Video Analytics Market: Current Analysis and Forecast (2022-2028)

Report Description

The video analytics market was valued at USD 5,400 million in 2021 & is expected to grow at a CAGR of 24% from 2022-2028. Video analytics can be used to extract meaningful insights from video footage, such as identifying people, objects, and events in real-time, and has experienced significant growth in recent years. This growth has been driven by advances in technology, such as machine learning and computer vision, as well as an increasing demand for video-based insights across industries. Moreover, with increasing awareness about the need and benefits of video analytics technology, spending on product development and R&D activities has increased globally. Additionally, the rising investments and product launches in the video analytics market are further contributing to the growth of the market. For instance, in April 2020, Bosch announced the launch of INTEOX, a new camera platform that is set to change the security and safety industry. The first fully open platform of its kind, INTEOX, gives users, system integrators, and application developers unprecedented freedom for innovation and customization.

Some of the major players operating in the market include Cisco Systems, Inc., Honeywell International Inc., Avigilon Corporation, Huawei Technologies Co., Ltd., Canon Inc., Robert Bosch GmbH, IBM, Genetec Inc., AllGoVision Technologies Pvt. Ltd, intuVision, Inc. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst application, the crowd management held a significant share in 2021”

Based on application, the market is segmented into crowd management, facial recognition, intrusion detection, license plate recognition, motion detection, and others. Crowd management held a significant share in 2021. crowd management in video analytics is a powerful tool that can help event organizers, law enforcement agencies, and other organizations keep crowds safe and under control. Thus, the above-mentioned factors drive the segment.

“Amongst industry, the wireless video analytics technology held the majority share of the market in 2021”

By industry, the market is segmented into banking, financial services and insurance (BFSI), government, critical infrastructure, education, retail & logistics, travel and transportation, healthcare, and others. Banking, financial services, and insurance (BFSI) are expected to grow with a significant CAGR during the forecast period. This is widely used to improve security and surveillance, detect fraudulent activities, enhance customer service, ensure compliance with regulations, and improve operational efficiency.

“Asia-Pacific grows with a significant CAGR during the forecast period”

Asia-Pacific is expected to grow with a significant CAGR during the forecast period. This is mainly attributed to the increasing adoption of video surveillance systems and the growing need for intelligent video analysis solutions to enhance security and operational efficiency. Moreover, the growth of the video analytics market in the Asia Pacific is driven by factors such as increasing security concerns, a growing need for operational efficiency, and advancements in technology such as AI and machine learning. According to a report by Numbeo, in 2023, which compares crime rates in different countries, several countries in the Asia Pacific region have higher crime rates than the global average, including Afghanistan, Syria, and Bangladesh.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global video analytics market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Video Analytics Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global video analytics market were the three major steps undertaken to create and analyze the adoption of video analytics in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global video analytics market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the video analytics market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the video analytics market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, deployment, application, and industry. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the video analytics market. Further, we conducted factor analysis using dependent and independent variables such as component, deployment, application, and industry of the video analytics market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the video analytics market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global video analytics market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the video analytics market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global video analytics market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global video analytics market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the component, deployment, application, and industry in the global video analytics market.

The main objective of the Global Video Analytics Market Study

The current & future market trends of the global video analytics market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the video analytics market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the component, deployment, application, and industry
• Define and analysis of the regulatory framework for the video analytics industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the video analytics market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the video analytics market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team