Singapore Video Analytics Market 2022-2028 Verison 2 March

Singapore Video Analytics Market 2022-2028 Verison 2 March

Industry Overview

Singapore video analytics market was valued at $139.0 million in 2021 and is projected to reach $458.0 million by 2028. Singapore video analytics market is anticipated to grow at a CAGR of 18.7% during the forecast period (2022-2028). The integration of AI in surveillance technology is increasing dramatically attributed to its ability to correctly identify, classify and process real events, actions, people, and vehicles. Video surveillance systems have increased public and goods security. Recently announced (August 2021), Singapore Police Force (SPF) is aiming to increase the number of cameras from 90,000 to 200,000 by 2030. This surveillance camera network covers locations such as housing estates, neighborhood centers, car parks, and public transport infrastructure which increase city surveillance and decrease crimes. With a land area of little over 700 square kilometers (270 square miles) and about 5.7 million people, Singapore is one of the safest countries in the world, according to a 2021 Gallup poll, however, it is vulnerable to crimes and other concerns such as parking congestion. According to SPF, the deployment of cameras has reduced crimes such as unlicensed money lending-related harassment cases, including burglary, car theft, and damage to property by more than half from 2015 to 2021. Further, initiatives such as the ASEAN Smart Cities Network are creating enormous opportunities for the Singapore video analytics market. Under this initiative, Cities have deployed surveillance technologies powered by automatic data mining, facial recognition, and other forms of AI.

COVID-19 Impact on the Singapore Video Analytics Industry and its Recovery

All regions have been affected by COVID-19. In many countries in the APAC region, the restrictions in place to stop the spread of COVID-19 have been quite strict compared to the rest of the world, which is reflected in a decline in demand for video analytics solutions in Singapore. Various players such as Axis and Bosch Security Systems, Inc. have achieved an overall flat growth during the year, despite a general market slowdown. However, players such as Honeywell International Inc., Canon, and Hanwha Techwin observed negative business growth. This has impacted the overall Singapore video analytics market growth in 2021. The market fell by 6.8% in 2021 which accounted for $115.0 million compared to $123.0 million in 2021. Video analytics was used to help prevent the spread of disease during a pandemic, such as COVID-19. It has been very beneficial in detecting persons with high temperatures in public places such as airports, retail stores, and others during the first year of the COVID-19 pandemic. BriefCam’s solution (A part of Axis Communication) has been used to help prevent the spread of COVID-19 in several countries in APAC, Europe, and the US, across verticals, including large enterprises. For example, the platform can be used for contact tracing to notify at-risk individuals and engage in safety protocols. It enables users to maintain building occupancy requirements by counting people as they enter and exit a building, even when there are multiple entry and exit points. When the threshold is met, an alert can be sent to access control solutions or the security staff. Dashboards of occupancy data and analysis are utilized to prove compliance or augment processes to ensure mandates are met. Such innovative application of video analytics in pandemic has contributed to its demand in this crucial time.

Market Segmental Overview

Based on deployment type, the market is segmented into on-premise and cloud-based. The on-premises video analytics industry held the highest market share of 82.2% and accounted for $114.3 million in 2021 which is anticipated to reach $368.7 million in 2028. The highest share of the on-premises video analytics industry is attributed to the fact that this solution is being used by large organizations with a large number of cameras that are generating tons of gigabytes (GB) of footage daily. This will be altogether several terabytes (TB) of data collection.Sending such a large amount of data to the cloud for processing will be overwhelming and there will be bottlenecks of network bandwidth causing a high latency rate, which is not ideal for security. Several large organizations are deploying on-premises video analytics because of privacy and security concerns related to confidential data. Further, unit shipment of analog cameras in 2021 was higher as compared to IP network cameras which also represents that the demand for on-premise video analytics was high. However, the growing deployment of IP network cameras due to flexibility and convenience, easy remote access, and maintenance is contributed to the highest growth of cloud-based video analytics. The cloud video analytics industry held a market share of 17.8% and accounted for $24.7 million in 2021 which is anticipated to reach $89.3 million in 2028, growing at the highest CAGR of 20.3% during the forecast period.

Based on sector, the market is segmented into BFSI, healthcare, retail, government & defense, transportation, real estate, education, and others. Video analytics in government and defense held the highest market share of 25.7% accounted for $35.7 million in 2021 and is estimated to reach $118.3 million in 2028. Video analytics in government and defense is growing at a CAGR of 18.7% attributed to the growing focus of governing institutions on public safety, the need to utilize and examine unstructured video surveillance data in real-time. Video analytics platform helps community police and other authorities work more efficiently by making video searchable, actionable, and quantifiable. For example, quick response is made possible with real-time alerting, so that authorities can quickly investigate unexpected behavior, like loitering and movement in restricted areas.

BFSI held a significant market share of 15.1% accounted for $21.0 million in 2021 and is estimated to reach $68.5 million in 2028. The video analytic in BFSI is growing at a CAGR of 18.5% attributed to the high rate of financial frauds in Singapore. Recently, Singapore’s second-largest bank, Oversea-Chinese Banking Corp., lost at least $6.3 million to scams impersonating the bank. Such loss has shifted authorizes attention to surveillance which can prevent crimes. Video analytics in retail held the second highest market share of 17.1% accounted for $23.8 million in 2021 and is estimated to reach $82.8 million in 2028. Video analytics in retail is growing at a CAGR of 19.6% attributed to the use of video analytics in applications such as people counting, display and promotion effectiveness, product placement and store layout, and customer preference pattern analysis.

Video analytics in transportation is growing at the highest CAGR of 21.4% during the forecast period. The video analytic in transportation was valued at $13.9 million in 2021 and is anticipated to reach $53.8 million in 2028. In transportation, video analytics can be used for monitoring roadway traffic to differentiate between actual accidents and the kinds of occurrences that generate false alarms. Further, growing parking congestion in Singapore has also increased the demand for video analytics in transportation. Moreover, advanced features offered such as facial recognition, license plate reorganization, parking spot tracking, unidentified vehicle detection, and intelligent traffic monitoring, can help transportation and logistics companies prevent disasters and detect emerging threats.

Based on application, the market is segmented into intrusion management, incident detection, people/crowd counting, traffic monitoring, automatic number plate recognition, facial recognition, and other applications.Incident detection held the highest market share of 35.8% accounted for $49.8 million in 2021 and is estimated to reach $166.8 million in 2028. The incident detection application is growing at a CAGR of 18.9% attributed to higher demand from end-user industries such as government and defense, transportation, and BFSI. The demand for traffic monitoring and automatic number plate recognition is growing in the transportation industry owing to which traffic monitoring is growing at the highest CAGR of 21.7% during the forecast period. The traffic monitoring application market was valued at $7.8 million in 2021 which is anticipated to reach $30.5 million in 2028. The facial recognition application market is also growing at a significant rate of 20.1% attributed to the growing importance of the surveillance industry, increasing investment in facial recognition technologies by the government and defense sector, and increasing technological advancement across industry verticals.

Key Players Overview and Their Market Share

Major vendors in the Singapore video analytics market include Bosch Security Systems, Inc., NEC Corporation, Axis Communication, Hanwha Techwin, Canon, Inc., Honeywell International Inc., and Other such as Verint System, Cisco Systems, Inc., IBM Corp., Invigilo Technologies, IPI Singapore, IPSOTEK, and other. Bosch Security Systems, Inc., NEC Corporation, Axis Communication, Hanwha Techwin, Canon, Inc., Honeywell International Inc. held 58.0% share in Singapore video analytics market, remaining 42.0% is held by other small players in the country.