The global video analytics market is expected to grow at a CAGR of 24.7% during the forecast period. Video analytics is the capability of analyzing video automatically to detect and determine temporal and spatial events. The rising demand for improved security arrangements will boost the growth prospects for the video analytics industry during the forecast period. It has been observed that the frequency and intensity of security breaches as well as the incidences of shoplifting, robbery, and theft are increasing at an alarming rate. This results in stringent regulations to control anti-social activities by the government across the globe, which in turn, fuels the rate of adoption of video analytics solutions in the market.

Likewise, the video analytics market is witnessing a high demand for the installation of video surveillance cameras in public places such as airports, railway stations, hotels, hypermarkets, hospitals, and shopping malls across the globe. Additionally, video analytics-enabled cameras have the capability to automatically report suspicious events and provide real-time alerts and forensic tools for staffed and unstaffed camera video surveillance options.

Impact of COVID-19 Pandemic on Global Video Analytics Market

All regions have been affected by COVID-19. In many countries in the APAC region, the restrictions in place to stop the spread of COVID-19 have been quite strict compared to the rest of the world, which is reflected in a decline in demand for video analytics solutions. Various players such as Axis and Bosch Security Systems, Inc. have achieved an overall flat growth during the year, despite a general market slowdown. However, players such as Honeywell International Inc., Canon, and Hanwha Techwin observed negative business growth. This has impacted the overall video analytics market growth in 2020. Video analytics was used to help prevent the spread of disease during a pandemic, such as COVID-19. It has been very beneficial in detecting persons with high temperatures in public places such as airports, retail stores, and others during the first year of the COVID-19 pandemic. 

Segmental Outlook

The global video analytics market is segmented on the basis of deployment and application. Based on deployment, the market is segmented into the cloud-based and on-premises deployment of video analytics solutions. Further, video analytics finds its application in a number of end-user verticals including BFSI, healthcare, retail, government & defense, traffic management, and others. Traffic management is expected to contribute significantly to the growth of the market.

Video Analytics Market Share by Deployment, 2018 (%)

Cloud Segment is Projected to Have Significant Growth in the Market

By deployment, the market is segmented into the cloud and on-premises. The cloud segment is anticipated to grow during the forecasted period due to the low investment cost and low maintenance cost. With cloud-based video analytics solutions, costs related to hardware, software, storage, and technical staff can be significantly reduced. Cloud-based video analytics services are delivered through video analytics-as-a-service (VAaaS). VAaaS provide improved accuracy and real-time monitoring over the cloud infrastructure. Moreover, having a cloud infrastructure makes it easy to maintain applications.

Regional Outlook

Moreover, the market is geographically segmented into North America (the US and Canada), Europe (UK, Germany, Italy, Spain, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific) and Rest of the World (RoW). North America is expected to hold a significant share in the market owing to the availability of technical expertise, the ever-growing requirement of organizations to get actionable insights in real-time and increasing demand for technologically enhanced public safety infrastructure.

Video Analytics Market Growth,by Region 2019-2025

Asia-Pacific is Estimated to Exhibit Considerable Growth in the Market

The video analytics market is rapidly expanding in the Asia-Pacific region and witnessing a significant growth specifically in the countries including China, India, Thailand, Indonesia, Vietnam, and the Philippines. Increased adoption of IoT-based technologies, digitization, smart city initiatives are taken up by the governments and increasing industrialization are few of the factors that enhance the regional growth of the video analytics market.

Market Players Outlook

The major players that contribute to the growth of the market include IBM Corp., Cisco Systems Inc. Agent Video Intelligence Ltd., Aventura Technologies Inc., Avigilon Corp., Axis Communications AB, Bosch Security Systems, Canon, Cisco Systems, Inc., Honeywell International Inc., Milestone Systems A/S, NICE Systems,  and others. These market players are contributing to the market by adopting various market approaches including product launch and approvals, merger and acquisition, partnerships and collaborations, and others for gaining a strong position in the market.

Recent Developments

• In April 2018, IBM Corp. collaborated with Pelco by Schneider Electric SE in order to combine the camera and video management systems technology with intelligent video analytics. This alliance is made to integrate IBM’s deep learning analytics with the Peclo’s video management system to form Pelco Analytics Powered by IBM. This will enable the analyst to identify the people and object of concern from the archived video and will decrease the time of analysis.
• In September 2018, Avigilon Corp. announced the launch of its new Identity Search feature. This new search feature will enable the operators to search for the person across the entire site and locate the person’s previous and current location in the facility.
• In November 2018, IntelliVision launched new video analytics channel partner program. Increasing demands coming from integrators needing to integrate video analytics with their projects has made the company change existing services and support into a formal program. This new Channel Partner Program will enable company to provide access to leads, demo software, marketing resources, training, and support.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global video analytics market. Based on the availability of data, information related to products and services, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.