ICT-IOT

Video Analytics Market

Global Industry Analysis and Forecast 2024-2031

Pages : 120

Base Year : 2023

Released Year : May 2024

Format :Pdf Ppt Xls

Report ID:KR672

Author : Antriksh P.

Snapshot Icons

Base Year

2023

Snapshot Icons

Forecast Year

2024-2031

Snapshot Icons

Historical Years

2019-2022

Snapshot Icons

Market Value (2023)

USD 8.63 Billion

Snapshot Icons

Forecasted Value (2031)

USD 43.70 Billion

Snapshot Icons

CAGR (2024 - 2031)

22.53%

Snapshot Icons

Fastest Growing Region (2024 - 2031)

Asia Pacific

Snapshot Icons

Largest Region

North America

Snapshot Icons

By Offering

Software, Services

Snapshot Icons

By Deployment

On-Premises, Cloud-based

Snapshot Icons

By Application

Incident Detection, Intrusion Management, People/Crowd Counting, Traffic Monitoring, Facial Recognition, Others


Video Analytics Market Size

The global Video Analytics Market size was valued at USD 8.63 billion in 2023 and is projected to reach USD 43.70 billion by 2031, growing at a CAGR of 22.53% from 2024 to 2031. The video analytics market is witnessing a notable shift toward AI-powered analytics solutions. This trend is primarily being driven by the increasing demand for more intelligent and efficient video processing capabilities. AI and machine learning algorithms enable video analytics systems to automatically analyze vast amounts of video data, identify patterns, and extract meaningful insights in real-time. By leveraging AI-powered analytics, businesses and organizations are enhancing security measures, improving operational efficiency, and gaining valuable business intelligence. Furthermore, the continuous advancements in AI technology are enabling video analytics solutions to deliver more accurate and actionable insights, thereby fostering adoption across various industries.

Video analytics refers to the process of automatically analyzing video footage using advanced algorithms and software to extract valuable insights and data. These insights encompass various tasks, including identifying security threats, monitoring traffic patterns, analyzing customer behavior, and optimizing operational processes. Video analytics solutions encompass a wide range of applications across diverse industries, including security and surveillance, retail, transportation, healthcare, and manufacturing.

Analyst’s Review 

The video analytics market is experiencing robust growth, fueled by several factors, such as increasing security concerns, advancements in technology, and the expansion of smart city initiatives. With the proliferation of surveillance cameras and the rising demand for advanced security solutions, the market presents significant opportunities for vendors offering video analytics products and services. Moreover, the integration of video analytics with IoT devices and cloud-based platforms is driving market growth, enabling organizations to leverage video data for enhanced security, operational efficiency, and business intelligence.

Video Analytics Market Growth Factors

The growing security threats globally are fueling the demand for advanced video analytics solutions for surveillance, access control, and perimeter protection. With increasing concerns regarding terrorism, crime, and public safety, organizations and government agencies are investing heavily in sophisticated video surveillance systems equipped with advanced analytics capabilities. These solutions enable real-time monitoring, proactive threat detection, and rapid response to security incidents, helping mitigate risks and ensure the safety of both people and assets. Furthermore, the integration of video analytics with other security technologies, such as access control systems and intrusion detection systems, enhances security posture, thereby supporting the development of the video analytics market.

High initial costs and integration challenges present significant restraints to video analytics implementation for several organizations. The deployment of video analytics solutions requires substantial investment in hardware, software, and infrastructure, including cameras, servers, storage systems, and analytics software licenses. Additionally, integrating video analytics systems with existing security infrastructure and IT systems is a complex and time-consuming process, requiring specialized expertise and resources. These challenges are deterring organizations from adopting video analytics solutions, particularly small and medium-sized businesses with limited budgets and technical capabilities. Addressing cost and integration challenges is essential to realize the benefits offered by video analytics for enhanced security, operational efficiency, and business intelligence.

Video Analytics Market Trends

The increasing adoption of AI and machine learning for advanced threat detection is a prominent trend shaping the video analytics market landscape. AI-powered algorithms enable video analytics systems to analyze vast amounts of video data quickly and accurately, detecting anomalous behavior, identifying potential security threats, and alerting security personnel in real-time. Machine learning algorithms continuously learn and adapt to evolving threats, thereby enhancing the effectiveness of video analytics solutions progressively. As organizations seek more intelligent and proactive security solutions, the integration of AI and machine learning technologies into video analytics platforms is becoming increasingly prevalent. This trend is fostering innovation in the video analytics market, enabling vendors to deliver more sophisticated and reliable security solutions to meet the evolving needs of customers.

Segmentation Analysis

The global video analytics market is segmented based on offering, deployment, application, and geography.

By Offering

Based on offering, the market is categorized into software and services. The software segment dominated the market with a significant share of 65.38% in 2023. Software-based video analytics platforms offer flexibility, scalability, and customization options, allowing organizations to tailor their analytics capabilities to their specific needs and requirements. Additionally, advancements in AI, machine learning, and computer vision technologies have significantly enhanced the capabilities of software-based video analytics solutions, leading to their widespread adoption across security, surveillance, and business intelligence applications. As organizations seek more intelligent and efficient ways to analyze video data, the demand for software-based video analytics solutions is expected to grow, thereby supporting the expansion of the segment.

By Deployment

Based on deployment, the market is bifurcated into on-premises and cloud-based. The cloud-based segment in the video analytics market is projected to experience the highest growth rate of 22.78% over the forecast period due to the increasing adoption of cloud computing technologies across diverse industries. As a result, organizations are increasingly migrating their video analytics operations to the cloud for enhanced scalability, agility, and cost-effectiveness. Cloud-based video analytics platforms offer centralized management, real-time access to video data, and seamless integration with other cloud services, making them highly attractive for organizations seeking modern and efficient video analytics solutions. Additionally, the proliferation of IoT devices and the need for edge-to-cloud video analytics solutions are fueling the demand for cloud-based video analytics platforms.

By Application

Based on application, the market is classified into incident detection, intrusion management, people/crowd counting, traffic monitoring, facial recognition, and others. The facial recognition segment garnered the highest revenue of USD 2.58 billion in 2023 in the video analytics market. Facial recognition technology offers advanced biometric authentication capabilities, enabling organizations to enhance security measures, streamline identity verification processes, and deliver personalized customer experiences. The technology finds extensive applications in security and surveillance, access control, retail, banking, and healthcare sectors, which is supporting the growth of the segment. Additionally, continuous advancements in facial recognition algorithms, coupled with the integration of AI and machine learning technologies, are enhancing the accuracy and reliability of facial recognition solutions, fostering the segment outlook.

Video Analytics Market Regional Analysis

Based on region, the global video analytics market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

Video Analytics Market Size & Share, By Region, 2024-2031

North America secured the highest market share of 33.00% in 2023, primarily fueled by the strong presence of key market players, technological advancements, and widespread adoption of video analytics solutions across various industries. The region's robust economy, coupled with stringent regulations and security standards, has propelled the demand for advanced video surveillance and analytics solutions to address security threats and ensure public safety. Furthermore, the increasing deployment of video analytics solutions across diverse sectors such as government, transportation, retail, and healthcare has contributed to North America's dominance in the global marketplace. This regional market growth is expected to be fueled by ongoing investments in security infrastructure, technological innovation, and the growing awareness of the benefits offered by video analytics solutions.

Europe is poised to experience significant growth at a CAGR of 22.03% between 2024 and 2031,. This growth is driven by an increasing focus on enhancing security measures and addressing emerging security threats, leading to a surge in demand for advanced video analytics solutions. With rising concerns regarding terrorism, cybercrime, and public safety, European countries are investing heavily in sophisticated surveillance and analytics technologies to safeguard critical infrastructure, public spaces, and borders.

Moreover, the adoption of video analytics solutions is rising across various industries in Europe, including retail, transportation, healthcare, and banking. Organizations are utilizing video analytics to improve operational efficiency, enhance customer experiences, and gain actionable insights into their business operations. Additionally, the integration of video analytics with other emerging technologies such as IoT, AI, and cloud computing is regional fueling market growth, enabling European businesses to utilize data for strategic decision-making and competitive advantage. As a result, the European video analytics market is poised to witness significant expansion in the forthcoming years.

Competitive Landscape

The global video analytics market study will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Manufacturers are adopting a range of strategic initiatives, including investments in R&D activities, the establishment of new manufacturing facilities, and supply chain optimization, to strengthen their market standing.

List of Key Companies in Video Analytics Market

  • Cisco Systems, Inc.
  • Motorola Solutions, Inc. (Avigilon)
  • Honeywell International Inc.
  • Claro Enterprise Solutions, LLC
  • Bosch Sicherheitssysteme GmbH
  • Axis Communications AB
  • AllGoVision Technologies Pvt. Ltd
  • Genetec Inc.
  • Gorilla Technology Group
  • Eagle Eye Networks

Key Industry Developments 

April 2024 (Launch): Axis Communications introduced the latest iteration of AXIS Object Analytics, a set of AI-driven analytics tools that convert video data into actionable intelligence. This suite addresses various security, safety, and operational challenges by providing instantaneous real-time insights, enabling prompt decision-making and response.

November 2023 (Expansion): Eagle Eye Networks set up a new data center in Riyadh, Saudi Arabia, designed specifically for video surveillance, cybersecurity, and AI applications. This dedicated facility aimed to enhance security measures and deliver valuable insights into business operations, reinforcing its commitment to excellence in security services.

May 2023 (Expansion): Gorilla Technology inaugurated its new office in Chennai, India. With strategic expansion plans in place, the company aims to establish itself as a global center of excellence. This facility will focus on specialized research, product customization, implementation, and solution services across various business units, encompassing IoT, cybersecurity, video analytics, airgap networks, and smart cities.

The Global Video Analytics Market is Segmented as:

By Offering

  • Software
  • Services

By Deployment

  • On-Premises
  • Cloud-based

By Application

  • Incident Detection
  • Intrusion Management
  • People/Crowd Counting
  • Traffic Monitoring
  • Facial Recognition
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • U.K.
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
CHOOSE LICENCE TYPE
CUSTOMIZATION OFFERED
  • Check Icon Additional Company Profiles
  • Check Icon Additional Countries
  • Check Icon Cross Segment Analysis
  • Check Icon Regional Market Dynamics
  • Check Icon Country-Level Trend Analysis
  • Check Icon Competitive Landscape Customization
  • Check Icon Extended Forecast Years
  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global market is projected to reach USD 43.70 billion by 2031, growing at a CAGR of 22.53% from 2024 to 2031.
The global market was valued at USD 8.63 billion in 2023.
The global market is currently experiencing robust growth, fueled by factors such as increasing security concerns, advancements in technology, and the expansion of smart city initiatives.
Top manufacturers of video analytics market are Cisco Systems, Inc., Motorola Solutions, Inc. (Avigilon), Honeywell International Inc., Claro Enterprise Solutions, LLC, Bosch Sicherheitssysteme GmbH, Axis Communications AB, AllGoVision Technologies Pvt. Ltd, Genetec Inc., Gorilla Technology Group, Eagle Eye Networks, among others.
Asia-Pacific is the fastest growing region with the CAGR of 23.58% in the forecasted period (2024-2031) with the market value forecasted to reach at USD 10.36 billion in 2031.
By deployment, cloud-based will hold the maximum share in the video analytics market with the revenue value of USD 34.88 billion in 2031.
Get the latest!

Get actionable strategies to empower your business and market domination

  • Deliver Revenue Impact
  • Demand Supply Patterns
  • Market Estimation
  • Real-Time Insights
  • Market Intelligence
  • Lucrative Growth Opportunities
  • Micro & Macro Economic Factors
  • Futuristic Market Solutions
  • Revenue-Driven Results
  • Innovative Thought Leadership