Global Video Analytics Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Video Analytics Market Trends

AI adoption and cloud-based solutions drive growth in video analytics for industries like security, retail, healthcare, and smart cities.

• Integration of AI and machine learning enhances real-time decision-making with growth in security, retail, and smart city applications, thus propelling the trends in the video analytics market.
• Video analytics leverage the adoption of cloud, which has been growing in line with scalability, cost-effectiveness, and ease of access into real-time monitoring across industries to transport health and many more.

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Industry News

June 2024

Interface Systems launched Wobot, an AI-powered video analytics solution for QSRs and retail, using existing cameras to streamline operations and enhance asset protection with real-time insights.

October 2024

VCA Technology launched its VCA Server, enhancing the VCA Core platform with AI-driven deep learning for improved video analytics, faster integration, and reduced false alarms.

Opportunities in the Video Analytics Market

Smart city growth and government partnerships create opportunities for video analytics players

An opportunity for market participants in video analytics is the enhanced market demand for smart city solutions worldwide. Urbanization is growing, and municipalities are resorting to AI-based video surveillance solutions to efficiently manage traffic as well as ensure public safety and crime prevention, bolstering the video analytics market opportunities. Herein lies an opportunity for companies to tie up with the government, offering customized solutions for city infrastructure. Another area of hope is the retail and healthcare sectors, where video analytics would better the customer experience as well as the operational efficiency of systems.

Market Dynamics

Advancements in technology to propel the market growth of video analytics.

To get a competitive advantage and adapt to the shifts in the needs of end consumers, business vendors are continually seeking to develop their product offerings. Therefore, they use emerging technology combined with video analytics applications, such as artificial intelligence, deep learning, and machine learning, thereby augmenting the video analytics market dynamics and trends. Video analytics industry leaders are developing advanced video analytics tools focused on artificial intelligence that provide autonomous means of tracking and optimizing real-time video content processing. In addition, the use of these advanced video analytics applications will deliver a substantial improvement in accuracy and a substantial reduction of false alarms, which are aiding the market growth. Machine learning can further assist in the explicit recognition of photographs and multiple object types. Thus, both of these influences are jointly contributing to business expansion.

Growth Drivers

Growing demand for IP-based security cameras to boost the video analytics industry.

Video management systems have been witnessing an increased demand for IP-based monitoring systems, high-resolution Internet cameras and network video recorders in recent years. The rise in IP-based security is motivated by an increase in IP infrastructure, an increase in telephony density, and the need for remote access, thus boosting the video analytics demand growth. Market vendors are, therefore, expanding their product offerings with IP-based surveillance cameras providing advanced video analytics features. Remote connectivity, smart data capture, tracking blocking emergency exits or queue alerts, intrusion prevention, crowd control, and facial recognition are the advantages of IP-based surveillance cameras along with video analytics. Nowadays, the retail industry has adopted IP-based surveillance cameras to monitor demographic behavioral analytics. Thus, the market for video analytics solutions is motivated by a growth in the deployment of IP-based surveillance cameras across multiple business sectors.

Market Restraints

High costs, data privacy concerns, integration challenges, and limited expertise hinder market growth.

• High initial implementation and maintenance costs deter small businesses from adopting video analytics solutions, leading to video analytics market challenges. 
• In most regions, such issues as with facial recognition create regulatory challenges.
• Determined integration complexities with existing infrastructures may hinder the smooth uptake of new video analytics technologies.
• Limited awareness and expertise in managing advanced video analytics solutions limit the growth of the market, especially in developing regions.

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Video Analytics Industry Segmentation

“Video Analytics Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

By component type, the market is divided into:

• Software
• Services

Based on type, the market segmented into:

• Service Based
• EDGE Based

Based on deployment type, the market segmented into:

• Cloud
• On Premise

On the basis of application, the market is divided into:

• Incident Detection
• Intrusion Management
• People/Crowd Counting
• Traffic Monitoring
• Automatic Number Plate Recognition
• Facial Recognition
• Others

Based on end-use, the market is segmented into:

• Education
• Retail
• Government
• Critical Infrastructure
• Transportation
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Video Analytics Market Share

By Component Analysis

Software and services in video analytics are gaining traction through AI adoption, system integration, and increasing security demands across sectors like retail and smart cities.

As per video analytics industry analysis, software and services are both gaining immense ground in the global video analytics market. The demand for security, smart cities, and retail insights through AI-powered detection and recognition tools is creating a desire for such software solutions. Service offerings and expenses in terms of integration, installation, and support are the expansion moves being made by companies. Honeywell and Bosch are similarly targeting this shift with advanced product offerings and comprehensive service packages.

Market Analysis by Type

Service-based and edge-based video analytics are growing due to scalability, real-time processing, reduced latency, and enhanced data privacy in sectors like smart cities and retail.

Service-based and edge-based video analytics are gaining popularity worldwide due to unique advantages. Service-based is mostly cloud-based, scalable, centrally manageable, and low on infrastructure costs. Therefore, service-based analytics has been widely used in retail and transport industries. As per video analytics market analysis, edge-based analytics helps in real-time processing, enhances security by reducing latency, and ensures data privacy. These solutions are gaining popularity in industries where a prompt decision is in high demand, such as smart cities and industrial applications.

Market Analysis by Deployment Type

Cloud solutions offer scalability and flexibility, while on-premise ensures enhanced security for specific industries like healthcare and government.

Cloud and on-premise video analytics are gaining traction as they offer more specific features. The cloud-based solutions are highly scalable and flexible, offering central management that comes in very handy for large enterprises and even sectors requiring remote access. On the other hand, on-premise solutions are favored in sectors that need strict data security, such as government or healthcare. Both deployment types meet the different needs of customers, thus driving widespread adoption in different markets.

Application Insights

Facial recognition, traffic monitoring, and incident detection see rising demand.

Increasing demands for applications, such as incident detection, intrusion management, and facial recognition, are mainly on the rise. With growing urbanization and smart cities, technologies such as traffic monitoring and automatic number plate recognition are increasingly used in law enforcement and traffic management. Finally, applications like people and crowd counting are also showing promise in retail and public event spaces to better operate and improve security. It is fueled by a growing need to better secure and more operationally become efficient, bolstering video analytics demand. 

End Use Analysis

Video analytics improve security, efficiency, and safety in education, retail, government, and transportation.

Video analytics is increasingly applied across sectors for security, operational efficiency, and safety. In education, it can improve campus security with its monitoring of crowded areas and incident detection in real-time. Retailers leverage it for people counting, behavior analysis of customers, and loss prevention. Government agencies also use video analytics for public safety, crime prevention, and surveillance. Video analytics is used by critical infrastructure, such as power plants, to surveil potential threats. Its applications include traffic management and security on roads with transportation systems.

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Video Analytics Market Regional Insights

North America Video Analytics Market Opportunities

In North America, video analytics is likely to boom, and its uptake will be driven by the increasing demand for surveillance and security solutions in sectors such as retail, government, and healthcare. The growth of AI and cloud technologies has led to more effective solutions, while the integration of IoT and smart city initiatives contributes to market expansion. Companies like Bosch and Honeywell are enhancing their offerings through product launches and collaborations.

Asia Pacific Video Analytics Market Trends

Video analytics market in Asia Pacific is turning out to be very promising, especially in smart cities and transportation systems. The region has experienced the rapid adoption of AI-based video surveillance, where governments are cutting costs on security and urban planning. Countries like China and India are harnessing video analytics for traffic management and improvement of public safety, opening new avenues for innovation in these two industries.

Europe Video Analytics Market Dynamics

In Europe, the demand for video analytics is primarily driven by increasing security concerns and the regulatory push for data protection. The EU's stringent privacy regulations are driving the emergence of solutions that put data security as a priority, such as edge-based analytics. Major players in Europe, like Axis Communications, will continue to emphasise the integration of AI and machine learning to make video surveillance better.

Middle East and Africa Video Analytics Market Drivers

The Middle East and Africa market is growing, with an increased number of investments in security infrastructure. Advanced surveillance systems in these countries are being implemented to counter security issues and concerns over public safety in metropolitan cities. Growth in smart cities and government efforts to secure the public are increasing demand for video analytics, thus opening doors for regional as well as international vendors.

Latin America Video Analytics Market Insights

The video analytics market is gaining traction in Latin America, mainly due to the growth of the retail and transportation sectors. Video surveillance in demand is looking for solutions that would positively enhance security and improve customer experience. This factor has compelled governments in Latin America to invest in technology for public safety, thus increasing the adoption rate of video analytics in the region.

Competitive Landscape

The video analytics market players are concentrating on improving AI capabilities for real-time monitoring, threat detection, and operational efficiency. They further strive to combine advanced technologies such as facial recognition, behaviour analysis, and object tracking to improve security, situational awareness, and business intelligence across various industries. Additionally, these video analytics companies prioritise cloud-based and edge computing solutions for scalability and remote accessibility, meeting the growing demand for intelligent, automated surveillance systems.

Key Market Players

Key industry leaders in this market are:

Axis Communications AB

Established in 1984 and headquartered in Lund, Sweden, the company is focused on AI-powered video analytics solutions in facial recognition, anomaly detection, and crowd management, enhancing security in all industries.

Honeywell International Inc

Incorporated in 1906 and headquartered in Charlotte, North Carolina, Honeywell provides integrated video surveillance systems with advanced AI analytics for real-time alerting, motion detection, and enhanced security across industries.

Bosch Sicherheitssysteme GmbH

Bosch was founded in 1886 and is headquartered in Stuttgart, Germany. Bosch offers video surveillance solutions with AI-powered analytics, including motion tracking and object detection, to enhance safety and efficiency of operations.

Avigilon Corporation

Avigilon was founded in 2004 and is headquartered in Vancouver, Canada. Avigilon specialises in HD surveillance cameras with AI analytics, including facial recognition and anomaly detection. Avigilon is now part of Motorola Solutions.

Other global video analytics market players include Cisco Systems Inc., IBM Corporation, and Genetec Inc., among others.

Recent Developments

August 2024

The AI Applied Consortium launched a national AI Video Analytics Program, using computer vision to analyse pedestrian and cyclist traffic for urban planning, economic impact, and community development.

May 2023

Claro Enterprise Solutions launched its AI Video Analytics product, powered by Iveda, to enhance security and vigilance in public spaces like school campuses.