video analytics Market

The video analytics market size was valued at US$ 6,624.9 million in 2022 and is projected to reach US$ 21996.0 million by 2028; The video analytics market share is expected to grow at a CAGR of 22.1% from 2022 to 2028.

Leading players in the video analytics market are continuously enhancing their offerings to stay competitive and address customers' evolving needs. This has resulted in the integration of cutting-edge technologies such as artificial intelligence, deep learning, and machine learning into video analytics software. These advanced solutions provide autonomous real-time monitoring and analysis of video content, as demonstrated by Sprint's "Curiosity Smart Video Analytics," which combined technologies from Hitachi Vantara and Ericsson in August 2019. By incorporating these technologies, video analytics solutions can significantly increase accuracy and reduce false alarms, which have been a challenge in surveillance. Additionally, machine learning can aid in the accurate classification of images and objects, among other capabilities. As a result, the integration of these advanced technologies is driving new trends in the video analytics market.

The presence of numerous security providers and high incidence of security breaches in North America make it a promising market for video analytics. Additionally, the region is known for its rapid adoption of advanced technologies, further fueling market growth. In recent years, governments in North America have intensified their security efforts in response to increasing concerns about protecting critical infrastructure and national borders. The United States and Canada, in particular, are major players in North America, with safeguarding essential infrastructure being a top priority for both countries' administrations. This emphasis on security is driving growth in the video analytics market in the region.

The video analytics market in North America is further driven by the strong presence of major corporations that require high-level security surveillance systems. The growth is also supported by the availability of technical and technological expertise, increasing demand for real-time actionable information, and a surge in the need for advanced public safety infrastructure. The rise in the number of crimes and accidents has resulted in an increased demand for modern video surveillance systems. To meet this demand, companies in the market are collaborating to provide intelligent security solutions. In addition, the market is also expanding due to the entry of new players such as Retailnext and Capillary Technologies, who provide video analytics services through Wi-Fi identification of mobile devices and data from point-of-sale systems.

The adoption of video surveillance systems in Europe has been fueled by the growth of communication networks in recent years, which has facilitated the deployment of IP surveillance technology. In addition, the need for advanced video surveillance systems has been highlighted by the occurrence of terrorist activities, particularly in large cities. The increasing demand for smart city creation and the generation of a significant volume of unstructured video data are also contributing to the development of the video analytics market in Europe. To meet these requirements, market players are providing customized and sophisticated video analytics solutions.

The Asia Pacific region has witnessed an increasing deployment of video analytics solutions owing to the growing penetration of the internet and heightened adoption of surveillance systems for security purposes. Furthermore, the significant economic growth in developing nations has contributed to the expansion of the video analytics market in Asia Pacific. The infrastructural development in countries such as China and India has resulted in an increase in the demand for video surveillance systems. Businesses in the region recognize the importance of video analytics in optimizing their operations. Moreover, the reduced cost of CCTV security system packages, attributed to the decline in video camera costs, has fueled the demand for video analytics solutions in price-sensitive countries such as India, China, and South Korea.

The increase in criminal incidents and terrorist activities is driving the adoption of video surveillance systems in the South America (SAM) region. The largest share of video surveillance adoption in this region is attributed to Brazil, which is experiencing a surge in sales of IP surveillance equipment. As a result of this growth, Indigo Vision, a major video security firm, is planning to provide video surveillance cameras to the Sao Paulo International Airport in Brazil.

The video analytics market is classified into two components: software and services. Video analytics solutions are deployed in two categories: on-premise and cloud-based. Video analytics applications are segmented into various categories, including facial recognition, motion detection, crowd management, license plate recognition, intrusion detection, and others. The video analytics market is further divided by vertical into several sectors: defense and border security, manufacturing, hospitality and entertainment, retail, transportation and logistics, education, BFSI, and others. Geographically, the market is segmented into different regions, including North America (comprising Canada, Mexico, and the US), Europe (comprising France, Germany, Italy, Russia, the UK, and the Rest of Europe), APAC (comprising Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific), the MEA (comprising South Africa and the Rest of the Middle East & Africa), and SAM (comprising Argentina, Brazil, and the Rest of South and Central America).

The global video analytics market size has been determined using a combination of primary and secondary research methodologies. The research process began with extensive secondary research using internal and external sources to gather qualitative and quantitative information related to the market. This approach aimed to obtain an overview and forecast for the video analytics market across all segments. Furthermore, multiple primary interviews were conducted with industry experts and commentators, including VPs, business development managers, market intelligence managers, and national sales managers. External consultants, including valuation experts, research analysts, and key opinion leaders, with specialized knowledge of the video analytics market were also consulted during the research process. The purpose of these interviews was to validate the data and gain additional analytical insights into the topic.