The Video Analytics Market has been growing rapidly, driven by advances in artificial intelligence (AI) and machine learning (ML), as well as the increasing need for enhanced security and operational efficiency.

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A recent Infinium Global Research report dives deep into the video analytics market, analyzing global and regional segments and sub-segments. It examines the influence of short- and long-term drivers, restraints, and macro indicators on this market. This comprehensive report offers insights into trends, forecasts, and dollar values for the video analytics market on a global scale. Notably, the report predicts a promising future with a projected Compound Annual Growth Rate (CAGR) of 21.01% for the global video analytics market over the forecast period of 2024-2032.

Video analytics refers to the automated processing and analysis of video footage to extract meaningful data, insights, and actionable information. This technology is used across various sectors, including security, retail, transportation, and healthcare, to improve decision-making, enhance security measures, and optimize operations.

The video analytics market is experiencing a surge in demand due to several factors. Automation in video tracking and management is a major driver, with industries like banking, retail, and manufacturing all looking to streamline security and monitoring processes.  Furthermore, the growing popularity of IP-based security cameras and heightened concerns about safety and security are fueling market growth.

However, there are also challenges.  An increase in false alarms triggered by bad weather or poor lighting conditions, as well as the high upfront cost of installation, can act as deterrents.

Looking ahead, the market holds promise. The use of advanced technologies like artificial intelligence and machine learning combined with video analytics is creating exciting possibilities. Businesses are increasingly seeking actionable insights and intelligence, and edge-based analytics that can recognize and profile applications are in high demand. These trends are expected to be significant contributors to future market growth.

Recent Development

The video analytics market is undergoing a period of consolidation and expansion. In 2021, major players like Atos SE acquired Ipsotek to bolster their AI-powered video analytics offerings, while Senstar Corporation partnered with IPVideo to integrate advanced threat detection features into existing security systems. Similarly, Cisco's acquisition of Modcam in 2020 highlights the growing demand for detailed video analysis across various industries. These developments underline the market's potential for growth and diversification.

The report goes on to explain that the global video analytics market is further segmented by factors like type, deployment method, application, industry focus, and company size. This segmentation allows for a more granular analysis of the market, pinpointing areas of slower growth and providing valuable insights for businesses making strategic decisions about video analytics applications.

Market Dynamics

Drones are playing an increasingly important role in video analytics. The Federal Aviation Administration reports a surge in drone registrations, with over 441,000 used commercially.  These flying machines can access difficult-to-reach areas for inspections and create stunning 360-degree time-lapse videos by capturing high-resolution images from every angle – a capability beyond traditional cameras.

This technology is also having a significant impact on the transportation and logistics sector.  Video analytics with drones offers numerous benefits, including reducing congestion, analyzing behavior patterns for improved safety, recording incidents, and detecting blind spots.  Logistics and transportation companies can leverage these capabilities, such as facial recognition, object tracking, and unidentified object detection, to prevent accidents, identify potential threats to infrastructure, and ensure the safety of both personnel and cargo.  Overall, the combination of drone technology and video analytics is revolutionizing various industries.

Market Segmentation:

Type: This segment is divided into software and services. Software solutions encompass the core video analytics functionalities, while services focus on implementation, training, and ongoing maintenance.

Application: This segment explores the various uses of video analytics. Common applications include intrusion management for security purposes, incident detection for proactive response, people/crowd counting for optimizing resource allocation, and traffic monitoring for improved flow and safety.

Deployment Mode: This segment analyzes how video analytics systems are deployed. On-premises solutions offer greater control but require upfront investment in hardware and IT infrastructure. Cloud-based solutions provide scalability and flexibility but may have ongoing subscription costs.

Verticals: This segment examines the diverse industries adopting video analytics. It includes sectors like Banking, Financial Services and Insurance (BFSI), city surveillance, critical infrastructure protection, hospitality and entertainment venues, educational institutions, retail and consumer goods businesses, traffic management, and other emerging applications.

Regional Analysis

North America: A Secured Market with Room for Expansion

North America is projected to remain a dominant player in the global video analytics market throughout the 2024-2032 forecast period. This dominance is driven by the ongoing need for advanced security and automated monitoring solutions that surpass traditional CCTV camera systems. The aftermath of the 9/11 attacks significantly increased video surveillance camera installations, creating a fertile ground for video analytics adoption. However, with a mature market landscape, North America's growth might be more strategic, focusing on integrating advanced functionalities and optimizing existing infrastructure.

Asia Pacific: A Growth Engine Fueled by Diverse Applications

The Asia Pacific region is anticipated to be a significant growth engine for the video analytics market during the 2024-2032 period.  India, in particular, is expected to witness a surge in video analytics adoption, especially in the transportation sector. Here, the technology can address critical concerns regarding railway security and passenger safety. Beyond transportation, video analytics is likely to find applications in various sectors across the Asia Pacific region, driven by factors like increasing urbanization, rising security concerns, and growing government investments in smart city initiatives.

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Competitive landscape

• Aventura Technologies Inc.
• Genetec Inc.
• IntelliVision Technologies Private Ltd. (or IntelliVision)
• intuVision Inc.
• PureTech Systems Inc.
• Cisco Systems Inc.
• Honeywell International Inc.
• IBM Corporation
• Axis Communications AB
• Avigilon Corporation

Future outlook

The video analytics market is poised for significant growth, driven by the increasing demand for actionable insights from ever-growing data volumes. Government investments in public safety infrastructure and advanced technologies are expected to further propel the market forward. However, several challenges need to be addressed to maintain this momentum.

High upfront costs associated with hardware, storage, and bandwidth remain a hurdle for some users. Additionally, reliability issues, false alarms, and difficulties managing video analytics in remote locations can hinder adoption.

Looking ahead, partnerships with established players can help ease the cost burden for new entrants. The development of advanced software features like intrusion management, traffic monitoring, facial recognition, and incident detection will contribute to market growth. Notably, the ongoing COVID-19 pandemic has also driven demand for video analytics as governments implement stricter surveillance measures and health monitoring solutions.