Video Analytics Market SWOT and PEST Analysis 2021-2031
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.
Video Analytics Market Analysis
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 Market Overview
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.
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Video Analytics Market: Strategic Insights
Market Size Value in US$ 6,624.9 million in 2022 Market Size Value by US$ 21996.0 million by 2028 Growth rate CAGR of 22.1% from 2022 to 2028. Forecast Period 2022-2028 Base Year 2022
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Video Analytics Market: Strategic Insights
| Market Size Value in | US$ 6,624.9 million in 2022 |
| Market Size Value by | US$ 21996.0 million by 2028 |
| Growth rate | CAGR of 22.1% from 2022 to 2028. |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Video Analytics Market Drivers and Opportunities
Growing Adoption of IP-based Security Systems is Public Safety to Favor Market
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.
Increasing integration of real-time applications.
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.
Video Analytics Market Report Segmentation Analysis
Key segments that contributed to the derivation of the video analytics market analysis are component, deployment, application, and vertical.
- Based on component, the video analytics market is divided into solution and services. The solution segment is anticipated to hold a significant market share in the forecast period.
- Based on deployment, the video analytics market is divided into on-premise and cloud-based. The radiation hardening by design (RHBD) segment is anticipated to hold a significant market share in the forecast period.
- By application, the market is segmented into crowd management, facial recognition, intrusion detection, license plate recognition, motion detection, and others. The crowd management segment is anticipated to hold a significant market share in the forecast period.
- By vertical, the market is segmented into BFSI, education, hospitality and entertainment, manufacturing, defense and border security, retail, transportation and logistics, and others. The BFSI segment is anticipated to hold a significant market share in the forecast period.
Video Analytics Market Share Analysis by Geography
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.
Video Analytics Market Report Scope
Video Analytics Market News and Recent Developments
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:
- Claro Enterprise Solutions, the global integrator specializing in managing secure-by-design cybersecurity and information technology solutions, announced the launch of its AI Video Analytics product, powered by Iveda, the global solution provider for AI video and sensor technologies, to offer an innovative and invaluable tool for enhancing vigilance in public spaces, including school campuses. (Source: Claro Enterprise Solutions, Company Website, May 2023)
- AI in video surveillance is transforming how businesses approach security. Bosch Building Technologies is investing in proactive and intelligent solutions for security and business optimization supporting secure environments in and around buildings, perimeters, and traffic. (Source: Bosch, Company Website, July 2024)
Video Analytics Market Report Coverage and Deliverables
The “Video Analytics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Video analytics market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Video analytics market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Video analytics market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the video analytics market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Deployment, Application, and Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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