on the Component, the market divides into Software & Services. Of both, Software acquired the largest share in the Global Video Analytics Market in the previous few years. The segment growth owes to the increasing implementation of video analytics software across various public & private organizations. Additionally, the surging requirement for situational insights is another crucial aspect that led the segment to attain the largest market share.
North America Attained the Largest Market Share
Geographically, North America dominated the Global Video Analytics Market in the previous few years due to rapidly expanding end-user industries in the region. Furthermore, the growing consumer consciousness regarding safety & security is also responsible for augmenting the demand for video analytics in North America. Additionally, the launch of innovative technologies and the abundant presence of leading market players like Cisco in the region are other key aspects that accelerated the regional market.
Rising Security Concerns to Boost the Global Video Analytics Market
The demand for video analytics is increasing significantly, mainly due to the rising security concerns & need for security products. The mounting adoption of video surveillance and the proven ability of video analytics technology in safety & security sectors are the prime aspects likely to drive the Global Video Analytics Market in the forecast years. The various benefits of video analytics, including motion detection, facial recognition, intrusion detection, & traffic management, shall augment the demand for video analytics, thereby boosting the overall market in the coming years.
High Cost & Rising Privacy Concerns May Impede the Market Growth
The excessively high price associated with the initial installments and maintenance of video analytics negatively impacts their sales. Also, large-scale video analytics integrates with massive infrastructure and databases to offer proper insights. Therefore, the lack of necessary infrastructure is another hindrance to market growth. Besides, privacy issues and high investments required to increase the network capacity are other aspects that could hamper the market growth.
According to MarkNtel Advisors, the leading industry players in the Global Video Analytics market are 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, and Bosch Security.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The Global Video Analytics Market is forecast to grow at a CAGR of 23.3% during 2021-26.
A. 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 are a few of the leading players in the Global Video Analytics Market.
A. The Software segment is likely to attain the highest CAGR and maintain its significant market share during the forecast period.
A. North America continues to grow at the highest CAGR during 2021-26, thereby presenting immense opportunities to market players of the Global Video Analytics Market.
A. The increasing adoption of advanced video surveillance solutions, rising concern regarding security & safety, and rapid expansion of smart city growth are the major factors fueling the market growth.
A. The outbreak of the COVID-19 pandemic has positively impacted the growth of the Global Video Analytics Market, owing principally to the rising security concerns and surging need for security products.