The video analytics market size is projected to reach US$ 28.71 billion by 2031 from US$ 5.64 billion in 2023. The market is expected to register a CAGR of 22.6% during 2023–2031. The growing adoption of IP-based security systems in public safety applications and the development of advanced systems for precision monitoring are likely to be the key drivers and trends of the market.
The video analytics market is experiencing significant growth globally. This growth is attributed to factors such as the growing adoption of IP-based security systems in public safety applications and the development of advanced systems for precision monitoring. Moreover, the integration of new technologies and integration of real-time technologies is anticipated to hold several opportunities for the market in coming years.
Video analytics process video in real time and transform it into intelligent data. They automatically generate descriptions of what is happening in the metadata. They are utilized to detect and track objects which also could be categorized as vehicles, persons, and other objects in the video stream. Video analytics is a practical solution to reviewing hours of surveillance video to identify incidents that are significant to what you are looking for.
Video surveillance in the present day is more than just monitoring, recording and storage. With changing society and increasing threat scenarios, video surveillance has gained importance across the globe. The increase in demand for IP-based security cameras has encouraged the robust growth of the video analytics industry, which has introduced a new era of smart surveillance and data-oriented observations. The inclusion of IP cameras and video analytics fundamentally transforms the security landscape in several ways, including Improved accuracy and precision, threat detection in real-time, enhanced cost-effectiveness and resource allocation optimization, business intelligence and data analysis, Integration with IoT and cloud technologies, and ensuring compliance with rules and regulations.
Real-time video analytics is a powerful, cutting-edge technology that leverages advanced algorithms and computational power to analyze video streams instantaneously. This transformative capability enables systems to extract meaningful insights from live video feeds, making it invaluable across various industries. Recent improvements in video analytics have been a game-changer, ranging from applications that monitor traffic jams and alerts in real-time to others that analyze customers’ flow in retail to maximize sales, along with other more well-known scenarios such as facial recognition or smart parking.
Key segments that contributed to the derivation of the video analytics market analysis are component, deployment, application, and vertical.
The geographic scope of the video analytics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the video analytics market. High technology adoption trends in various industries in the North American region have fuelled the growth of the video analytics market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American video analytics market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of video analytics market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the video analytics market.
The regional trends and factors influencing the Video Analytics Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Video Analytics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 5.64 Billion |
| Market Size by 2031 | US$ 28.71 Billion |
| Global CAGR (2023 - 2031) | 22.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Video Analytics Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Video Analytics Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The video analytics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the video analytics market are listed below:
The “Video Analytics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The expected CAGR of the video analytics market is 22.6%.
The global video analytics market is expected to reach US$ 28.71 billion by 2031.
The integration of real time technologies is anticipated to drive the market in the forecast period.
The key players holding majority shares in the global video analytics market are Avigilon Corporation, AXIS COMMUNICATIONS, Agent Video Intelligence Ltd., Honeywell International Inc., AllGoVision Technologies Pvt. Ltd, Hangzhou Hikvision Digital Technology Co, Dahua Technology Ltd., Huawei Technologies Co. Ltd., NEC Corporation, BriefCam Ltd.
The growing adoption of IP-based security systems in public safety applications and the development of advanced systems for precision monitoring are some of the factors driving the video analytics market.
North America is anticipated to dominate the video analytics market in 2023.