Video Analytics Market Size, Share & Industry Analysis, By Application (Crowd Management, Facial Recognition, License Plate Recognition, Motion Detection, Intrusion Detection, and Others), By Deployment (On-premise, Cloud), By Enterprise Type (Large Enterprises, and Small and Medium Enterprises (SMEs)), By Industry (BFSI, Government, Critical Infrastructure, Education, Retail, Travel and Transportation, Healthcare, and Others), and Regional Forecast, 2024-2032

The global video analytics market size was valued at USD 8.37 billion in 2023 and is projected to grow from USD 10.25 billion in 2024 to USD 52.67 billion by 2032, exhibiting a CAGR of 22.7% during the forecast period (2024-2032). Additionally, the U.S. video analytics market is predicted to grow significantly, reaching an estimated value of USD 14,199.0 million by 2032, as end-users across the U.S. are taking active initiatives to integrate video content analytics with emerging technologies.

Video analytics uses an algorithm to read video signals for security-related tasks. The adoption of this software is increasing as it detects real-time actions and behavior, providing customers with exclusive alerts and insights. Furthermore, growing safety and security concerns are expected to boost the market expansion.

The need for these solutions is expected to gain traction due to rising smart city initiatives across major countries and growing investments to deploy analytics-based video surveillance systems. These systems can find robust usage across law enforcement, government, transportation, banking, and finance sectors. Furthermore, the improved proliferation of analytics platforms to minimize crime rates through timely alerts about the suspicious or unusual activity is anticipated to fuel the market growth during the forecast period.

The COVID-19 pandemic accelerated the adoption of analytics-integrated surveillance systems, CCTV cameras, and video streaming services. Industries, including healthcare, retail, construction, government, and travel, increased the use of surveillance cameras for public safety, mask compliance, and crowd density management. This surge in demand is expected to drive market growth in the coming years as organizations prioritize safety measures and surveillance technologies. For instance,

• In June 2020, Infosys released Return to Workplace tools to implement new working policies amid the COVID-19 pandemic. The solution offered alerts for face mask detection, crowd monitoring, and social distancing across various sectors.

Video Analytics Market Trends

Increased Adoption of High-Resolution Cameras to Drive Market Development

High-resolution cameras, such as 4K or 8K, are equipped with advanced sensors and imaging technology to capture detailed and clear video footage, enabling more accurate analysis and interpretation of visual data. These cameras facilitate extracting valuable insights through video analytics algorithms, such as object detection, facial recognition, and crowd behavior analysis. Additionally, the high-resolution videos help identify and analyze objects/people in the crowd, trigger alarms when certain conditions are met, filter & search videos, and draw insights from video metadata more accurately. For instance, surveillance systems in smart cities leverage high-resolution cameras to monitor traffic flow, detect anomalies, and enhance public safety. Additionally, industries such as retail and manufacturing utilize high-resolution cameras for inventory management, quality control, and customer behavior analysis. The growing demand for high-resolution cameras is expected to drive the expansion of the video analytics market.

Video Analytics Market Growth Factors

Rising Demand for Real-Time Event Detection to Drive Market Growth

Analytics-based video software can assist in analyzing live or recorded video streams to detect, classify, and track behaviour patterns and predefined objects, which may become a key market-driving factor. For instance,

• In August 2021, BriefCam, a provider of video content analytics solutions, declared that its software had been deployed at the National Mall as part of a USD 3.3 million technology contribution directed by Convergint. BriefCam can aid the U.S. Park Police (USPP) and the National Park Service (NPS) in accelerating the investigation and making important decisions that drive security and safety by offering real-time alerts and the ability to filter and search a video.

Real-time analytics with high-performance capabilities can transform standard surveillance networks used in intelligent detection and alert systems for vehicles, static objects, or people. Each private/public/government organization deploys network links with varying bandwidths between cloud and IP cameras to compute large-scale videos for improved analytics. Real-time event detection has aided in reducing crimes, thefts, and other criminal activities while improving the overall social settings and international trade climate. This factor is also expected to bolster the market growth.

RESTRAINING FACTORS

Lack of Necessary Database Infrastructure and Rising Cybercrimes to Impede Market Growth

Large-scale solutions are integrated with large databases, infrastructures, and surveillance systems to provide automated identification and tracking systems. Preliminary database infrastructure results in inept data logs, causing inaccuracies in video processing and tracking processes.

Shipping ports face reputational risks owing to smuggling, asset theft, cargo damage, and terrorist attacks. This cripples the commercial impact on the global supply chain activities carried out through marine transportation. Furthermore, the accuracy of analytics generated from image and video data is limited owing to the lack of a well-designed database infrastructure for video analytics. Such factors are expected to restrict the global market growth during the forecast period.

Growing cyberattacks and data breaches on video surveillance cameras, IoT devices, and mobiles will also restrict market growth. Cloud providers can mishandle videos stored in public cloud storage by leaking the original video content. Also, rising data breaches across the cloud system will likely impede market development. For instance,

• In March 2021, Verkada Inc., a provider of surveillance cameras, suffered a data breach that leaked content from 150,000 cameras across hospitals, companies, schools, police departments, and prisons. This data breach released the video footage of major players, such as Cloudflare Inc. and Tesla Inc. Such cyberattacks are expected to restrain market growth.

Video Analytics Market Segmentation Analysis

By Application Analysis

Video Analytics to be Widely Used in Crowd Management Applications to Ensure Security

Based on application, the market is segmented into crowd management, facial recognition, intrusion detection, license plate recognition, motion detection, and others.

The crowd management segment is expected to hold a dominant market share during the forecast period. Crowd management and monitoring are difficult tasks for the police & defence departments and governments during large events. In such cases, using innovative surveillance systems with video analysis capabilities provides end-users with real-time situational alerts.

The facial recognition segment is anticipated to witness the fastest growth rate in the market. Useful applications of this feature, such as criminal identification, fraud detection in passports & visas, and attendance tracking, will likely boost the market growth. Furthermore, the increasing adoption of these solutions in applications, such as intrusion detection, motion detection, license plate recognition, and others, is expected to drive market growth.

By Deployment Analysis

Cloud to Lead Owing to Rise in Investments

Based on deployment, the market is segmented into on-premise and cloud models. Cloud deployment is expected to witness remarkable growth during the forecast period due to the rising adoption of cloud-based software among SMEs and start-ups.

• In April 2021, Ava Security’s survey outcomes showed that approximately 4 out of 5 U.S. firms (79%) had already implemented the cloud migration strategy. Also, over half of those companies raised their IT budget in 2020-21 to migrate other services to the cloud.

Thus, increased investment to adopt the cloud deployment model across organizations is expected to boost market growth.

On the other hand, the on-premise deployment model will likely show a sluggish demand in the coming years, owing to the growing adoption of cloud solutions across small and medium-sized enterprises.

By Enterprise Type Analysis

Growing Integration of Emerging Technologies with Video Analytics Solutions among Large Enterprises to Aid Market Growth

Based on enterprise type, the market is bifurcated into SMEs and large enterprises.

Large companies dominated the market in 2023 and will likely incorporate their video analytics with emerging technologies such as cloud and Artificial Intelligence (AI) to provide enhanced services.

Small and medium-sized companies are projected to be the fastest-growing segment in the market as they are increasing their investments in advanced video analytics technologies. Therefore, market contributors are focusing on building economical options that produce high-value and quality results.

By Industry Analysis

Government to Witness Strong Growth Owing to Smart City Initiatives

Based on industry, the market is segmented into BFSI, government, critical infrastructure, education, retail, transportation, and others. The government segment is further divided into smart cities and law enforcement.

The government industry witnessed the maximum share in 2023 due to the increasing need to enhance public safety, prevent and investigate crimes, manage traffic, respond to emergencies, monitor crowds, facilitate urban planning, and ensure regulatory compliance. The video analytics software enables government agencies to make data-driven decisions, improve operational efficiency, and enhance citizens' overall security and well-being.

Further, the retail industry is expected to hold the highest CAGR throughout the forecasted period as businesses have started to enhance customer experience, improve operation efficiency, and make data-driven decisions by utilizing video analytics software.

REGIONAL INSIGHTS

Based on region, the market has been studied across North America, South America, Europe, the Middle East & Africa, and the Asia Pacific.

North America is expected to hold the largest share of the market during the forecast period. Introducing new technologies and the presence of key companies, such as IBM Corporation, Honeywell International Inc., Cisco Systems, Motorola Solutions (Avigilon), and others, are expected to increase the demand for video content analytics solutions in the U.S. and Canada. End-users across the U.S. and Canada are taking active initiatives to adopt video content analytics integrated with emerging technologies.

Players in the market are engaged in partnerships and collaborations to strengthen their business and increase their customer base. For instance, in February 2020, Motorola Solutions, Inc. added the H5M Camera to its video security product line. It provides A.I.- powered Unusual Motion Detection (UMD) for outdoor security. It has variants in 2 megapixels and 5 megapixels and is available across the world.

Asia Pacific is predicted to record an exponential growth rate during the forecast period. Smart city projects financed by the government and advanced surveillance projects for national security are some factors that are anticipated to boost the usage of video analytics solutions across the region. The retail industry and the significant developments anticipated in the ICT sector are driving market expansion in countries such as China and India.

Europe is predicted to hold a significant market share due to the presence of many leading video content analytics solutions and service providers. Across the European Union, large associations and organizations, such as law enforcement agencies, critical infrastructure owners, and video product & service vendors, are actively using the platform to improve security management.

European countries are concentrating on integrating ICT, mobility, and energy to produce sustainable technologies. Key market players in this region are focusing on new product launch strategies to expand their product portfolios. For instance,

• In April 2020, Robert Bosch GmbH introduced the INTEOX camera platform to meet the modern needs of the security and safety market.

South America and the Middle East & Africa (MEA) markets are likely to experience rapid growth during the forecast period. One of the primary factors boosting the market expansion in these regions is the rising government investments in new technologies, such as big data, AI, cloud, IoT networking, 5G technology, and others. In addition, stronger data privacy and theft restriction features are expected to fuel the market growth in these regions.

List of Key Companies in Video Analytics Market

Major Companies to Develop Enhanced Analytics Solutions to Strengthen Their Market Position

The major companies in this market are Robert Bosch GmbH, IBM Corporation, Honeywell International Inc., and Axis Communication AB. They aim to build intelligent video content analytics solutions using Machine Learning (ML), Artificial Intelligence (AI), and cloud technologies.

LIST OF KEY COMPANIES PROFILED:

• Cisco Systems, Inc. (U.S.)


• Avigilon Corporation (Motorola Solutions, Inc.) (U.S.)


• Honeywell International Inc. (U.S.)


• Huawei Technologies Co Ltd. (China)


• Qualcomm Technologies, Inc. (U.S.)


• Claro Enterprise Solutions (U.S.)


• IBM Corporation (U.S.)


• Canon Inc. (Japan)


• Robert Bosch GmbH (Germany)


• Irisity AB (Sweden)


• Genetec Inc. (Canada)


• AllGoVision Technologies Pvt Ltd. (India)


• IntuVision Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• May 2023: VinAI collaborated with Qualcomm Technologies, Inc. during the launch of GaurdPro, an AI-powered safety and compliance solution tailored for smart cities. This solution focuses on real-time monitoring of residential and commercial buildings in smart cities, aiming to enhance safety measures and ensure compliance with regulations.


• May 2023: Claro Enterprise Solutions, a provider of cybersecurity and information technology solutions, introduced its AI Video Analytics product powered by Iveda. This product aims to provide an innovative tool for augmenting surveillance in public spaces, including schools and campuses.


• April 2023: Megh Computing and Shabodi collaborated to introduce a Video Analytics Solutions (VAS) suite precisely designed for private Advanced Networks such as 5G, Wi-Fi 6, LTE, and 6G. These VAS leverage the capabilities of Shabodi’s Application Enablement Platform and Megh’s Open Analytics Platform.


• April 2023: Lumeo launched the Universal AI Bridge, allowing solution providers, integrators, and businesses to integrate diverse cloud-based, AI-powered analytics into their existing IP cameras and NVRS. This service eliminates additional on-site hardware, making it a convenient solution for expanding analytics capabilities without significant infrastructure changes.


• March 2023: Irisity AB, a provider of advanced video analytics, collaborated with Axis Communications to launch an advanced surveillance camera equipped with artificial intelligence (AI) capabilities. This partnership combines Irisity’s expertise in AI-powered video analytics with Axis Communications’ surveillance camera technology, providing enhanced security and intelligence capabilities.

REPORT COVERAGE

The research report includes a thorough market study and highlights crucial aspects, such as product types, leading companies, and product applications. Moreover, it delivers insights into the latest video analytics market trends and covers major industry developments. In addition to the factors mentioned above, the report covers numerous points that have contributed to the growth of the market in recent years.

REPORT SCOPE AND SEGMENTATION

ATTRIBUTE	DETAILS
Study Period	2019-2032
Base Year	2023
Estimated Year	2024
Forecast Period	2024-2032
Historical Period	2019-2022
Growth Rate	Growth rate of 22.7% from 2024 to 2032
Unit	Value (USD Billion)
Segmentation	By Application Crowd Management Facial Recognition License Plate Recognition Motion Detection Intrusion Detection Others (Traffic monitoring, Item Detection, People Tracking) By Deployment On-premise Cloud By Enterprise Type Large Enterprises Small and Medium Enterprises (SMEs) By Industry BFSI Government (Smart Cities, Law Enforcement) Critical Infrastructure Education Retail Travel and Transportation Healthcare Others (Mining, others) By Region North America (By Application, By Deployment, By Enterprise Type, By Industry, By Country) U.S. (By Application) Canada (By Application) Europe (By Application, By Deployment, By Enterprise Type, By Industry, By Country) U.K. (By Application) Germany (By Application) France (By Application) Rest of Europe Asia Pacific (By Application, By Deployment, By Enterprise Type, By Industry, By Country) China (By Application) India (By Application) Japan (By Application) Southeast Asia (By Application) Rest of Asia Pacific Middle East & Africa (By Application, By Deployment, By Enterprise Type, By Industry, By Country) GCC (By Application) South Africa (By Application) Rest of the Middle East & Africa South America (By Application, By Deployment, By Enterprise Type, By Industry, By Country) Brazil (By Application) Mexico (By Application) Rest of South America