“Increased investments and focus of governing institutions on public safety, and need to utilize and examine unstructured video surveillance data in real time”
The global video analytics market is expected to grow from USD 4.9 billion in 2020 to USD 11.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.0% during the forecast period. Factors that are expected to drive the growth of the video analyticsmarket are increased investments and focus of governing institutions on public safety, need to utilize and examine unstructured video surveillance data in real time, a significant drop in crime rate due to surveillance cameras, growing need among enterprises to leverage Business Intelligence (BI) and actionable insights for advanced operations, limitations of manual video analysis, government initiatives in emerging technologies to enhance the public safety infrastructure, reduced cost of video surveillance equipment and long-term Return on Investment (RoI), and demand for enhanced video surveillance.Increasing cyberattacks and data thefts, government regulations related to Closed Circuit Television (CCTV) surveillance, investments in existing legacy surveillance systems to prevent the implantation of new advanced solutions, and privacy concerns among citizens are expected to act as restraints to the market growth.
Software segment to grow at a higher CAGR during the forecast period
Video analyticssoftware eliminate the drawbacks of traditional video surveillance systems by offering capabilities that are instrumental in detecting abnormalities and crimes, thereby ensuring optimum operational efficiency. The demand for video analytics software is being driven by its ability to be integrated with the existing analog, Internet Protocol (IP), or megapixel cameras in enterprises, thus eliminating the need for the deployment of additional hardware.
City surveillance vertical to hold the highestmarket share in 2020
Governments across the world are seeking advanced solutions to minimize the threats to their citizens. These threats could range from organized criminal acts to random acts of violence. Video analytics plays an important role in city surveillance and is being used for controlling traffic on highways or freeways, tracking data from remote locations, managing the crowd flow, detecting motion for identifying over-speeding vehicles, facial recognition by law enforcement authorities, and identifying camera tampering.
Asia Pacificto grow at the highest CAGR during the forecast period
The video analytics market in APAC is expected to witness exponential growth, mainly because of the rising awareness about the potential security threats to individuals, and the growing manufacturing industry. The rapid growth in mobile devices manufacturing has considerably reduced the cost of camera components, thereby making it cheaper for Small and Medium-sized Enterprises (SMEs) and private individuals to install surveillance cameras.
In-depth interviews were conducted with the Chief Executive Officers (CEOs), Chief Marketing Officers (CMO), Vice Presidents (VPs), Managing Directors (MDs), technology and innovation directors, and related key executives from various key companies and organizations operating in the video analytics market.
- By Company – Tier 1–19%, Tier 2–35%, and Tier 3–46%
- By Designation –C-level Executive–33%,Director–26%, and Others–41%
- By Region – North America–38%, Europe–35%,APAC–11%, RoW – 16%
The video analytics market comprises major providers, such asAvigilon (Canada), Cisco (US), Axis Communications (Sweden), Agent VI (US), AllGoVision (India), Aventura Systems (US), Genetec (Canada), i2V (India), IntelliVision (US), intuVision (US), PureTech Systems (US), Qognify (US), Honeywell (US), IBM (US), iOmniscient (Australia), BriefCam (US), Digital Barriers (UK), IPSOTEK (UK), Gorilla Technology (Taiwan), DELOPT (India), Viseum (UK), KiwiSecurity (Austria), Intelligent Security Systems (US), Verint (US), Hikvision (China), Huawei (China), Dahua (China), Senstar (Canada), Identiv (US), and Bosch Security (Germany).
The study includes the in-depth competitive analysis of these key players in the video analytics market with their company profiles, recent developments, and key market strategies. The study includes an in-depth competitive analysis of these key players in the video analytics market with their company profiles, recent developments, and key market strategies.
The video analytics market revenue is primarily classified into revenues fromsolutions and services.The market is also segmentedon the basis of component, deployment, application, type, vertical, and region.
Key benefits of the report
- The report would help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall video analytics market and the subsegments.
- This report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies.
- The reportwould also help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, and opportunities. The report also provides pre COVID-19 and post COVID-19 information.