According to our new research study on "Video Analytics Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Deployment, Application, Vertical, and Geography," the video analytics market size is projected to reach US$ 21,996.0 million by 2028 from US$ 6,624.9 million in 2022; the video analytics market share is estimated to grow at a CAGR of 22.1% from 2022 to 2028.
The video analytics market is expected to experience significant growth during the forecast period due to the rising adoption of IP-based security systems for public safety applications. The use of IP-based surveillance systems, high-resolution IP cameras, and network video recorders in video management systems has become increasingly prevalent. This trend is supported by the growth of IP infrastructure, an increase in information density, and a demand for remote access. In response, companies in the video analytics market are expanding their product portfolios to include IP-based security cameras with integrated video analytics functions. For example, Bosch recently launched "IP 3000i Cameras" that feature a built-in video analytics system. The integration of IP-based security cameras with video analytics enables remote access, smart data capture, intrusion detection, crowd management, and facial recognition, among other features. The use of IP-based security cameras in retail spaces for behavior analytics and demographics is also contributing to the growing need for video analytics solutions across various sectors.
The COVID-19 pandemic has led to increased security and surveillance concerns in North America, with governments relying on video analytics technologies to monitor the situation. Even as businesses have reopened in 2021, there is still a need for continuous monitoring to ensure adherence to hygiene and social measures. To address this, Honeywell International, Inc. has partnered with the Airport Innovation Lab at San Diego International Airport to test their Pro-Watch Video Management System. This system uses advanced video analytics technology, such as deep learning and artificial intelligence, to monitor whether people are adhering to social distancing and mask-wearing mandates. The system is highly precise and can filter and notify authorities of non-compliance instances, helping to improve airport health and safety.
Key Findings of Study:
The global video analytics market is analyzed by geography, and it is divided into five significant regions, namely, North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). North America has a leading position in the market due to the presence of security providers and a high frequency of security breaches globally, indicating significant potential for the growth of the video analytics market in this region. Moreover, North America's reputation for adopting advanced technologies quickly complements the market growth. The governments in the region have reinforced their security efforts in recent years in response to increasing concerns about protecting vital infrastructure and national borders. The US and Canada are the major countries in North America, where safeguarding critical infrastructure is the top priority for the administrations, contributing to the video analytics market growth in the region..
The utilization of video surveillance systems in Europe has significantly increased in recent years, thanks to the expansion of communication networks and the implementation of advanced technologies, such as video analytics. The demand for IP surveillance technology has risen due to the need for stronger security measures in large cities, particularly in response to terrorist activities. Additionally, the trend towards creating smart cities and the generation of vast amounts of unstructured video data have further propelled the development of the European video analytics market. Market players have started providing tailored and advanced video analytics solutions to address these growing demands.
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