Video Analytics Market by Component (Software and Services), Application (Incident Detection, Intrusion Management, Traffic Monitoring), Deployment Model (Cloud and On-premises), Type, Vertical and Region - Global Forecast to 2027
The global video analytics market is projected to grow from USD 7.1 billion in 2022 to USD 20.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 23.4% during the forecast period. Most organizations across the globe have years of stored video footage, but very few have a way to mine these videos using predictive attributes. Finding patterns across many videos requires a lot of effort and is a nearly impossible when analyzing real-time videos manually. The emergence of video analytics handles all these tasks automatically, for both previously recorded videos and to gain real-time video data. Hence, organizations need to make smarter and faster decisions to obtain better insights from video footage. The increasing amount of unstructured data is expected to encourage the adoption of video analytics shortly.
""By Component, the services segment is expected to grow at a higher CAGR during the forecast period""
The services segment is expected to grow at a higher growth rate during the forecast period. The segment has been broadly classified into professional and managed services. Services aim at training and developing expertise, providing timely upgrades to software solutions, and helping customers integrate these with other Information Technology (IT) solutions. The demand for services is growing rapidly due to the increasing need to provide enhanced customer services, ensure a better market reputation, and retain more customers.
""By Type, the server-based segment is expected to account for a larger market share.""
The server-based segment is expected to account for larger market size. The server-based implementation of video analytics systems involves IP cameras or encoders connected to the Ethernet or a server. In this approach, video analytics is embedded via a specific server that traces the video, analyzes it, and provides the output. Server-based video analytics provides more flexibility, as one can choose any camera and save cost, which is expected to be a major driver for server-based video analytics.
""By vertical, the Transportation & Logistics segment is expected to grow at the highest CAGR during the forecast period.""
The Transportation & Logistics segment is expected to grow at the highest CAGR during the forecast period. The transportation & logistics vertical covers all modes of transit, including airports, maritime, subways, railways, and other types of public transport. The various features offered by video analytics, such as facial recognition, object tracking, unidentified object detection, cargo and train carriage recognition, and intelligent traffic monitoring, can help transportation & logistics companies prevent disasters and detect emerging threats. This may lead to infrastructure destruction or vehicle crashing, resulting in the loss of life.
The breakup of the profiles of primary participants is given below:
By Company: Tier 1 - 20%, Tier 2 - 25%, and Tier 3 - 55%
By Designation: C-Level Executives - 40%, Directors - 33%, Others - 27%
By Region: North America - 32%, Europe - 38%, Asia Pacific - 18%, Rest of the World - 12%
Note 1: Others include sales, marketing, and product managers.
Note 2: The companies have been categorized based on their total annual revenue; Tier 1 = Companies with revenue more than USD 10 billion, Tier 2: Companies with revenue between USD 1 and 10 billion, and Tier 3: Companies with revenue between USD 500 million and USD 1 billion
Note 3: The figure above represents the indicative list of primary profiles
Source: Secondary Literature, Expert Interviews, and MarketsandMarkets Analysis
The following key video analytics vendors are profiled in the report:
Axis Communications (Sweden)
Gorilla Technology (Taiwan)
Puretech Systems (US)
Dahua Technology (China)
Intelligent Security Systems (US)
Bosch Security Systems (Germany)
Digital Barriers (UK)
Deep North (US)
Corsight AI (Israel)
MarketsandMarkets has segmented the video analytics market based on component (software and services), application (incident detection, intrusion management, people/crowd counting, traffic monitoring, automatic number plate recognition, facial recognition, and other applications), deployment model (cloud and on-premises), type (server-based and edge-based), vertical (BFSI, critical infrastructure, education, hospitality & entertainment, manufacturing, government & defense, retail, transportation & logistics, and other verticals), and region (North America, Europe, Asia Pacific, Middle East and Africa, and Latin America).
The report also reviews the drivers, restraints, opportunities, and challenges in the video analytics market. It covers the qualitative aspects in addition to the quantitative aspects of the market.
Reasons to Buy the Report
The report would help market leaders and new entrants in the following ways:
It comprehensively segments the video analytics market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different regions.
It would help stakeholders understand the market's pulse and provide information on the key market drivers, restraints, challenges, and opportunities.
It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market. The competitive landscape section includes a competitor ecosystem, new product launches, product enhancement, partnerships, mergers, and acquisitions.
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