Video Analytics Software Market helps the authorities to determine any crime or any suspicion of crime on time with evidence. No more people are required at different places and authorities can work with less burden and can focus on more important tasks.
Covid-19 Impact & Market Status
It has been observed that COVID- 19 had a huge effect on all industries and it even affected the behavior of the consumer on a worldwide basis. Likewise, COVID-19 had a negative influence on Video Analytics Software Market which has a huge impact on large enterprises and small enterprises worldwide. There was a disturbance in the supply chain which led to a shift of focus of companies to supply critical infrastructure to mission-critical end uses. There was an increase in the use of drones by police officers in order to monitor violators and the density of crowds.
Video Analytics Software Market by Deployment Model (On- Premises Segment)
Based on Deployment Model, it has been evaluated that the On-Premises segment will dominate the market in the upcoming years of the forecast period. It is a delivery model in which the software is installed and operated from the in-house server of the customer and its infrastructure of computing.
Video Analytics Software Market by Application (Facial Recognition Segment)
Based on the Application, it has been evaluated that the Facial Recognition segment will dominate the market in the upcoming years of the forecast period. It is due to the facility it provides that it becomes easy to recognize the faces of people by making the comparison between live captured images and digital images which are stored in a data repository.
Video Analytics Software Market based on Region
It has been evaluated that Asia- Pacific will have the major share of the market in the upcoming years of the forecast period. It is due to the increase in awareness regarding the threats of potential security to individuals and growing manufacturing businesses.
There is a need to enlarge the market as it acts as a powerful tool that facilitates our work and learning, including the way people communicate with each other. There are a lot of comforts provided through this software like online classes, students can learn from anywhere without having a huge impact on their studies. People can work from anywhere and attend meetings.
Video Analytics Software Market has a few amazing benefits. It helps in the analysis of the performance of players in any game. It helps to evaluate individuals and their behavior. It helps to analyze any kind of suspected action and take action on time before anything bad happens.
Video Analytics Software Market refers to the capability of evaluating video automatically in order to detect or determine events that are temporal and spatial. It processes the signal of digital video by making use of a special algorithm to perform a function that is security-related.
In 2022, the size of the market of Video Analytics Software Market is USD 7.17 Billion whereas it is predicted that the size of the market of Video Analytics Software Market by 2029 will be USD 20.42 Billion, and the expected Compound Annual Growth Rate (CAGR) is 23.51% in the forecast period.
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The main aim of Video Analytics Software is to detect temporal and spatial events which are in the video automatically such as a person who is moving suspiciously, not obeying the rules of traffic, any sudden appearance of smoke and flames, making the athletes have a look on their performance and better analyzation of results, and many more.
There are some limitations to the Video Analytics Software Market. The major issue of this market is the interoperability of surveillance systems and it hampers the growth of the market by making the evaluation difficult and time-consuming for a large volume of CCTV. There is a lack of standardization which makes various processes like integration, view, and exchange of data from different systems difficult to be done.
In context with this, this report gives a detailed analysis of various leading Video Analytics Software Market vendors, which involve IBM, intuVision, Honeywell, Avigilon, Axis Communications, Genetec, IntelliVision, Gorilla Technology, and Cisco. Likewise, the research study of the industrial Video Analytics Software Market consists of particulars on upcoming trends, opportunities, scope, and extortions that will disturb the process of the market. This study is filled with details in order to provide support to firms to exploit and strategize on any upcoming opportunities related to growth.
Latest Innovations in the Video Analytics Software Market: A Snapshot
• In May 2021, there was a partnership between Cisco Meraki and Kloudspot in order to aid the business firms in providing safe and smart places to work for their employees and their customers.
• In April 2021, mylnvenio, an Italian company of process mining software, was acquired by IBM. This was done in order to provide customers with a suite that is comprehensive of AI-powered automation capabilities.
• In April 2020, there was an announcement by Axis Communications To expand its research and office of development for the development of software in Linkoping, Sweden.
Video Analytics Software Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2029 |
| Study Period | 2020-2029 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2029 | USD 20.42 Billion |
| Growth Rate | CAGR of 23.51% during 2019-2029 |
| Segment Covered | Application, Type, Component, Deployment Model, Vertical, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | IBM, intuVision, Honeywell, Avigilon, Axis Communications, Genetec, IntelliVision, Gorilla Technology, Cisco & among others. |
Key Segments of the Video Analytics Software Market
Application Overview (USD Billion)
- Facial Recognition
- Traffic Monitoring
- Incident Detection
- People or Crowd Counting
- Intrusion Management
- Automatic Number Plate Recognition
- Others
Type Overview (USD Billion)
- Edge-Based
- Server-Based
Component Overview (USD Billion)
- Services
- Software
Deployment Model Overview (USD Billion)
- On- Premises
- Cloud
Vertical Overview (USD Billion)
- Education
- Banking and Financial Services
- Manufacturing
- Retail
- Critical Infrastructure
- Government and Defense
- Hospitality and Entertainment
- Transportation and Logistics
- Others
Regional Overview (USD Billion)
North America
- U.S
- Canada
South America
- Mexico
- Brazil
- Rest of South America
Europe
- Germany
- France
- UK
- Rest of Europe
The Middle East and South Africa
Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
Frequently Asked Questions (FAQ) :
The video analytics software market is growing at a CAGR of 23.51% over the forecast period.
The application of the video analytics software market Facial Recognition, Traffic Monitoring, Incident Detection, People or Crowd Counting, Intrusion Management, Automatic Number Plate Recognition and other.
The top companies that hold the market share in video analytics software market are IBM, intuVision, Honeywell, Avigilon, Axis Communications, Genetec, IntelliVision, Gorilla Technology, Cisco & among others.