Video Analytics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Video Analytics MarketThe video analytics market size was valued at USD 8.37 billion in 2023, and the market is now projected to grow from USD 10.25 billion in 2024 to USD 52.67 billion by 2032, exhibiting a CAGR of 22.7% during the forecast period of 2024-2032.
COVID- 19 pandemic has tremendously affected the complete world. It enhanced the implementation of analytics integrated scrutiny systems, CCTV cameras, and video streaming services.Businesses, comprising healthcare, marketing, construction, management, and tourism, augmented the habit of surveillance cameras for public safety, mask obedience, and gathering density management. This surge in demand is projected to motivate market development in the upcoming years as organizations prioritize safety measures and investigation technologies.
Increasing safety concerns universally, has intensified the necessity for improved surveillance systems. Immediate analytics with high-performance abilities can convert standard surveillance networks used in smart recognition and vigilant systems for vehicles, static objects, or individuals. Immediate event recognition has helped in decreasing crimes, robberies, and other felonious happenings while improving the overall social surroundings and global trade environment. This factor has projected to boost the video analytics market growth.
The increasing demand for high-resolution cameras is anticipated to motivate the development of the video analytics market. The high-resolution videos benefit to identify and examine stuffs/persons in the crowd, trigger alarms when certain circumstances are seen. Technological improvements and innovation motivate unique proceeds augmenting opportunity which will upsurge the market growth.
Comprehensive Analysis of Video Analytics Market
The market can be segmented in various ways depending on the focus of study such as by end users and by application. Each sector has precise characteristics and growth factors depending on technological progressions, regional security needs, and industry-specific requirements. This segmentation benefits in understanding the varied applications and acceptance rates of video analytics across different sectors and regions. Based on the application, the market is segmented into crowd management, facial recognition, license plate recognition, motion detection, intrusion detection, and others), By Deployment, on premise, cloud. By end-user, the market is segmented into large enterprises, and small and medium enterprises.
North America region is dominating the video analytics market share due to presenting innovative technologies. The high attention of market leaders contributes to the region's foremost position by inspiring innovation and positioning of innovative solutions.
Players in the market are involved in partnerships and collaborations to fortify their business and upsurge their customer base. They target to form intelligent video content analytics solutions using Machine Learning (ML), Artificial Intelligence (AI), and cloud technologies. These players include Cisco System, Inc. (U.S.),Avigilon Corporation (Motorola Solutions, Inc.) (U.S.), Honeywell International Inc. (U.S.), Huawei Technologies Co Ltd. (China), Qualcomm Technologies, Inc. (U.S.), Claro Enterprise Solutions (U.S.), IBM Corporation (U.S.), Canon Inc. (Japan), Robert Bosch GmbH (Germany), Irisity AB (Sweden), Genetec Inc. (Canada), AllGoVision Technologies Pvt Ltd. (India), IntuVision Inc. (U.S.) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.
In May 2023, VinAI collaborated with Qualcomm Technologies, Inc. through the launch of GaurdPro, an AI-powered safety and compliance solution personalized for smart cities. This solution emphases on real-time monitoring of residential and commercial buildings in smart cities, pointing to enhance safety measures and confirm compliance with regulations.
Segmentation Table
TRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate Growth rate of 22.7% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By Application
Crowd Management
Facial Recognition
License Plate Recognition
Motion Detection
Intrusion Detection
Others (Traffic monitoring, Item Detection, People Tracking)
By Deployment
On-premise
Cloud
By Enterprise Type
Large Enterprises
Small and Medium Enterprises (SMEs)
By Industry
BFSI
Government (Smart Cities, Law Enforcement)
Critical Infrastructure
Education
Retail
Travel and Transportation
Healthcare
Others (Mining, others)
By Region
North America (By Application, By Deployment, By Enterprise Type, By Industry, By Country)
-U.S. (By Application)
-Canada (By Application)
Europe (By Application, By Deployment, By Enterprise Type, By Industry, By Country)
-U.K. (By Application)
-Germany (By Application)
-France (By Application)
-Rest of Europe
Asia Pacific (By Application, By Deployment, By Enterprise Type, By Industry, By Country)
-China (By Application)
-India (By Application)
-Japan (By Application)
-Southeast Asia (By Application)
-Rest of Asia Pacific
Middle East & Africa (By Application, By Deployment, By Enterprise Type, By Industry, By Country)
-GCC (By Application)
-South Africa (By Application)
-Rest of the Middle East & Africa
South America (By Application, By Deployment, By Enterprise Type, By Industry, By Country)
-Brazil (By Application)
-Mexico (By Application)
-Rest of South America