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Video Analytics Market

Video Analytics Market: Information by Component (Software and Services), Organization Size (Large Enterprises and Small and Medium Enterprises), and Region — Forecast till 2030

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Market Snapshot

market snapshot
Base Year:
Study Period:
25.4 %
Fastest Growing Market:
Largest Market:
North America

The global video analytics market size was valued at USD 6,409.53 million in 2021. It is expected to reach USD 49147.79 million by 2030, growing at a CAGR of 25.4% during the forecast period (2022-2030). Video analytics generally indicates the analysis of video content to identify the abnormalities and spatial and sequential incidence. Video analytics mechanically produces alarms or alerts to the individual concerned. Video analytics software likewise aids in making the forensic analysis of existing data easier to classify trends, prototypes, and events. Video analytics streamlines the process of video monitoring by providing users with top-notch advantages at a lower cost. The demand for practical insights from video data has grown in recent years, leading to adoption by both public and private sector end users.

The video analytics market is anticipated to bystander a considerable increase in the approaching time. Several businesses, including large, small & medium enterprises, employ the video management system to supervise the procedure and development efficiently. Essential video analytics applications comprise facial recognition, perimeter intrusion detection, incident detection, motion detection, crowd detection and management, traffic and parking management, and others. Video analytics helps efficient traffic management, city surveillance, observation processes, assets, and business operations.

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Market Dynamics

Market Driving Factors

The Increasing Demand for IP-Based Security Cameras 

Currently, the demand for IP-based security cameras is mounting. The video management system faces an amplified drift of IP-based surveillance systems, high-resolution IP cameras, and network video recorders (NVR). The rise in IP infrastructure, the growth in the density, and the stipulation for remote entrance drive the escalation of IP-based security. As a consequence, market retailers are intensifying the portfolios of their manufactured goods, offering integrated video analytics features with IP-based security cameras. In addition, the retail industry has also employed IP-based security cameras to detain behavior analytics with the population. Therefore, the demand for video analytics solutions is driven by the rise in the deployment of IP-based security cameras in several business sectors.

The Increase in the Dimensions of Unstructured Video Data

Several video data sources, including surveillance cameras, generate a large amount of data that are not appropriately structured. A video surveillance camera accumulates an average of 850 petabytes of video data per day. It is not practicable to track, supervise and analyze the collected video data. Furthermore, due to digitalization and intense internet dissemination, a massive amount of data is produced daily. The application of video analytics assisted several organizations in supervising this enormous amount of video data, including web videos, commercial videos, and social networking videos that drive the growth of the global video analytics market.

Market Restraining Factors

High Cost of Initial Investment in Systems and Infrastructure

The initial cost of deploying video analytics comprises the personnel costs for planning, installing, and developing the systems, as well as the cost of the components. One of the main factors limiting the development of video analytics systems is the disparity in IT skills between installers. Additionally, developers require significant structure and programming for intelligent systems to handle inadequate lighting settings, poor weather conditions, and geographical awareness. Growth is therefore constrained due to the high setup costs for the infrastructure and systems.

Key Market Opportunities

Deployment of Advanced technologies like AI and Machine Learning

Market players try to employ the latest technologies like AI, deep learning, and machine learning incorporated with the video analytic software to attain a competitive edge and gratify the modifications according to the end-users. To provide an autonomous means to monitor and improve the analysis of video footage in real-time, the participants in the video analytics market are introducing robust AI-based video analytics solutions.

For instance, in 2019, Sprint introduced "Curiosity Smart Video Analytics" in conjunction with Hitachi Vantara and Ericsson technologies. Additionally, utilizing these cutting-edge technologies in video analytics makes it possible to dramatically improve accuracy while significantly reducing false alarms, which has historically been a weakness of video analytics applications in surveillance. Additionally, machine learning can support specific object and image classification.

Segmental Overview

The global video analytics market is segmented by component, organization, deployment, application, and region.

By Component Analysis

Per the component, the fragments are Software and Services.

The Software segmentation in the video analytics market is expected to have the largest market share, growing notably at a CAGR of 23.9%. Software is used to track the videos in real-time in video analytics continuously. This Software provides several features that get in shape for each type of surveillance system. The video analytics software tenders include edge invasion detection, motion exposure, vehicle tracking, community counting, auto track detection, and advanced motion detection.

The service segmentation in the video analytics market is expected to hold the second-largest share. This segment comprises professional services (advisory services, implementation services, featured services, optimization services, training and support, technical services, and others) as well as managed services (architecture guidance, system administration and operations, reporting, performance testing, and tuning, system monitoring, alerting, and others).

However, compared to these two services, the managed services facilitate institutions to optimize the chief procedure and discern ineffectiveness and troubles. This is why this type of service is anticipated to rise in the approaching time.

By Organization Size Analysis

The categories are Large Enterprises and Small & Medium Enterprises by organization size.

The Large Enterprises segment in the global market is forecasted to have the largest market share, growing at an astonishing CAGR of 23.6%. Large enterprises capitalize on massive components of their IT security budgets in their network grounds because of servers and decisive assets inside the trade area. Hence, these enterprises include a devoted team to manage security operations besides video analytics to monitor many videos. Large organizations have special needs, such as central control, bandwidth optimization, and others, and the video analytics software for large corporations is tailored to meet those needs.

The Small & Medium Enterprises section is expected to hold the second-largest share. Small & Medium Enterprises are not competent to separately position and handle video analytics applications. As these enterprises prefer to choose simple applications for traffic counting, they always search for applications that can execute additional composite analyses of staffing, customer demographics, and other factors, stimulating the market growth by pouring the demand for video analytics.

By Deployment Analysis

By the deployment, the global market is fragmented as on-premises and cloud.

The On-premise deployment in the global market will likely hold the largest market share, growing at a CAGR of 23.7%. This type of deployment permits the setting up of the Software and authorizes applications to elongate systems that exist on the grounds of the institutions. Large enterprises primarily employ on-premises deployment, which boosts the market demand for video analytics as it is suitable for financial or healthcare applications that involve gigantic and decisive data functions and transports.

The cloud-based deployment accounted for the second-largest market share. It is expected that cloud deployment might surpass on-premises deployment in the upcoming years as it offers entrance to the application, and the functionality of the service provider is circulated as a service remotely. By providing flexible network access to a shared pool of reconfigurable computing resources at a low cost to the management, cloud-based video analytics tools may serve as a complementing technology paradigm.

By Application Analysis

The video analytics market is fragmented by the application: Retail, Healthcare, BFSI, Transportation and Logistics, Government, Manufacturing, Mining, and others.

The retail segment of the video analytics market will likely have the largest market share, expanding at a CAGR of 24.9%. In the retail sector, there is a rising demand for video analytics due to the increased requirement to track consumer behavior, purchasing criteria, product selection patterns, and time spent on particular portions. In addition, the retail sector needs solutions for queue management, loss prevention, and shop optimization. Thus, there is a clear requirement for video analytics implementation in the retail industry, mainly fueling the retail segment's expansion.

In the video analytics market, the transportation and logistics segment will hold the second-largest market after retail. In this segment, video analytics play a significant role as the application of this system in transportation and logistics include traffic managing, security managing, driver and passenger behavior analysis, crowd handling, entity tracking, etc., which increases the market demand for video analytics. The need for behavioral analytics to spot suspicious activities is also a significant driver of the video analytics market's share expansion.

Regional Insights

The regional segmentation of the global video analytics market includes North America, Europe, Asia-Pacific, and the LAMEA.

Video Analytics Market Regional Analysis

Regional Growth Insights Request Sample Pages

North America and the Asia Pacific will likely lead the regional market

The North American region has the highest market value and dominates the entire video analytics market, growing at a CAGR of 23.7%. The increasing requirement for public safety and demand for actionable insights contribute to this region's expansion of video analytics. Additionally, during the projected years, the retail sector is anticipated to dominate the adoption of video analytics solutions. The market for video analytics is expanding due to a rise in video surveillance systems for smart homes.

Many major companies that provide cutting-edge video analytics solutions are present in North America, a market leader for video analytics. One of the leading North American video analytics industry participants, Honeywell International, Inc., makes a significant investment in the solutions sector. The market in North America is driven by the rising need for business intelligence and technologically advanced public safety infrastructure. For instance, Citilog launched the largest smart camera project for traffic data collection based on video analytics on the highway of Colombia in 2017.

The Asia-Pacific will be the second most dominant region in the global video analytics market, holding a value of USD 68,410 million by 2030, at a CAGR of 28.5%. Industry participants have understood how crucial it is to improve total video analytics to optimize video data for improving business operations. Additionally, many domestic and international firms compete in the Asia-Pacific market due to the growing trend of using video analytics in various fields, including retail, government, and transportation.

For instance, China implemented the Social Credit System, which heavily relies on citizen facial identification. Since this facial recognition technology is used across the nation, it is projected that the demand for cameras for this project will propel the expansion of the video analytics market. Due to rising safety concerns, more government investment in security cameras, and smart city efforts, developing economies like China and India are seeing a greater need for video analytics. For enhanced security and surveillance, the Delhi government, for instance, announced its flagship program to install 140,000 CCTV cameras in the city's public spaces.

List of Key Players

  • AllGoVision Technologies Pvt.Ltd
  • Aventura Technologies, Inc.
  • Axis Communications AB
  • Cisco Systems, Inc.
  • Honeywell International Inc.
  • IntelliVision Technologies Corp
  • International Business Machines Corporation
  • PureTech Systems Inc.
  • Qognify
  • Verint Systems

Recent Developments

  • In 2022, Qognify launched its web-based central VMS management platform Umbrella for Ocularis.
  • In 2022, Honeywell launched New Blue Spectra® Medical Grade Bio Fiber to develop visual contrast within critical surgical procedures.
  • In 2022, Cisco instigated AppDynamics Cloud to facilitate an outstanding digital experience delivery.

Global Video Analytics Market: Segmentation

By Component

  • Software
  • Services

By Organization Size

  • Large Enterprises
  • Small and Medium Enterprises

By Deployment

  • On-premise
  • Cloud

By Application

  • Retail
  • Healthcare
  • BFSI
  • Transportation and Logistics
  • Government
  • Manufacturing
  • Mining
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
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