Video Analytics Market is expected to grow at a CAGR of 15.03%
According to TechSci Research report, “Video Analytics Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029”, the
Global Video Analytics Market is expected to register robust growth during the
forecast period. Analytics has enabled various end-users to turn specific data
insights into actionable intelligence for numerous functions. They monitor the
queues in retail outlets and hospitals, generate heat maps, etc. The
surveillance and retail industries are expected to drive the market positively
during the forecast period.
Video analytics are being deployed in
city, retail, vehicle, and worksite settings to acquire insights for
decision-making. The video surveillance sector uses it for analyzing threats,
recognizing them, mitigating them, and monitoring their effects. China is
investing heavily in the capabilities of facial recognition. According to
NetEase, China's market size is expected to reach CNY 40 billion (USD 5.73
billion) in biometric recognition technologies.
Moreover, the video analytics market is
witnessing an increasing demand for non-security reasons as well as for crowd
management applications. End users could measure the flow of people at specific
exit and entry points within a building. Industries like retail and entertainment
are using video analytics for these applications. This technology helps monitor
the dwell time in retail stores, count the people at concerts, and more. Also,
the development of smart cities is one of the significant factors driving the
market. Due to the growth of smart cities, the demand for video surveillance
and connected devices across city buildings is expected to increase
drastically. According to the Consumer Technology Association, consumer
spending on traditional and emerging technologies is forecast to amount to USD
505 billion by the end of the current year.
Browse over XX market data Figures
spread through XX Pages and an in-depth TOC on the "Global VideoAnalytics Market.”
Based on End User, The Retail segment emerged as
the dominating segment in 2023. In retail stores, a lot of information is
captured in videos for loss prevention, theft analysis, and post-analysis when
a mishap occurs. Hence, real-time video analytics can unravel various insights
from videos captured in stores and help improve store operations and the
customer experience. Moreover, the global retail sector is also focusing on
deploying innovative solutions to increase security and customer experience,
for which a few are implementing facial recognition technology. From security
to advertisements, many face recognition applications are being used in retail.
From sending customized ads to identified shoppers to identifying gender, age,
and customer count to capturing glance time on products, the applications are
endless.
As per Zenith, global ad spending is
increasing steadily; last year, it stood at USD 722.84 million. Additionally,
ad spending worldwide is expected to reach around USD 885 billion by the end of
2024. Hence, a significant share of the expenditure is on gaining consumer
insights into target the consumer segment. This is where video analytics finds
a prime opportunity, where video analytics can be used for heat mapping,
customer services, and reducing retail shrinkage. The growth opportunities in
this space are ample for the technology's growth.
Based on Region, North America is
projected to dominate the market throughout the forecast period. North America
is one of the most important markets for video analytics. The region, particularly
the United States, is a major technology innovator and investor. Aside from
that, widespread adoption among end-user industries and regional government
involvement in video surveillance infrastructure development fuels the adoption
of video analytics solutions in the North American region.
The region has a high adoption rate of
CCTV cameras in various surveillance settings, from street corners to
university campuses and even private homes. Most sites have multiple cameras,
generating a large volume of footage. In the United States alone, there are
about 70 million surveillance cameras installed, which works out to 4.6 people
per installed camera. Also, the country has a high penetration of surveillance
cameras, with the adoption being most common among private-sector retail and
commercial establishments, such as hotels, restaurants, and office complexes.
Post 9/11, the massive advancement in IP
cameras and their implementation across the region have also developed the
space for the market's growth in the last decade. Most regional municipal law
enforcement is leveraging video analytics for real-time response and post-event
investigation, and cities are also using the data for urban planning and
traffic optimization. Many American cities, including Detroit, have
aggressively invested in surveillance infrastructure, including the recent
installation of cameras to monitor public housing residents.
Key market players in the Global Video
Analytics Market are: -
- Cisco
Systems Inc.
- Identiv
Inc.
- Aventura
Technologies Inc.
- Genetec
Inc.
- Honeywell
International Inc.
- Agent
Video Intelligence Ltd
- Objectvideo
Labs LLC
- Qognify
Limited
- NEC
Corporation
- Herta
Security SL
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“The Global Video Analytics Market is
propelled by several drivers that underscore its rapid growth and adoption
across various industries. Firstly, the increasing need for enhanced security
solutions in the face of evolving threats is a major driver, leading to the
widespread deployment of video analytics for real-time threat detection,
behavior analysis, and anomaly identification. Secondly, advancements in
artificial intelligence (AI) and deep learning contribute significantly by
enabling more sophisticated object recognition and predictive analytics within
video analytics systems. The integration of these technologies enhances the
overall accuracy and efficiency of surveillance and analytics processes. Additionally,
the rising demand for business intelligence and data-driven decision-making
fuels the adoption of video analytics in sectors such as retail, healthcare,
and transportation. Businesses leverage video data to gain insights into
customer behavior, optimize operations, and enhance overall efficiency.
Moreover, smart city initiatives globally are driving the demand for video
analytics in urban planning, traffic management, and public safety, making it a
pivotal technology for creating safer and more efficient urban environments. As
these drivers continue to evolve, the Global Video Analytics Market is poised
for sustained expansion, transforming the landscape of surveillance, security,
and data analytics.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Video Analytics Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Type
(Software (On-premise and Cloud) and Services), by End User (BFSI, Healthcare,
Retail & Logistics, Critical Infrastructure, Hospitality and
Transportation, Defense and Security, and Other End-user Verticals), By Region,
and By Competition 2019-2029” provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Video Analytics Market.
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