A video analytics system is a technology that extracts information from video content. This technology is more valued by retail, transportation, consumers, cities, infrastructure industries, and enterprises. These systems can apply to the visual processing of smart cameras or some professional software platforms.
The global video analytics market expected to increase market value by USD 15.6 billion, with an emerging CAGR in the forecast period from 2020-2027. With the maturity of new technologies such as artificial intelligence, big data, cloud computing, etc., it will bring more opportunities for video surveillance and will undoubtedly promote the entire industry’s progress.
The advantages of enhanced image quality, high scalability, easy installation, and network-based remote access in the IP system have gained more users’ preference. Coupled with global AI trends, IP systems are more comfortable to integrate with IP networks, enabling applications such as video analysis and cloud storage.
Moreover, the new artificial intelligence platform with machine vision and deep learning algorithms can provide a more intelligent video surveillance solution. It will help promote people’s demand for artificial intelligence and enhance the transformation and upgrade of the original system with great potential.
Also, in the field of security, video surveillance is undoubtedly an indispensable part. The rapid growth of the video surveillance market reflects increased concerns about personal safety and property protection. To address this concern, companies and individual organizations have invested heavily in the security system’s main component, the video surveillance system.
With the rapid development of the video surveillance market and the popularization of video surveillance products, IT technology is continuously promoting industry progress. The conception of the Internet of Things and cloud computing will have a more significant impact on the video surveillance industry. The maturity and application of the architecture will become the critical point for the in-depth use of video surveillance.
With the popularization of network technology, security IT has deepened. Many links of security systems, especially the network environment, have gradually been transformed into building with natural products, and back-end equipment, including storage and display, has also become more generalized. The security front-end equipment based on IP network technology has developed more rapidly.
Based on the component, the global video analytics market bifurcated into Services, Software. The services segment is dominating the maximum share of the global video analytics market in the forecast period. It is mainly owing to the increasing adoption of digital technologies such as smartphones, laptops, IP cameras that are driving the market demand for the global video analytics market. Moreover, the rising need for enhancing security services in various industries is also propelling the market share.
Based on the deployment, the global video analytics market segmented into On-Premises, Cloud. The cloud segment dominates the market share for the global video analytics market. The cloud deployment is driving the market share of the video analytics as it is easy to use, store information, and cost-effective owing to less maintenance and safety.
Based on the application, the global video analytics market segmented into Incident Detection, Intrusion Management, People/Crowd Counting, Traffic Monitoring, ANPR., Facial Recognition, Others). The intrusion management segment is capturing the highest share in the forecast period from 2020-2027. It mainly owes to the pre-defined feature of the intrusion system that automatically generates real-time alarm along with the video of the event to the concerned authorities. That way, they can take fast and precise action.
Based on the type, the global video analytics market categorized into Edged-Based, Server-Based. The server-based segment will have the highest share in the forecast period from 2020-2027. The main feature of server-based analytics sent video setups directly on the server rather than dependent on the camera. It helps in real-time detection of security-related objects or events integrated with video manager.
Based on the vertical, the global video analytics market segmented into Banking, Financial Services, and Insurance (BFSI), City Surveillance, Critical Infrastructure, Education, Hospitality and Entertainment, Manufacturing, Defense and Border Security, Retail, Traffic Management, Transportation and Logistics, Others. The retail sector contributes the maximum share in the global video analytics market. It is mainly due to the rising need for solutions for consumer engagement, loss prevention, and store optimization. Also, to monitor consumer behavior, buying patterns and criteria drive the video analytics market’s demand.
Based on geography, the global video analytics market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is the world’s fastest-growing global video analytics market, accounting for the largest share. It is mainly due to the emerging need for surveillance in various industries, rising investment in software services and deployment of surveillance camera across the cities are driving market share.
Companies such as Avigilon, Cisco, Axis Communications, Agent VI, AllGoVision, Aventura Systems, Genetec, i2V, IntelliVision, intuVision, PureTech Systems, Qognify, Honeywell, IBM, iOmniscient, BriefCam, Digital Barriers, IPSOTEK, Gorilla Technology, DELOPT, Viseum, KiwiSecurity, Intelligent Security Systems, Verint, Hikvision, Huawei, Dahua, Senstar, Identiv Bosch Security and others are key players for global video analytics market.