Video Content Analytics Market Size, Share & Trends Analysis Report By Software (Detection, Recognition, License Plate Recognition, Others), By Architecture (Server, Edge), By Applications (Incident Detection, Intrusion Management, Traffic Monitoring, Others), By Vertical (Government, Commercial, Transport and Logistics, Traffic Management, BFSI, Retail, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Market Overview

The global video content analytics market size was valued at USD 6.21 billion in 2023. It is estimated to reach USD 31.09 billion by 2032, growing at a CAGR of 19.6% during the forecast period (2024–2032). In recent years, businesses are increasingly relying on customer data to make decisions for the firm as it is found to be profitable for them. This has increased the demand for business intelligence solutions and operational insights, driving the global video content analytics market. Moreover, technological advancements in the video content analytics platform by the key players are anticipated to create opportunities for the video content analytics market.

Video Content Analytics (VCA) automates the analysis of video content using computer vision and AI algorithms. It detects and tracks objects, recognizes activities, and identifies events in real-time or post-processing. VCA finds applications in security, retail, transportation, and more. It enhances decision-making, improves security, and optimizes operations by providing valuable insights from video data. By automatically monitoring and analyzing video streams, VCA enables organizations to efficiently manage crowds, detect anomalies, and optimize traffic flow. It also facilitates video summarization and indexing for easier retrieval of key information. VCA leverages technology to extract meaningful information from video content, empowering businesses and institutions with actionable insights.

Highlights

· North America is the highest shareholder in the global market

Market Dynamics

Global video content analytics market drivers

Growing need for business intelligence and operational insights 

The growing need for business intelligence (BI) and operational insights drives the video content analytics (VCA) market. Organizations increasingly recognize the value of analyzing video data beyond traditional security applications. VCA enables businesses to gain insights into customer behavior, optimize operational efficiency, and make data-driven decisions. Businesses can tailor their strategies to enhance the customer experience and propel revenue growth by tracking customer interactions, foot traffic patterns, and product engagement.

According to Mckinsey Global Institute, data-driven organizations have a 23 times higher chance of reaching customers, a 6x higher chance of retaining customers, and a 19x higher chance of being profitable. Utilizing this data allows companies to enhance decision-making and enhance the consumer experience. Moreover, VCA helps businesses optimize operations by identifying inefficiencies, streamlining processes, and ensuring compliance with regulatory requirements. This demand for actionable insights is fueling the adoption of VCA solutions across various industries, including retail, healthcare, transportation, and manufacturing, driving market growth and innovation.

Global video content analytics market restraint

Complexity of integration

The complexity of integration in the video content analytics market stems from the intricate nature of incorporating these solutions into existing organizational systems and workflows. This challenge arises from the diverse IT environments present in organizations, requiring compatibility with various hardware, software, and networking components.

Customization may be necessary to align the solutions with specific use cases and industry standards, further complicating the integration process. Ensuring seamless data integration and migration from legacy systems, user training, and change management efforts adds to the complexity. Scalability and performance considerations also contribute to the challenge, necessitating careful planning and coordination to minimize disruptions. Thus, all such factors restrict market growth.

Global video content analytics market opportunities

Technological advancements

The launch of new technologically advanced video content analytics by the market players is driving the market growth. For instance, in March 2023, BriefCam, a prominent company in AI-driven video analytics solutions, unveiled version 2023 M1 of their advanced video analytics platform. The new version will be presented at ISC West in Las Vegas next week. BriefCam is delivering a new version that includes its patent-pending Custom ClassifID innovation and improvements to the platform's infrastructure, real-time performance, accuracy, usability, and investigation efficiency.

Moreover, Quantum Corporation, a prominent provider of video and unstructured data solutions, revealed that it will present a new solution capable of analyzing and enhancing video content for broadcast, post-production, sports, and other media processes at the NAB Show in Las Vegas from April 23 to 27, 2022. The new solution combines Quantum's CatDV asset management and automation platform with NVIDIA A2 Tensor Core GPU infrastructure and the NVIDIA AI platform. This is expected to create opportunities for vendors operating in the market.

Regional Analysis

Based on region, the global video content analytics market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America is the most significant global video content analytics market shareholder and is expected to expand substantially during the forecast period. North America dominated the market in video content analytics due to its early adoption, strict regulations, and growing use of surveillance systems in many industries. The region is home to the top vendors in the industry. Increasing government spending on homeland security and awareness of the vulnerability of large crowds at sporting events and political gatherings are factors driving the adoption of video content analytics in North America. Moreover, the presence of market leaders like Avigilon Corporation, Cisco, and CameraFTP further drives the market in the region.

Furthermore, the launch of innovative video content analytics solutions by the key players is anticipated to boost the market growth. For instance, in January 2024, BriefCam®, an industry leader in intelligent and groundbreaking video analytics, introduced BriefCam 2024 M1. The latest generation of its Video Analytics Platform technology, BriefCam 2024 M1, satisfies the evolving requirements of end-user organizations, businesses, and communities of varying scales. 2024 M1, which is replete with expanded VMS integrations, multi-site management products, new analytic capabilities, and improved deployment architectures, provides the ongoing innovation required to meet the demands of numerous industries. This follows the November 2023 North American release of their streamlined and scalable hardware plus software packaged solutions, BriefCam in a Box.

Asia-Pacific is predicted to have significant growth in the video content analytics market, driven by rapid urbanization, rising investments in smart city initiatives, and the rising adoption of surveillance cameras in countries like China, India, and Japan. The burgeoning retail sector and the growing need for enhanced security measures in public spaces fuel the demand for video content analytics solutions across the region. Moreover, the end-user industries are increasingly deploying these analytics solutions to enhance security.

For instance, in August 2023, Bengaluru International Airport Ltd revealed that Industry.AI, a Nvidia Metropolis vision AI partner ecosystem member, will include its vision artificial intelligence (AI) platform into the newly constructed terminal, T2. The Airport will utilize video analytics and an AI platform to monitor queues at checkpoints across the terminal and analyze and address congestion. The AI software will monitor abandoned baggage and notify security personnel of any questionable activity. The service will be hosted on the cloud. Consequently, these factors propel the regional market expansion.

Segmental Analysis

The global video content analytics market is bifurcated into software, architecture, application, and vertical.

Based on software, the global video content analytics market is segmented into detection, recognition, license plate recognition, and others.

Video Content Analytics (VCA) is utilized for license plate recognition (LPR) to automate identifying and recording license plate numbers from video footage. By analyzing video streams from surveillance cameras, VCA systems can accurately detect and extract license plate information in real time. This technology enables law enforcement agencies, parking management companies, and toll operators to enhance security, enforce regulations, and streamline operations. Moreover, VCA-based LPR systems can automatically match license plate numbers against databases of vehicles of interest, trigger alerts for stolen or suspicious vehicles, and generate detailed reports for law enforcement or administrative purposes. Thus, VCA for license plate recognition improves efficiency, accuracy, and security in traffic management and law enforcement applications.

Based on architecture, the global video content analytics market is divided into server and edge.

Edge-based Video Content Analytics (VCA) involves deploying video analytics algorithms directly on edge devices like cameras or network video recorders (NVRs), where video data is generated. Unlike centralized solutions, edge-based VCA processes data locally, offering real-time insights without transmitting data to a remote server. This approach conserves bandwidth, enhances privacy, and reduces latency, making it ideal for applications where immediate analysis and response are crucial. Edge-based VCA also ensures resilience to network outages and scalability by adding more edge devices as needed. Hence, edge-based VCA provides efficient, decentralized video analytics suitable for smart cities, retail analytics, and security surveillance applications.

Based on application, the global video content analytics market is divided into incident detection, intrusion management, traffic monitoring, and others.

Video Content Analytics (VCA) is instrumental in intrusion management by providing security systems with real-time detection and response capabilities. VCA systems analyze video feeds from surveillance cameras to identify suspicious activities, such as unauthorized access, perimeter breaches, or suspicious behavior. Through advanced algorithms and machine learning techniques, VCA can differentiate between normal and abnormal events, triggering immediate alerts to security personnel.

VCA improves the efficacy and efficiency of security operations by automating the intrusion detection process, allowing for a prompt reaction to possible threats. Moreover, VCA can integrate with other security systems, like access control and alarm systems, to provide a comprehensive security solution. Consequently, VCA strengthens intrusion management by proactively identifying and mitigating security breaches to safeguard assets and premises.

Based on vertical, the global video content analytics market is bifurcated into government, commercial, transport and logistics, traffic management, BFSI, retail, and others.

Video Content Analytics (VCA) is integral to the BFSI sector, primarily bolstering security, enhancing operational efficiency, and refining customer service. By deploying VCA systems in bank branches, ATMs, and other facilities, financial institutions can monitor premises in real-time, detect suspicious activities, and prevent theft and fraud. VCA also aids in ATM surveillance, queue management, and fraudulent transaction detection, enabling banks to optimize resource allocation and comply with regulatory requirements. Moreover, VCA provides valuable customer insights by analyzing behavior patterns, allowing banks to tailor services and marketing strategies accordingly. Thus, VCA in the BFSI sector facilitates proactive risk management, regulatory compliance, and improved customer experience.

Recent Developments

• November 2023- Veritonic, a comprehensive audio analytics and research platform, expanded its Long-Form Content Analysis service to include video. This innovative technology enables publishers of video material, such as news, live TV, video games, films, YouTube programs, and more, to maximize the value of their content, similar to how publishers of podcasts and audiobooks do for long-form audio content.
• February 2024- ZainTECH, a Zain Group digital solutions provider, formed a strategic partnership with SAIMOS®, a European vendor specializing in Intel CPU-based Video Analytics and GIS. Together, they will offer an advanced Video Analytics as a Service (VAaaS) solution to enhance the technology's application in various industry sectors in the Middle East.