Meticulous
Research®—a leading global market research company, published a research report
titled, ‘Video Analytics Market by Component (Software and Services),
Application (Facial Recognition, People Counting, ANPR, Video Telematics), and
End-use Industry (BFSI, Education, Healthcare, Retail, Manufacturing,
Government)—Global Forecast to 2029’.
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According to
this latest publication from Meticulous Research®, the global video analytics
market is expected to reach $19.3 billion by 2029 at a CAGR of 21% during the
forecast period 2022–2029. The concern for security & surveillance for the
safety of the public & property is constantly growing. To address this
concern, several governments are adopting advanced technologies with improved
efficiency for the surveillance of the demarcated areas.
The
technological advancement in the field of artificial intelligence, deep
learning, and machine learning has enabled video analytics to offer more
accurate results, thereby improving the efficiency of the end-use industries.
The advancement in computer vision technology has increased the demand for
real-time video analytics and facial recognition system at military units, law
enforcement agencies, and enterprises due to quick, assertive decision-making.
Considering
the growth of the video analytics market, major players are increasing their
market presence with expansion, investment, and technological upgradation. For
instance, in June 2021, AllGoVision Technologies Pvt. Ltd. announced that GMR
Hyderabad International Airport Limited (India) has started using its advanced
queue management solution that uses artificial intelligence to determine queue
count, waiting, and service time to enhance passenger safety.
The video
analytics market is segmented based on component, application, deployment mode,
end-use industry, and geography. This study also evaluates industry competitors
and analyzes the market based on countries.
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Based on
component, the video analytics market is segmented into software and services.
In 2022, the software segment is expected to account for the largest share of
the video analytics market. The growth in the adoption of video analytics
during the lockdown has positively impacted the demand for video analytics
software in the healthcare, government, and education sectors. In addition,
video analytics software help minimizes glitches pertaining to object
identification, face/mask recognition, remote monitoring, etc.
Based on
application, the video analytics market is segmented into facial recognition,
intrusion & access control, object & pattern detection, people
counting, crowding & flow management, automatic number plate recognition
(ANPR) system, video telematics, and vehicle counting. The people counting
segment is expected to account for the largest market share in 2022. The use of
video analytics for people counting has been widely adopted during the
pandemic.
For
maintaining social distancing, end-use industries such as healthcare, banking,
financial services, & insurance (BFSI), retail, and government offices have
widely adopted video analytics to keep track of the number of people entering
the premises at one point in time. However, video telematics is expected to
become the fastest growing segment during the forecast period. The high market
growth of this segment is attributed to factors such as driver’s behavior,
in-fleet monitoring, vehicle usage, and reduction in accident-related costs.
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Based on
deployment mode, the video analytics market is segmented into on-premises and
cloud-based. In 2022, the cloud-based deployment segment is expected to account
for the largest share of the video analytics market due to factors such as easy
deployment, management, and use.
Cloud
technology offers lower upfront capital expenditure, broad network access,
flexibility, scalability & technology evolution, cyber security, and remote
access & reliability. In comparison to the on-premises servers, cloud-based
servers are highly economical and secured with the latest firewalls. Due to
these factors, the cloud-based deployment segment is projected to grow at the
fastest CAGR during the forecast period.
Based on
end-use industry, the video analytics market is segmented into BFSI, education,
healthcare, government, aerospace & defense, manufacturing, retail,
automotive, transportation & logistics, and agriculture. In 2022, the BFSI
segment is estimated to account for the largest market share due to the growing
adoption of video analytics in banks, financial institutes, and insurance
companies. This sector has adopted video analytics for crowd management, people
counting, facial recognition, and intrusion & access control.
However, the
healthcare segment is slated to become the fastest growing segment during the
forecast period. In the healthcare sector, video analytics provides quick
response to threats, improved monitoring of facilities, increased security,
situational awareness, and operational efficiency.
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Based on
geography, the video analytics market is segmented into North America, Europe,
Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North
America is estimated to account for the largest market share due to large
adoptions of video analytics in regional industries such as healthcare,
government, retail, and manufacturing. However, the Asia-Pacific region is
slated to register the fastest CAGR during the forecast period. The growing
number of smart cities in countries such as China, India, South Korea,
Singapore, and Japan is driving the adoption of video analytics for
surveillance & security. These factors are expected to drive the growth of
the video analytics market during the forecast period.
Key Players:
The key
players operating in the video analytics software market include AllGoVision
Technologies Pvt. Ltd (India), Axis Communications AB (Sweden), Cisco Systems,
Inc. (U.S.), Honeywell International, Inc. (U.S.), IBM Corporation (U.S.),
IntelliVision (U.S.), Verint Systems, Inc. (U.S.), Huawei Technologies Co.,
Ltd. (China), Gorilla Technology Group, Inc. (R.O.C.), i2v Systems Pvt. Ltd.
(India), ADT, Inc. (U.S.), Agent Video Intelligence Ltd. (U.S.), IntuVision,
Inc. (U.S.), Avigilon Corporation (Canada), Stanley Convergent Security
Solutions, Inc. (U.S.), Eagle Eye Networks (U.S.), and Milestone Systems A/S
(Denmark).
TOP 10 COMPANIES IN VIDEO
ANALYTICS MARKET
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