Home Technology The Video Analytics System Market is Expected to Reach USD 39.28 billion by 2032.

Video Analytics Market Size, Share & Trends Analysis Report 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) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Report Code: SRTE2638DR
Last Updated : 31,Jul 2024
Author : Straits Research
Starting From
USD 1850
Buy Now

Market Overview

The global Video Analytics market size was valued at USD 8.37 billion in 2023 and is projected to reach a value of USD 39.28 billion by 2032, registering a CAGR of 21.32% during the forecast period (2024-2032). The increase in Video Analytics market share during the forecast period is related to increase demand for IP-Based Security Cameras and dimensions of unstructured video data.

In general, video analytics refers to the examination of video content to detect abnormalities and their spatial and sequential occurrences. Alarms or alerts are generated automatically by video analytics for the individual in question. Likewise, video analytics software facilitates the classification of trends, prototypes, and events by simplifying the forensic analysis of existing data. Video analytics simplifies the video monitoring process by offering users exceptional benefits at a reduced cost. In recent years, there has been an increase in the demand for practical insights from video data, which has resulted in its adoption by end consumers in both the public and private sectors.

It is anticipated that the video analytics market will experience a substantial expansion in the near future. The video management system is utilized by a variety of businesses, including large, small, and medium enterprises, to effectively oversee the process and development. Facial recognition, perimeter intrusion detection, incident detection, motion detection, population detection and management, traffic and parking management, and other essential video analytics applications are included. Efficiency in traffic management, city surveillance, asset management, and business operations is facilitated by video analytics.


Market Dynamics

Global Video Analytics Market Drivers

The Increasing Demand for IP-Based Security Cameras

Currently, there is a growing need for security cameras that are based on IP technology. An increased number of IP-based surveillance systems, high-resolution IP cameras, and network video recorders (NVR) are posing a threat to the video management system. The increase in IP-based security is being driven by the proliferation of IP infrastructure, the increase in population density, and the requirement for remote entry in addition to other factors. Because of this, market retailers are expanding their product lines to include integrated video analytics capabilities and IP-based security cameras. This is a direct result of the situation. Additionally, the retail sector has implemented IP-based security cameras in order to conduct behavior analytics with the general populace. Because of this, the need for video analytics solutions is being driven by the increasing number of businesses that are deploying IP-based security cameras in a variety of different industries.

The Increase in the Dimensions of Unstructured Video Data

Several different video data sources, such as surveillance cameras, produce a substantial volume of data that is not formatted in a suitable manner. The amount of video data that is accumulated by a video surveillance camera on a daily basis is approximately 850 petabytes. The video data that has been collected cannot be monitored, supervised, or analyzed because it is not feasible. As a result of the widespread use of the internet and the widespread use of digital technology, a tremendous amount of data is generated every single day. This vast volume of video data, which includes web videos, commercial videos, and social networking videos, is what drives the growth of the global market for video analytics. The use of video analytics helped various companies in their efforts to monitor and manage this massive amount of video data.

Global Video Analytics Market Restraints

High Cost of Initial Investment in Systems and Infrastructure

The global video analytics market is significantly impeded by the high cost of initial investment in systems and infrastructure. The primary reason for this entry barrier is that Personnel costs for the planning, installation, and development of the systems, as well as the cost of the components, comprise the initial cost of deploying video analytics. Numerous organizations, particularly small and medium-sized enterprises (SMEs), may be discouraged by this substantial initial expenditure. The adoption of video analytics systems can also be impeded by the disparity in IT skills among installers. For intelligent systems to effectively manage inadequate illumination settings, poor weather conditions, and geographical awareness, developers must implement substantial programming and structure. The initial investment may be further increased by the longer implementation periods and higher costs that may result from this skill gap. Another significant factor is the cost of the infrastructure, which encompasses hardware and software components. Numerous organizations, particularly those with restricted budgets, may encounter substantial obstacles to entry due to the exorbitant expense of these components. Furthermore, the expense of maintaining and upgrading these systems over time can be substantial. This continuous expenditure can be a substantial burden for organizations, particularly those with restricted resources.

The integration of video analytics systems with existing infrastructure can also be complex and expensive. A significant challenge can be the guarantee of seamless interoperability between various systems and components, which can result in additional costs and delays. Video analytics systems may also be adversely affected by adverse weather conditions, including extreme temperatures, humidity, or illumination. This may result in supplementary expenses for upgrades and maintenance, as well as potential losses and delay as a result of system failures. Many organizations may find the vast quantity of video data produced daily, particularly from surveillance cameras, to be overpowering. The initial investment required for video analytics systems can be further augmented by the substantial cost of processing, archiving, and analyzing this data.

Global Video Analytics Market Opportunity

Deployment of Advanced technologies like AI and Machine Learning

The global video analytics market is presented with substantial opportunities for growth as a result of the deployment of advanced technologies such as AI and machine learning. Video analytics systems are capable of processing and analyzing video data with greater precision and efficiency than traditional rule-based systems due to the use of AI and machine learning algorithms. These algorithms are capable of identifying objects, recognizing events, and detecting patterns with a high degree of precision, resulting in fewer false alarms and more dependable insights. Real-time processing and analysis of video broadcasts can be achieved through AI-powered video analytics, which allows for the immediate detection of events and the activation of alerts. This enables more efficient decision-making and faster response periods in applications such as traffic management, crowd control, and security.

The scalability and flexibility of video analytics systems can be enhanced by the training of AI and machine learning models on large datasets and their deployment across multiple cameras and locations. This enables organizations to expand their coverage and adjust to evolving requirements without incurring substantial additional investment. AI and machine learning facilitate the generation of actionable insights that would be challenging or impossible for human operators to deduce manually by automating the analysis of video data. This encompasses the identification of trends, patterns, and anomalies that can be used to inform business decisions and efficiently optimize operations. AI and machine learning algorithms are capable of adapting to changing environmental conditions, including altering lighting, weather, and camera angles, thereby guaranteeing consistent performance in a variety of environments. This enhances the robustness of video analytics systems and renders them applicable to a diverse array of applications.

Study Period 2020-2032 CAGR 21.32%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD 8.37 Billion
Forecast Year 2032 Forecast Year Market Size USD 39.28 Billion
Largest Market North America Fastest Growing Market Asia-Pacific
Talk to us
If you have a specific query, feel free to ask our experts.

Regional Analysis

North America Dominates the Global Market

The global Video Analytics market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East, Africa and Latin America.

North America is the most dominant region in the global video analytics market, with the highest market value and a dominating position in market share. The region is distinguished by the presence of key companies such as IBM Corporation, Honeywell International Inc., and Cisco Systems Inc., as well as the increasing adoption of video surveillance systems for enhanced security and safety purposes. In addition, increasing investments are also present. The development and adoption of video analytics solutions are facilitated by the preponderance of key vendors in North America, which ensures improved safety and security measures. The market in North America is being stimulated by the increasing demand for business intelligence, technologically advanced public safety infrastructure, and the adoption of video analytics solutions in a variety of sectors, such as government and retail. It is anticipated that the retail sector will dominate the adoption of video analytics solutions in North America, which will further drive market growth.

The Asia-Pacific region is another dominant region in the global video analytics market, and it is anticipated to experience exponential growth and a substantial market share during the forecast period. The market is expanding as a result of the increasing prevalence of video analytics in a variety of sectors, such as government, retail, and transportation, in the region. The demand for video analytics is increasing in countries such as China and India as a result of the government's investments in security cameras, smart city initiatives, and the intensification of safety concerns. The demand for video analytics solutions in the region is being driven by the implementation of projects such as China's Social Credit System, which significantly rely on facial recognition technology.. The Asia-Pacific market is characterized by intense competition, with both domestic and international companies engaging in a variety of sectors, which in turn contributes to the market's expansion.

Europe presence of leading video content analytics solutions and service providers is expected to drive Europe's considerable market share in the global video analytics market. Security management and operational efficacy are being improved by the active use of video analytics platforms by large associations and organizations throughout the European Union. European nations are emphasizing the integration of ICT, mobility, and energy to develop sustainable technologies, which presents opportunities for the implementation of video analytics solutions. In order to expand their product portfolios and meet the increasing demand for video analytics solutions in the region, key market participants in Europe are prioritizing the development of new product launch strategies.

Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports


Segmental Analysis

The Global Video Analytics Market is segmented based on Component, Organization Size, Deployment and Application.

The market is further segmented by Component into software and Services.

It is anticipated that the software segmentation will hold the largest market share in the video analytics market, with a compound annual growth rate (CAGR) of 23.9%. In video analytics, software is employed to perpetually monitor the videos in real time. This software offers a variety of features that are suitable for all types of surveillance systems. Edge invasion detection, motion exposure, vehicle tracking, community enumeration, auto track detection, and advanced motion detection are all included in the video analytics software tenders.

The second-largest share is anticipated to be held by the service segmentation in the video analytics market. In addition to managed services (architecture guidance, system administration and operations, reporting, performance testing and tuning, system monitoring, alerting, and others), this segment includes professional services (advisory services, implementation services, featured services, optimization services, training and support, technical services, and others).

Nevertheless, the managed services enable institutions to optimize the primary procedure and identify inefficiencies and issues in contrast to these two services. This is the reason why it is expected that this type of service will experience a growth in the near future.

The market is further segmented by Organization Size into Large Enterprises and Small and Medium Enterprises.

It is anticipated that the Large Enterprises segment will hold the greatest market share in the global market, with a remarkable compound annual growth rate (CAGR) of 23.6%. Servers and critical assets within the trade area enable large enterprises to allocate substantial portions of their IT security expenditures to their network grounds. Consequently, these organizations employ a dedicated team to oversee security operations in addition to video analytics to monitor a large number of videos. The video analytics software for large corporations is specifically designed to address the unique requirements of large organizations, including central control and bandwidth optimization.

The second-largest proportion is anticipated to be held by the Small & Medium Enterprises section. Small and medium-sized enterprises are incapable of independently positioning and managing video analytics applications. Due to their preference for straightforward traffic counting applications, these organizations consistently pursue applications that can conduct composite analyses of personnel, customer demographics, and other variables. This demand for video analytics, in turn, drives market expansion.

The market is further segmented by Deployment into On-premise 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.

The market is further segmented by Application into Retail, Healthcare, BFSI, Transportation and Logistics, Government, Manufacturing, Mining, and Others.

The retail segment of the video analytics market is expected to have the largest market share, with a compound annual growth rate (CAGR) of 24.9%. The retail sector is experiencing an increase in demand for video analytics as a result of the growing need to monitor consumer behavior, purchasing criteria, product selection patterns, and time spent on specific portions. Furthermore, the retail industry requires solutions for shop optimization, loss prevention, and queue management. Consequently, the retail industry's expansion is primarily driven by the evident necessity for video analytics implementation.

The transportation and logistics segment will be the second-largest market in the video analytics market, following retail. The market demand for video analytics is elevated by the application of this system in transportation and logistics, which includes traffic management, security management, driver and passenger behavior analysis, crowd management, and entity tracking. Consequently, video analytics plays a significant role in this segment. The video analytics market's share expansion is also significantly influenced by the necessity of behavioral analytics to identify suspicious activities.

Market Size By Component

Market Size By Component
  • Software
  • Services

  • Impact of covid-19

    When the world witnessed the noble Coronavirus breakout, it disrupted all nations' economies. The government imposed lockdowns to slow the disease's rapid spread. Productions were stopped, all workplaces were closed, public interactions were limited, and temporary manufacturing and trading operations suspensions were implemented globally. Implementing the lockdown and public exchange caused interruption causing a cutting down of the market's operations. The social distancing norms of the government also disrupted the supply chain. Because of lockdowns imposed by the government, businesses and employees could not use the equipment. This forced the farmers to lean towards the help provided by autonomous tractors pushing the autonomous tractor market growth further.

    The South Korean nation faced many problems due to the social distancing and public interaction restrictions imposed by the government, which resulted in a workforce shortage. Travel restrictions imposed also restricted the movement of emigrant laborers into the nation. So the country had to ultimately shift towards using autonomous machines to continue their production and operations, to generate income during tough times. But still, during the era of covid, the market had to face a few bumps, such as the level of participation by the companies in the market declined, suppliers and distributors also slowed down their operations, and this negatively affected the farm machinery industry supply chain, resulting in a delay of deliveries of agricultural machinery.


    List of key players in Video Analytics Market

    1. AllGoVision Technologies Pvt.Ltd
    2. Aventura Technologies, Inc.
    3. Axis Communications AB
    4. Cisco Systems, Inc.
    5. Honeywell International Inc.
    6. IntelliVision Technologies Corp
    7. International Business Machines Corporation
    8. PureTech Systems Inc.
    9. Qognify
    10. Verint Systems

    Video Analytics Market Share of Key Players

    Video Analytics Market Share of Key Players

    Recent Developments

    • May 2024 - Robotic Assistance Devices (RAD), a subsidiary of Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX), has disclosed substantial enhancements to its AI-based firearm detection analytics. RAD's security device line, which encompasses ROSA™, RIO™, and many others, will incorporate these improvements.
    • May 2024 - The AI and storage performance test results of the NSA 7160R, a high-performance Edge server, were published by NEXCOM, a prominent supplier of network solutions. For high-performance computation, the NSA 7160R is equipped with dual Intel® Xeon® Scalable processors, as well as high-bandwidth PCIe Gen5 LAN modules, high-capacity NVMe storage modules, and DDR5 memory. The accompanying paper provides an explanation of the test results, which demonstrate the efficiency of the NSA 7160R in processing peripheral video server workloads.

    Video Analytics Market Segmentations

    By Component (2020-2032)

    • Software
    • Services

    By Organization Size (2020-2032)

    • Large Enterprises
    • Small and Medium Enterprises

    By Deployment (2020-2032)

    • On-premise
    • Cloud

    By Application (2020-2032)

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

    Frequently Asked Questions (FAQs)

    What is the estimated growth rate (CAGR) of the Video Analytics Market?
    The global Video Analytics market size was valued at USD 8.37 billion in 2023 and is projected to reach a value of USD 39.28 billion by 2032, registering a CAGR of 21.32% during the forecast period (2024-2032).
    Some of the top prominent players in Video Analytics Market are, 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, etc.
    In the Video Analytics Market, North America has established itself as the market leader with a significant market share.
    The region with the most rapid expansion in the Video Analytics Market is Asia-Pacific.
    The Global Video Analytics Market is segmented based on Component, Organization Size, Deployment and Application.


    We are featured on :