Demand for real-time video surveillance systems to detect perimeter intrusion in critical facilities is driving the demand for a video analytics market
The global video analytics market is expected to surpass USD 11 billion by 2025 by growing at a CAGR of over 18% during the forecast period 2020-2025. Growing demand for next-gen surveillance systems is likely to drive the market growth. Patter recognition and motion detection are the two key focus areas in video analytics. Motion detection uses pixel analysis algorithms to detect even the slightest movement, whereas pattern recognition is used to distinguish objects in a single video frame.
The growing demand for gaining insights by analyzing video feeds is among the key driving fueling the video analytics market growth. Among the key application, video surveillance holds a significant contribution to video analytics solutions. The ability of the video analytics solution to integrate with the existing system is positively impacting its adoption among end-users. Some of the areas where video analytics solutions are being used include motion detection, facial recognition, number plate recognition, and people counting.
Crowd monitoring is among the key focus areas while deploying video analytics solutions. This is significantly being adopted by retail organizations for efficiently managing customer. Additionally, retailers can leverage video data and gain insights to maximize customer engagement, product interactions, store traffic data as well as can optimize in-store navigation by visualizing trends and understanding how customers move throughout the space.
Despite these benefits, factors such as the inability of the users to identify the outcome of video analytics solutions and implement business intelligence is hindering the growth of video analytics market growth. The crowed monitoring is expected to reach ~4 billion by 2025 and is anticipated to grow at a CAGR of ~16% from 2020 to 2025.
The report also throws light on various aspects of the global Video Analytics industry by assessing the market using value chain analysis. The report covers several qualitative aspects of the Video Analytics industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
The global Video Analytics market has strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
Based on applications, this market covers categories like crowed management, traffic monitoring, intrusion management, incident management others. by 2025, the market for incident management is expected to witness the highest growth rate over the forecast period.
On the geographical front, North America dominated the global video analytics market in 2019 and is expected to do so over the forecast period 2019-2025. This region witnesses a matured market for technology adoption due to advanced IT infrastructure, the presence of many enterprises, and the availability of capable technical expertise. The US and Canada are expected to contribute significantly to the growth of the market in North America.
The key players operating within the global video analytics market are Aventura, Cisco Systems, IBM, Honeywell, PureTech System, IntelliVision, AllGoVision, 3VR, and others. As of 2019, the market for video analytics providers is fragmented with the presence of established global and domestic players across the globe. Moreover, the established companies are coming up with upgraded versions of video analytics with upgraded as well as advanced digital and automation solutions.
Segment Overview of Global Video Analytics Market
Deployment Type Overview, 2018-2025 (USD Billion)
End-user Overview, 2018-2025 (USD Billion)
Application Overview, 2018-2025 (USD Billion)
- Traffic Monitoring
- Crowd Monitoring
- Intrusion Management
- Incident Management
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- South America
- Rest of South America
- Middle East and Africa